Understanding the waiting time in health insurance

AXIS Capital is a group of global insurer and reinsurer, providing clients and distribution partners with a broad range of specialized risk transfer products and services, i.e. health insurance. We serve a host of industries and diverse coverage needs through our operating subsidiaries and branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States. The company also service SE Asian countries such as Jakarta Indonesia, KL Malaysia and many more.

When you apply for a new health insurance policy, it doesn’t get instigated with instant outcome. The policy comes into effect once a ‘waiting period’ is over, which varies on the type of insurance and other factors, like age, your medical history and the company. That means, the insurer is accountable to consider any claim amount filed only after this waiting period.

If an individual experience an accident or undergoes hospitalization in the course of the waiting period, the customer may not be covered for a loss as it is subject for review first. As stated before, the idea of waiting period exists across diverse types of insurance policies, and the importance of waiting period may vary varying upon the insurer and the nature of the insurance policy to avoid scam.

Nevertheless, following are the broad pointers of waiting period. There is an primary waiting period of 30 days, which goes up to 90 days in some instances, from the effective date of the policy. Some insurance policies may allow treatment for accidental external injuries with a least of 24-hour hospitalization.

Warning! Pre-existing diseases may not be covered in the first 2-4 years of the policy subjected on your age and the nature of the policy. A pre-existing disease denotes to any medical condition of an individual previous to the commencement of the policy. Now the policy may be applicable for any other ailments in the first few years of the policy. Purchase any claim filed for illness related to the pre-existing disease will not be covered in the first 1-4 years of the policy as specified in the policy document.

This feature is most usual in insurance policies intended for senior citizens. Likewise, the insurer may maintain that you stick with the same insurer if you want the cover to carry on devoid of further waiting periods in future.

The third is the ailment-specific waiting period, throughout which an ailment will not be covered. This once more differs from company to company. However some common ailments that implicate waiting periods consist of ENT disorders, polycystic ovarian diseases, diabetes, osteosrthiritis, osteoporosis, hypertension and hernia. These ailments are typically covered only after two years from the date of commencement of the policy.

Reference: http://www.axiscapital.com/


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