A health insurance policy can be described as a contract signed between you and the insurance provider. According to this agreement, the insurer commits to providing financial compensation to you during a medical emergency in exchange for premium payments from you. Various terms outlining the coverage offered under the health insurance plan are specified in the insurance policy document. Among these terms, a clause pertaining to the waiting period is also included.

What is the Waiting Period in Health Insurance?
The waiting period is the time frame during which the policyholder cannot submit a claim, even though the policy is active. A claim can only be made after this designated timeframe has elapsed. Throughout the waiting period, you may be unable to file a claim for any illness, even if your insurance policy provides coverage for it. You must complete the necessary waiting period, as specified by the insurer, in order to submit a claim. Consequently, when you are acquiring a health insurance plan, you should be aware of how long you are required to wait before making a claim. Waiting periods are present in various types of insurance policies and can differ based on the health insurance coverage you select.

Here are different types of waiting periods:

1. Initial Waiting Period:
   This denotes the standard waiting period applicable to every insurance policy, which lasts around 30 days. This means that no medical benefits will be covered for the initial 30 days, except for claims related to accidental hospitalization.
2. Waiting Period for Pre-existing Conditions:
   It is advisable to purchase a health insurance policy while you are young, as the likelihood of falling ill or developing a medical condition is lower compared to older individuals. A medical condition that already exists at the time of purchasing the health insurance policy is referred to as a pre-existing disease. Common pre-existing conditions that typically have waiting periods include diabetes, hypertension, thyroid issues, and so on. In this scenario, your insurer will request that you wait for a specified duration before you can submit a claim to access treatment.
3. Waiting Period for Maternity Benefits:
   Numerous health insurance companies impose a waiting period before permitting a maternity benefit claim. Depending on the provider’s terms and conditions, this waiting period can vary from a few months to several years. Therefore, it is important to obtain a health insurance plan with maternity coverage well in advance. This waiting period may also apply to insurance coverage for newborns.
4. Group Plan Waiting Period:
   Most businesses provide health insurance to their staff. For a new employee to file a claim, they are required to wait for a designated timeframe before making a claim under the group policy. This waiting time may be applicable to someone who has just joined the company and is undergoing probation.
5. Waiting Time for Specific Health Issues:
   Certain health insurance policies may also impose specific waiting times for particular conditions, such as cataracts, hernias, ENT disorders, etc. Typically, this waiting time can last from one to two years.

Difference Between the Waiting Time and Survival Time in Health Insurance
It is quite common to confuse the waiting time with the survival time. Both are elements of health insurance and indicate a time frame before one can gain from a claim. However, the similarities do not extend further. The distinctions between the two can be outlined in the following points:

• Meaning: Waiting time indicates the duration before a claim can be submitted for health insurance, while survival time indicates the period a policyholder must endure after being diagnosed with a critical illness to receive benefits.
• Applicability: Waiting time applies to various factors such as pre-existing conditions, maternity coverage, etc., while survival time applies solely to critical illnesses.
• Coverage Continuation: Coverage remains after the waiting time, addressing subsequent medical expenses. A lump sum benefit is provided at the conclusion of the survival time, and the policy ends after this benefit is disbursed.

Other Frequently Used Terms in Health Insurance

Now that you may have learned about waiting time, it is also essential to gain a solid understanding of other frequently encountered terms in health insurance:

1. Top-up Covers:
   Policyholders have the option to buy top-up covers to enhance coverage when necessary. At times, the primary plan may lack sufficient sum insured, or after a few years, the sum insured may begin to be inadequate given the current treatment expenses. This is when a top-up health insurance policy becomes essential. These plans may also be purchased as an independent cover.
2. Coverage Granted:
   Coverage refers to the financial assistance that the insurance firm offers you when you acquire the health plan. You can submit a claim in case of emergencies and receive coverage for the sum insured. The amount of sum insured will subsequently determine the premium rate.
3. List of Inclusions and Exclusions:
   One must examine the policy paperwork thoroughly before selecting the plan and review the list of inclusions and exclusions. If your insurance provider does not cover a specific illness and you submit a claim for it, your claim will be denied.
4. Claim:
   To obtain payment for treatment, you must inform the insurance provider. This procedure is also referred to as submitting a claim with your insurer. The reimbursement can be accessed through the reimbursement method or through the convenient cashless option.