4 Reasons to Check the Waiting Period in a Health Insurance Policy

livemint.com:

health insurance. By choosing a policy with a minimum waiting period, you can expedite the timing of receiving insurance coverage. Nothing is more frustrating than seeing your insurer reject your claim.

It not only leads to mental agony but can zoom financial stress levels. Imagine if you have expectations of your claim getting settled by your insurer only to see it getting rejected as you've made it during the waiting period. If you don't have the financial backup to pay the bills, it can lead to a lot of hassles.

You may need to compromise on other vital goals in such situations that throw your financial plan off track. On the other hand, knowing the applicable waiting period for your policy can help you avoid nasty surprises during claims settlement. It also prevents unnecessary disputes with your insurer, which is time-consuming and yields no fruitful results.

Avoiding premature claim rejection aids you in preserving your coverage from your health insurance policy when you genuinely need it. This helps you make the most of the insurance benefits. Checking the waiting periods for an individual policy and health insurance plans for family helps you compare various plans and choose the one that best fits your needs.

Comparison is an essential aspect of buying health insurance, and knowing the waiting period of various plans helps you opt for the one for which coverage starts as soon as possible. Also, as every health insurance policy comes with its own set of waiting periods for various ailments, it helps you compare different plans on an equal footing. For instance, one policy may have a shorter waiting period for maternity coverage and pre-existing diseases than another.