Good news for policyholders! Health insurance waiting periods reduced; Details here

The term waiting period in health insurance is the time during which the insurance company will not accept claims. There are some changes made in health insurance like no age limit; these changes will make claims faster

New Delhi: Good news for policyholders. India's health insurance sector promises to deliver to give a faster and fairer experience. Claims that challenges like long waiting periods, pre-existing conditions, and limited options for cashless treatments will be addressed more efficiently and effectively. 

What is a waiting period? 

We often hear the term ‘waiting period’ while taking health insurance. It means for a fixed period; insurance companies will not pay the cost of treatment of some diseases during that time. If someone wants to claim insurance during this period for any diseases company will not accept it. Waiting period can be different for every insurance company. 

Why waiting period required? 

It was started so that policyholders don't take advantage of it. Imagine if someone takes insurance when they are already sick, they will claim the insurance right after the purchase, therefore waiting period stops quick claim fraud. They make sure that people buy insurance before any disease, without period insurance, is like buying fire insurance after your house catches fire. 

How the waiting period traditionally worked, and after the recent reform 

Reduced Waiting Periods for Pre-existing Diseases: The Maximum time of waiting period has been reduced from four years to three years. A policyholder with an existing condition will get coverage sooner.

Inclusion for Severe Medical Conditions: Pre-existing diseases like heart disease, cancer, renal failure, and AIDS are now prohibited from being refused coverage. It makes to cover individuals' insurance with health history. 

Moratorium period (Disclosure limit): Now time is now shortened from 8 years to 5 years. This provides greater security and trust for the continuation of policy. 

For a faster and fairer system: Cashless claim approvals: Ensure cashless authorization requests are made within one hour for emergencies. 

No more age limit: No longer rejection on health insurance on age basis. Open access to health coverage for senior citizens and all ages. 

India’s health insurance is undergoing a huge positive change; the new rule has faster claims, shorter waiting period for pre-existing illness, and no more age limit. Now, fairer and quicker health coverage is provided.