Zero Waiting Period Health Insurance Plans

Initial waiting period

Generally, the first 30 days from the commencement of the health insurance policy are considered the waiting period. In this period, no claims are allowed except for accidents.

Waiting period for specific treatment/illnesses

This is typically for one or two years from the commencement of the health insurance policy, during which you cannot claim for specific illnesses or treatments mentioned in the policy documents. This includes knee replacement, diseases of the gall bladder, cataract, pancreatitis, skin tumours, fibroids, and hernia.

Waiting period for pre-existing illnesses

Waiting period for pre-existing illnesses can vary from 12 months to 48 months, depending on the terms and conditions of the insurance company. It is generally applicable for some pre-existing health conditions like asthma, hypertension, and diabetes, etc.

There are now health insurance companies that offer zero waiting period health insurance plans after waking up to the concerns of policyholders like Jatin, promising instant coverage as soon as the policy period starts.

What Are Zero Waiting Period Health Insurance Plans?

Zero waiting period health insurance plans rule out or notably reduce the waiting period for health insurance claims related to pre-existing illnesses, special treatment/illnesses. That means you get the coverage from day one without having to worry about specific terms of the insurance company. Specifically, zero waiting period health insurance plans are suitable for the following people:

1. Senior citizens who are at a potential risk of requiring healthcare services will benefit from immediate coverage.
2. People who are diagnosed with a medical condition recently and going through the treatment.
3. People who are at a potential risk of lifestyle diseases or those who have them. This includes diabetes, hypertension, or obesity related health issues, etc.
4. New health insurance buyers who are in need of immediate coverage. Also, if you are renewing your health insurance plan or switching from one insurer to another, not willing to re-serve the waiting period.

Key Features of Zero Waiting Period Health Insurance Plans

The following are the important features of zero-period health insurance plans:

1. Immediate coverage from day one for specific treatment/illnesses and pre-existing diseases, which can be beneficial for people seeking immediate medical care.
2. Easy claim process without any delays, as there is no waiting period clause. You can initiate claims without having to worry about the terms and conditions of the health insurance policy.
3. Few insurance companies offer ‘Zero waiting period’ coverage as an add-on with a standard health insurance policy. People who are in need of immediate coverage can pay an extra premium to avail of this add-on.
4. Zero waiting period health insurance plans generally come at a higher premium, considering the higher claim risk involved.

However, it is important to remember that the terms and conditions may vary from insurance company to insurance company. Hence, it is crucial to go through the policy documents before you sign the documents.

There are a few insurance companies that offer zero waiting period health insurance plans in India. At Jio Insurance broking, you can compare the features of these policies, compare their quote and then buy them as per your need and affordability.

Advantages and Disadvantages of Zero Waiting Period Health Insurance Plans

The following are the advantages and drawbacks of zero waiting period health insurance plans:

Advantages

1. Immediate coverage offers peace of mind, specifically for senior citizens and people requiring instant medical care.
2. Helps in reducing the financial stress during the initial days of a health insurance policy.
3. Significantly reduces the reliance on existing savings during medical emergencies that may arise at the start of the policy.

Disadvantages

1. Comes with a higher premium as the potential risk of claims is higher.
2. Zero waiting period health insurance plans are put through a stricter underwriting process, involving medical checkups.

Important Tips to Buy Zero Waiting Period Health Insurance Plans

The following are some important things to keep in mind while buying a zero waiting period health insurance plan:

1. Assess your insurance needs before you buy a plan, as this plan is beneficial if you have a pre-existing medical condition or potential health risks.
2. Zero waiting period health plans or the add-ons can come with certain terms. Hence, it is important to understand the terms while buying zero waiting period health plans.
3. Check other terms, conditions and clauses in the policy that include a sub-limit on room rent, daily hospital cash limits, etc.
4. Compare the features of the health insurance plan and the premium cost to make the right choice.

Conclusion

To conclude, health emergencies do not wait for your waiting period to get over. Jatin’s story highlights the need for immediate healthcare insurance coverage. As the health insurance is evolving, policies like zero waiting period health insurance policies provide instant protection against health uncertainties. Understanding the plan, its features and following the important tips is the key to rational buying of health insurance.