What is initial waiting period in health insurance?

Initial waiting period or 30 day waiting period is the time where the customer has to wait before making a claim under the health insurance policy. Any accident related claims are exempt from this waiting period rule. This is also added to prevent people from taking health insurance only at the time of illness.
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What is Waiting Period in Health Insurance?

In Waiting period you must wait for a specified amount of time before you make a claim. But you cannot claim some or all benefits of the health insurance from your company. The initial waiting period or 30 day waiting period is the time where the customer has to wait before making a claim under the health insurance policy. Any accident-related claims are exempt from this waiting period rule. This is also added to prevent people from taking health insurance only at the time of illness.

How to check Health Insurance Policy Status?

Health insurance policy status can be checked by contacting the intermediary from whom the policy was taken or alternatively the insurance policy status can be found on the mParivahan app which displays the start date and end date of the insurance policy. If you can remember the intermediary from whom the policy was taken you can talk to them about the status of the policy or in case if you have taken the policy from PolicyBachat then you can call our customer care to enquire on the insurance policy status.

What is Floater Health Insurance?

A family floater health insurance is a plan that is custom made for a group of people.

What are the Disadvantages of Health Insurance?

One of the main disadvantages of having health insurance is the cost, Pre-Existing Exclusion, Waiting Period, Increase in Premiums, Co-Pay. Health insurance can be very costly even for those that have a health insurance plan through their employers. Costs may be so high that many end up struggling to make payments. This can be quite challenging for those who have low incomes or are self-employed.

What are the Pros and Cons of Health Insurance?

Health insurance is a type of insurance that covers the costs of medical care, either inpatient or outpatient, for an individual or family.

Pros:

  • Protection against unforeseen health costs
  • Provides peace of mind
  • Helps reduce risk of financial crisis due to illness
  • Provides stability and security

Cons:

Can be expensive, especially if you want coverage that is not required by law such as mental health coverage - There are some exclusions such as pre-existing conditions and annual maximums

Related Question

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About Star Health Insurance Plans include features & exclusions through different plans and each considered waiting period, sum insured, policy type, etc.

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Star Health Insurance Plans include features & exclusions through different plans and each considered waiting period, sum insured, policy type, etc.

All you need about Waiting periods in Health Insurance

Taking a health insurance policy needs proper planning and research. The health insurance policy consists of waiting periods before availing certain benefits.
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