Best Health Insurance Policies in India: Is Zero Waiting Period Coverage Worth It?
The financial burden due to healthcare expenses continues to increase as medical inflation in India stands at 14%. With the best health insurance policy in India, you can alleviate financial strain during medical emergencies. However, these health insurance plans have terms and conditions limiting the policy’s applicability and usage.
One such term is the waiting period, the number of days or months you must wait before the policy coverage kicks in. So, your insurance will not come into effect immediately after purchase. You can make a claim only after the waiting period. Many insurers now offer health insurance policies with zero waiting periods. Does it mean you can get coverage instantly? Read on to find the answer to this question.
Why is the Waiting Period Significant?
A waiting period simply implies that you must wait for that period before making a claim. Knowing the applicable waiting period is crucial to making the right choice of health insurance. Different types of waiting periods exist with insurance policies. They are:
- Initial Waiting Period – Most insurance policies have a 30-day waiting period, meaning your health insurance can be claimed only after 30 days. However, accident coverage exists from day one of purchasing the policy.
- Critical Illness Waiting Period – Critical illness plans offer lump sum compensation for any critical illness diagnosis after a waiting period of 30 to 90 days.
- Maternity Coverage Waiting Period – Plans that cover maternity expenses usually have a waiting period of 9 months to up to 4 years, depending on the type of plan.
- Disease-Specific Waiting Period – Certain insurance policies cover specific diseases like bariatric surgery, hernia, cataracts, and psychiatric health conditions after one to two years.
- Pre-Existing Disease Waiting Period – The PED waiting period can be up to three years if you have been diagnosed before purchasing the policy.
What is a Zero Waiting Period?
If you are looking for insurance coverage that starts from day one, you can buy zero waiting period health insurance. Regardless of the policy, hospitalisation due to accidents is covered from the outset. The zero waiting period policies allow policyholders to get full medical coverage instantly after they purchase a health insurance plan.
With a zero waiting period, it is possible to have your medical expenses covered immediately by your insurer. This type of policy is helpful if you are looking to buy health insurance after a recent diagnosis. As long as your illness doesn’t come under policy exclusions and specific waiting periods, you can get coverage instantly.
A zero waiting period may apply only to the initial waiting period or specific diseases, depending on the policy. Insurers always control risk exposure and design policy terms to protect themselves from fraudulent customers.
In many cases, you may need to undergo medical tests to prove you are healthy before purchasing the zero waiting period policies. Remember, the insurer can reject your claim if you misrepresent your health data or falsify health information.
Is Zero Waiting Period Policy Worth It?
Often, people start looking for health insurance only if they are at risk of getting a serious health diagnosis. In such scenarios, a zero waiting period policy is more appealing. It offers the following benefits:
- Immediate coverage for pre-existing conditions
- Better financial security for families
- Ideal for older policyholders for immediate access to medical coverage
- Convenient for families planning a baby
However, it’s important to understand the drawbacks as well.
- Premiums are 10% to 20% higher compared to policies with a waiting period
- Limited companies offer zero insurance policies
- It may not be cost-effective in the long run for those with good health
Takeaway
When choosing a health insurance policy, finding a balance between affordability and peace of mind is crucial. A zero waiting period policy may be valuable for those with ongoing medical conditions. However, those with fewer immediate concerns can enjoy economic premiums with traditional policies and standard waiting periods. Ensure that you understand your personal needs better before buying a policy.
