What are the benefits of choosing health insurance plans with a low waiting period?
We work so hard and try our best to save some penny in every way possible, right? Well, in that case, we need to know the sky-rocketing medical bills. In case we fall sick and have to be hospitalized, we should have the kind of money that we can pay at the hospital to get the necessary treatment.
If you have a family to support and are already burdened with several responsibilities that you cannot take out a major chunk of money from your bank account, then you must buy a health insurance policy. As you buy a health insurance policy, you will get coverage for the hospital expenses and several other costs related to the hospital and your treatment. You can also consider buying a family floater health insurance policy so that all your family members are covered under a single policy. If you buy an individual health plan for each member of your family, it will cost you a lot.
Well, while you must be feeling relaxed that your hospital costs will be taken care of by the insurance provider, you need to know that you have to complete the waiting period to avail of the benefits of the plan.
What is the waiting period for health insurance?
The waiting period is the period that you have to wait after buying a health insurance policy before availing of the coverage as well as the benefits under the health plan. If you get hospitalized before the waiting period is over, you have to pay the bill and take care of all the expenses yourself. No matter what the circumstances are, the policy will not provide any coverage before the waiting period is over.
The waiting period is maintained by the health insurance companies to check the status of the pre-existing diseases of the policyholders. Insurance providers do not offer any coverage for pre-existing illnesses during the waiting period. Once the waiting period is over, the medical costs incurred because of pre-existing illnesses are covered under the health insurance policies.
Why health insurance with a low waiting period should be chosen?
If you are wondering if you should go for a health insurance policy with a low waiting period, then you need to know that you will get quick coverage for your pre-existing illnesses without even touching your pocket. You also must be aware of the fact that the waiting period for various conditions is not the same in all the insurance companies. The majority of the insurance companies and health insurance brokers for small business do not usually offer a low waiting period to policy buyers with pre-existing illnesses. Nevertheless, we can these days find insurance companies that offer health insurance plans with a minimum waiting period to help policy buyers with pre-existing illnesses.
Health insurance policies with a low waiting period
Here are some of the plans that come with a low waiting period. Let us take a look at them.
Bajaj Allianz Health Care Supreme
This is an annual health insurance policy available as an individual family floater and group health plan. The minimum waiting period of this plan is 2 years.
Bajaj Allianz Silver Health
This is a perfect health insurance plan, especially for elderly people with some kind of pre-existing illness. The minimum waiting period of this plan is 1 year for pre-existing illnesses.
Max Bupa Heartbeat
This plan is available in three types such as Heartbeat Individual Plan, Heartbeat Family Floater Plan, and Heartbeat Family First Plan. These three plans are further available in three variants which include Silver, Platinum, and Gold. The minimum waiting period for this plan is 2 years.
To find information on more health insurance plans like these, you can visit the IIFL website.