What are various waiting periods in Group Health Insurance?
A standard individual health insurance policy would have several waiting periods for specified diseases and are included in the policy for specific reasons. One of the biggest advantages of having a group health insurance, also known as group mediclaim insurance, is that these waiting periods for diseases can be waived off. It is important to understand the implication of the waiting periods before buying the policy.
What is the 30 day waiting period?
This is put by the Insurer to ensure that policy was not taken for a planned surgery immediately after the policy. Hence in this period only emergency hospitalization and accident cases are covered. All other hospitalization cases are not covered for the first 30 days of the inception of the policy. This condition is waived off in group health insurance.
What is the one year waiting period?
There are several high incidence ailments that are excluded by the insurer under this clause. This includes Kidney Stones, Gallbladder, Cataract etc. The list of ailments varies by insurer. Because of this condition, the member cannot claim this benefit until the expiry of 1 year in the plan. In group health insurance, you can cover all the mentioned ailments from day 1.
What is the 2-year and 4-year waiting period?
There are certain ailments such as a hernia or osteoporosis which has 2 to 4 year waiting period in health policy. The list of ailments under this category is very less in group health insurance.
What is the 9 months waiting period for maternity?
The group health insurance policies that provide for maternity benefits have a nine-month waiting period before the person can claim the benefit. If however, the company so desires this waiting period can also be waived off. Essentially making the member eligible to claim maternity benefit from Day 1.
Thus before buying group health insurance, employers should make an informed choice about these waiting periods and conditions.