Complete guide on health insurance waiting periods

Health insurance waiting periods is described as the initial phase of your membership with an insurance company, during which you cannot claim any benefit for services and procedures. Waiting periods can even be applied to any additional benefits which are gained when you modify your policy.

This waiting period provides protection to members of a health fund by ensuring that people do not join the fund; try making an expensive claim, and then cancel their membership as this can result in heavy premium payments for all the other members of that fund.

What does health insurance waiting period mean?

Health insurance periods are compulsory periods that you have to honor before you can apply for claiming various benefits of a health insurance plan. The standard type of waiting period for health insurance plan depends on the entire procedure, health fund, and kind of cover (for example hospital cover or extras cover).

For e.g. you require a dental check-up, then from the time you bought your extras health cover, you have to honor or wait an average waiting period of at least 2 months before you can claim any benefits.

If you have to go through a more complicated procedure such as a dental surgery, you have to wait for a longer period before claiming the benefits. Remember health insurers are quite strict on the enforcement of waiting periods. Therefore, it is very important to do a thorough research before investing in a health fund.

When are waiting periods applicable?

Health insurance waiting periods are applicable in several situations. These situations can include – you are new to the health insurance; you have upgraded your health policy; you have recently re-joined health cover after cancelling it once. In all these cases, you are required to honor a waiting period.

Reason why health insurers have waiting periods

Health insurance waiting periods are there so that providers can keep your premiums low. It even prevents clients from joining in for a particular reason and then smartly claiming immediately.

Do hospital covers have a different waiting period?

Hospital cover is associated to any kind of hospitalization, which includes operations, accommodations, medication and nursing care. Health insurance waiting periods depends on the type of hospital cover one has chosen.

Obstetrics and pregnancy cover require a waiting period of twelve months. Rehabilitation, hospital admission, psychiatric care and palliative care (even for pre-existing condition) only need 2 months waiting period.

What kind of different waiting periods are there for extras?

Health insurance waiting periods for extras cover totally depends on your specific fund. Mostly, the health insurance waiting periods for extras include 6 months for optical, 2 months for dental and twelve months for major dental procedures like orthodontics.

What is the trick to find a health fund with the shortest health insurance waiting periods?

By comparing health insurance providers, you can find the best and most suitable health insurance waiting periods and value for money.

By choosing iSelect, you can find the best health insurance provider as per your need; just click here for health insurance waiting periods.