What is Waiting Period in Group Health Insurance Policy?
Waiting Period in Group Mediclaim Insurance Policy is the time period that the Insured Person needs to wait before the GMC Policy pays claim for that specific purpose.For example: If a Health Insurance Policy has a Waiting Period of 4 years for Pre-Existing Diseases, this means that the Health Insurance Policy will not pay for any claims arising out of Pre-Existing Diseases for the first 4 years.
What is the First 30 days Waiting Period in a Group Health Insurance Policy?
The First 30 Days Waiting Period in a Group Health Insurance Policy refers to the Expenses related to the treatment of any illness within 30 days from the first policy commencement date. Usually, an Individual or a Family Floater Health Insurance Policy does not pay for any expenses arising out of any form of illness within the First 30 days of commencement of the Policy.
An advantage of the Group Health Insurance Policy is that the First 30 days waiting period can also be waived off, that is there is zero waiting period for the First 30 Days in a Group Health Insurance Policy so that all claims, even those arising in the first 30 days of Policy Commencement are covered.
What is the Pre-Existing Diseases Waiting Period in a Group Health Insurance Policy?
A Pre-Existing Disease refers to the existing diseases that the insured has prior to applying for the insurance. Some examples of pre-existing diseases are diabetes, thyroid, hypertension etc. Individual and Family Floater Health Insurance Policies usually have a Waiting Period of 48 months for Pre-Existing Conditions.
However, a benefit of Group Health Insurance Policies is that there is no waiting period for Pre-Existing Conditions. The Waiting Period for Pre-Existing Conditions can be waived off by paying a nominal amount as additional premium. As a result, Group Health Insurance Policies can be customised to have zero waiting periods.
What is the Maternity Coverage Waiting Period in a GMC Policy?
Most health insurance policies have a Waiting Period of 3-4 years before providing maternity coverage under the policy. However, there is a provision in GMC Policies to provide No Waiting Period for Maternity Coverage in a Group Health Insurance Policy by paying additional premium. This is especially beneficial to female employees who can avail for Maternity Health Insurance Coverage.
Can we reduce Waiting Periods in Group Mediclaim Insurance Policies?
The biggest advantage of Group Mediclaim Policies is the provision for waiver of waiting periods. Yes, it is possible to waive off all the four waiting periods in a Group Mediclaim Policy by paying additional premiums.