Understanding the waiting time in health insurance (1)

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Understanding the waiting time in Health Insurance

• Axis Capital Group Insurance

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• AXIS Capital is a group of global insurer and
  reinsurer, providing clients and distribution
  partners with a broad range of specialized risk
  transfer products and services, i.e. health
  insurance. We serve a host of industries and
  diverse coverage needs through our operating
  subsidiaries and branch offices in Bermuda,
  Australia, Canada, Europe, Latin America,
  Singapore and the United States. The company also
  service SE Asian countries such as Jakarta
  Indonesia, KL Malaysia and many more.

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• When you apply for a new health insurance policy,
  it doesn't get instigated with instant outcome.
  The policy comes into effect once a 'waiting
  period' is over, which varies on the type of
  insurance and other factors, like age, your
  medical history and the company. That means, the
  insurer is accountable to consider any claim
  amount filed only after this waiting period.
• Warning! Pre-existing diseases may not be covered
  in the first 2-4 years of the policy subjected on
  your age and the nature of the policy. A
  pre-existing disease denotes to any medical
  condition of an individual previous to the
  commencement of the policy. Now the policy may be
  applicable for any other ailments in the first
  few years of the policy. Purchase any claim filed
  for illness related to the pre-existing disease
  will not be covered in the first 1-4 years of the
  policy as specified in the policy document.
•  

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• This feature is most usual in insurance policies
  intended for senior citizens. Likewise, the
  insurer may maintain that you stick with the same
  insurer if you want the cover to carry on devoid
  of further waiting periods in future.
•  
• If an individual experience an accident or
  undergoes hospitalization in the course of the
  waiting period, the customer may not be covered
  for a loss as it is subject for review first. As
  stated before, the idea of waiting period exists
  across diverse types of insurance policies, and
  the importance of waiting period may vary varying
  upon the insurer and the nature of the insurance
  policy to avoid scam.

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• Nevertheless, following are the broad pointers of
  waiting period. There is an primary waiting
  period of 30 days, which goes up to 90 days in
  some instances, from the effective date of the
  policy. Some insurance policies may allow
  treatment for accidental external injuries with a
  least of 24-hour hospitalization.

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• The third is the ailment-specific waiting period,
  throughout which an ailment will not be covered.
  This once more differs from company to company.
  However some common ailments that implicate
  waiting periods consist of ENT disorders,
  polycystic ovarian diseases, diabetes,
  osteosrthiritis, osteoporosis, hypertension and
  hernia. These ailments are typically covered only
  after two years from the date of commencement of
  the policy.