5 Health Insurance Plans With Low Waiting Period for Pre-existing Conditions

A declaration of pre-existing conditions while buying health insurance is something that every health insurance policy buyer must do. It is because when health insurance companies find out that a policyholder has hidden their pre-existing disease, they outrightly reject the claim. Also, declaring your pre-existing condition will help you know about the necessary waiting period to avoid losing coverage. 

What Is the Waiting Period?

Waiting period is the time for which the policyholder has to wait to receive coverage under health insurance. Waiting period in a health policy is of two types i.e. waiting period for specific illness and waiting period for pre existing diseases.  Insurance companies can deny you coverage in case you file a claim for any pre existing condition or specific illness before the end of the waiting period. However, once you survive the waiting period, the cost of the treatment for the pre-existing or specific medical condition will be  covered under the policy.

But, what is the best way to deal with the pre-existing condition waiting period? Buy in a health insurance policy covering pre-existing conditions with a shorter waiting period. While some insurers have a waiting period of 4 years, there are many with a duration of only 1 or 2 years. 

Due to any accident that happens during this period, the insurance company will only provide coverage for your hospitalization and other healthcare expenses. 

While there are numerous options to choose from, the ultimate choice of the policy depends on the waiting period as well as the other requirements of an individual.

What are the Different Types of Waiting Period?

Generally, with every health insurance plan comes a pre-decided waiting period, wherein the policyholder cannot file any claim. This waiting period is classified under three distinct categories:

• Pre-Existing Condition Waiting Period
  
  

In case, the policyholder is suffering from any pre-existing health condition before or during the purchase of the health plan, then treatment expenses for the same would not be covered under the policy. The time duration of waiting period here can vary from a few months to some years depending upon the seriousness of the pre-existing disease.

• Initial Waiting Period

In case a policyholder falls sick or requires hospitalization during the initial time period, any benefits mentioned under the policy would not be provided during this period. Only accident cases are covered in the initial waiting period phase. 

Disease-specific Waiting Period

 Healthcare expenses or hospitalization expenses that arise because of a specific diseases are not covered under a health insurance plan. The insurance company will often provide you with a list of all the health problems that are excluded from coverage under the policy until the predetermined waiting period expires when you purchase the policy. Coverage for specific medical conditions is provided only after a period of 2-3 years. 

5 Best Health Insurance Policies with Low Waiting Period for PED Conditions

Whether you are looking forward to buying health insurance policies covering pre-existing diseases for yourself or for your parents, check the below mentioned list beforehand to make the ultimate choice. 

For an easy selection, here is a list of top 5 health insurance plans with low waiting periods for pre-existing conditions:

Health Insurance Company	Health Insurance Policy Name	Waiting Period For PED
Bajaj Allianz	Silver Health	1 Year
Star Health	Red Carpet	2Years
Max Bupa	Heartbeat	2 Year
Bajaj Allianz	Health Care Supreme	2 Years
Oriental Insurance	Senior Citizen HOPE	2 Years

• Bajaj Allianz Silver Health

If you are looking for the best health insurance policy for your parents, then Silver Health by Bajaj Allianz could be the right fit for you. The plan starts providing coverage for pre-existing diseases within 2 years. This means you can claim for pre existing condition  after a waiting period of 1 year Features:

• Sum insured options - Rs.50000, Rs.100000, Rs.150000, Rs. 200000, Rs.300000, Rs.400000, Rs. 500000.

• Coverage for emergency ambulance charges subject to a limit of Rs.1000 per claim.

• 130 day care procedures are covered, subject to terms and conditions.

• Entry age: From 46 years to 70 years.

• Benefit of 5% family discount on covering 2 or more members.

 For detailed information about the policy, click here.

1. Star Health Red Carpet

Star Health Insurance’s policy dedicated to senior citizens is called "Red Carpet." Available on an individual as well as family floater basis, the Red Carpet policy also provides for expenses incurred on outpatient consultations in the network hospitals up to a specific limit. As far as pre-existing conditions are concerned, Red Carpet covers the same after a waiting period of 1 year or 12 months.

Features:

• Entry age - From 60 to 75 years with lifelong renewal

• Policy term - 1year, 2years, or 3 years

• No pre-acceptance medical screening. On submission of medical records of the person proposed for insurance, a discount of 10% of premium is allowed

• All day care procedures covered

• Co-payment options: For sum insured Rs.1Lakh to Rs.10Lakh - 50% of each and every admissible claim. For sum insured Rs.15Lakh to Rs.25Lakh - 30% of each and every admissible claim

3. Max Bupa Heartbeat

The Heartbeat Policy by Max Bupa is one of the best comprehensive health insurance policies on the market. This type of plan  is offered in three variants i.e.  Silver, Platinum, and Gold andcan be purchase on a  indiviudal or family floater basis. 

It should be noted that while the Silver variant covers pre-existing conditions after 4 years, the Gold and Platinum editions do so after 2 years or 24 months, respectively.

Features:

• Sum insured options (Gold & Platinum) - Rs.5Lakh up to Rs. 1 Crore.

• Pre and post hospitalisation expenses up to 60 days and 90 days covered.

• Cover for medical expenses incurred on treatment taken under AYUSH.

• An increase in sum insured (10% of base sum insured per annum maximum up to 100% of base Sum Insured) if the policy is renewed without any break.

• All day care treatments covered.

For in-depth information, visit here. 

1. Bajaj Allianz Health Care Supreme 

The health care supreme policy by Bajaj Allianz is the perfect invitation to good health. It is available in 3 types: individual, floater, and group. Health Care Supreme is an annual policy that covers outpatient expenses as well as maternity and newborn baby expenses.

The plan covers pre-existing conditions after a waiting period of 2 years or 24 months.

Features:

• Coverage for pre and post hospitalisation expenses incurred up to 60 days and 90 days

• Air ambulance cost reimbursed up to the actual expenses, subject to a maximum limit as per the policy

• Recovery benefit - Payment of a one-time lump sum amount per policy period, if the insured member is hospitalised for a disease/injury/illness for a continuous period exceeding 7 days

• Maximum cumulative bonus, up to 50% of sum insured up to 5 claim free years

• A family discount of 5% if 2 or more family members are covered under a single policy.

For more about the policy, click here.

1. Oriental Insurance HOPE Health Insurance

HOPE (Health of Privileged Elders) health insurance is an offering of Oriental Insurance. It is one of the most affordable policies you can purchase for your parents and is suitable for senior citizens. HOPE is a comprehensive policy that is available on an individual sum insured basis and has a policy period of 1 year. The plan covers specific diseases/illnesses/injuries. As far as pre-existing conditions are concerned, HOPE provides cover for the same after 2 years or 24 months. 

Features:

• Perfect choice for Senior Citizens aged 60 yrs and above.

• Domiciliary hospitalisation benefit offered.

• Benefit of continuity extended, in case the individual possesses an insurance with any mediclaim policy of Oriental Insurance.

• Cashless service through TPA only. Limited to Rs. 1Lakh​.
• Premium discount available on voluntary co-payment.

 Conclusion

Pre-existing condition waiting period is one of the important factors you should consider while choosing a health insurance plan. . In addition to the same, do not forget to check all the features and benefits associated with the plan you are willing to invest in. Only after considering every aspect will you be able to find the perfect health insurance for pre-existing conditions and prevent yourself from regrets in the coming time.

Also Read: 

The Best Ways Of Buying Health Insurance Plan