Insurance Waiting Period is a period of time set forth in a policy which must pass before some or all coverages begin. As a rule, the longer the waiting period on an insurance claim, the cheaper the policy will be for the holder. During your Waiting Period, you are responsible for the cost of your care.
For example, if the customer wants to purchase Health Insurance, first he should complete an application. When the customer has completed the application for insurance, there may be a waiting period before the policy goes into force and coverage begins. If something unexpected happens within this waiting period such as an illness or an injury, the customer may not get benefits.
Thus, if we take Health Insurance as an example there are three main types of waiting periods: employer waiting periods, affiliation periods and pre-existing condition exclusion periods.
Employer Waiting Period presupposes that a new employee must wait a given time period, often within three months, before being eligible for health care services.
Pre-existing Condition Exclusion Period means that your insurance coverage can be limited or excluded for any pre-existing condition. The length of this type of waiting period can vary from 1 to 18 months.
You should know how long your Insurance Waiting Period lasts not to get in trouble.
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