Waiting Period in Health Insurance

Health Insurance is a necessity these days, so much can happen without us expecting it. Of course we always have rainy day funds we can dip in to just in case something bad happens to us but getting health insurance is a must for anyone who is thinking about being financially secure.

Although we have to keep in mind that getting health insurance is not something you can get in an instant. Most if not all have waiting periods that we must bear in mind. When you sign up for a health insurance policy, the implementation is not immediate, the coverage comes into effect after a waiting period that is to be determined by the Insurance Company. In other words, the insurer is liable to entertain any claim amount filed only after the waiting period.

The customer will not be covered for a loss if an accident or hospitalization occurs during the said waiting period. The concept of this exists across different kinds of insurance plans however most of them differ depending upon the insurer and the terms and conditions.

The most common waiting period is the initial 30 days waiting period, there are some who have ailment specific waiting periods. Most of the health plans in Thailand have a 120 day waiting period when it comes to cancer. Most companies impose this rules because they calculate the risks and people tend to get insurance because they can foresee that an ailment is on its way.

Waiting periods are also imposed on women, because some insurance companies have maternity cover the insurance companies want to make sure you did not sign up for insurance just because you are pregnant.

If you're transferring from a different insurance company, chances are you can waive the waiting period, this is because they are taking you from a different company. To check the different insurance companies in Thailand, its best to compare. Mister Prakan will help you compare multiple health insurance plans in just seconds.

These are just examples and there are more stories from other insurance companies. The thing is an insurance company can state the terms of the waiting period and it’s the client’s decision if she or he will accept it.