We Don’t Need No Waiting Period!
Updated: Jun 11, 2022
What if your claims get rejected because of your ‘waiting period’? Yes, we’re talking of that vague term you may have missed among many other terms and conditions mentioned somewhere in the fine print of your policy. Wait a minute, why do health plans have this ‘waiting period’ in the first place? And what does it mean anyway?
These questions haunt some of us while getting a health plan. Yet, this term is alien to most people. Read on as we explore what Waiting Periods actually are and why Kenko takes the path less travelled by not believing in them:
Waiting For The Ball To Drop
Basically, a Waiting Period is the time you have to wait before your plan benefits get fully activated. Waiting Periods come in various shapes and sizes. Many insurance policies have a general ‘cooling’ period of around 30 days or more after you buy your policy. In this period, any claim you make could be denied.
Apart from that, they can be related to pre-existing diseases. Pre-existing diseases are ailments or injuries diagnosed up to 48 months before buying the policy. Mostly, lifestyle diseases like diabetes, hypertension, etc. are included here among a host of other health issues. In most cases, you’ll need to wait for 2-4 years after buying your policy to claim treatment or hospitalization costs related to the pre-existing disease. Sounds not right, right?
And of course, there is your waiting period meant for specific treatments. For example, regardless of your pre-existing disease status, your policy may require that you wait for two years before you can make claims related to maternity treatments or it may require you to wait for 30 days before making a claim related to Covid-19.
Why Wait When The Right Time Is NOW?
When we all agree that waiting sucks, why do some health plans make you wait? The answer lies in some simple math. A company covers your health risks in return for a premium. The greater the risk, the lesser the returns on your premium for the company
So, if you already have pre-existing conditions, then with the waiting period clause, the company is basically telling you to pay premiums for some years without expecting any cover in return. But once you pay these premiums for a long enough time, they’ve collected enough money from you to cover your risks, high as they may be later.
The same logic applies to other treatments like maternity. If you’re already planning a pregnancy in the next few months and you then buy an insurance policy, then of course it’s a not-so-profitable enterprise for the company to cover you. Instead, they would prefer that you pay up a good enough chunk of money for two years so that covering your pregnancy is not a huge ask for them later.
How To Make Most Of Your Kenko Score?
There’s a subtle financing lesson hidden in the concept of the Kenko Score. It’s basically this: the younger you start with a health plan, the better coverage you get.
This is because the ideal time to get a health plan is not when you anticipate a treatment in the coming months or a couple of years. Rather, the ideal time to buy a health plan is when you really don’t anticipate any major treatments at all in the near future. After all, health coverage is about preventing possible costs that are not yet on the surface and not covering them after they have already surfaced!
It makes sense to start early because you’re eligible for a broader array of health plans when your disease baggage is lesser. And of course, what sets apart Kenko’s benefits from others is that you also get cover for routine medical expenses like doctor visits, lab tests and medicines. These are expenses that are always there and are worth saving, regardless of your disease baggage!