When you purchase or obtain a healthcare plan, you will be subject to a waiting period. The waiting period is the time between when you purchase your policy and when it takes effect. It is helpful to understand the waiting period so you don’t incur any out-of-pocket medical expenses by going to the doctor when you aren’t covered by insurance. In general, the waiting period cannot exceed 90 days. However, each policy is different and you must review the details of your plan to know the length of your waiting period and when benefits begin.
What is the Purpose of a Waiting Period?
The purpose of a waiting period is for the insurance company to make sure that a person seeking insurance does not have a pre-existing condition or recent injury. The insurance company determines premium prices on a variety of factors including the likelihood of someone needing particular types of medical care. If you have a preexisting condition, you must disclose it in your application. The insurance company uses a waiting period so that they can be certain that you didn’t sign up for a policy based on an immediate need.
It is important to provide accurate information on your application to obtain healthcare insurance. If an insurance company finds out that someone was not truthful in their application in an attempt to obtain insurance at a lower rate, the company will most likely terminate the policy. If you purchased a healthcare policy and suffered an injury or illness during the waiting period, you are not adequately covered until the effective date of the policy.
Types of Waiting Periods
There are several different types of waiting periods that might apply to a health insurance policy. An exclusion waiting period is a period of time that an insurance company excludes a particular pre-existing condition from coverage. For example, if you sign up for a policy and indicate that you have asthma, for instance, the policy may exclude coverage for any healthcare related to this condition for a specific period of time. In some instances, the insurance company will waive the waiting period, such as if you were previously insured for a period of more than 18 consecutive months or you were not without health insurance for a period of more than 63 days.
An employer waiting period is sometimes imposed. In this case, the employer will offer health insurance to a new hire only after they are employed for a minimum period of time. Often, the waiting period for new hires is 90 days, but the length of time can vary greatly between companies. HMOs may impose a waiting period. According to the law, the HMO waiting period cannot extend longer than 60 days. It is essential to know what the waiting period is before you sign up for a policy. If you need to get medical care before the policy is effective, you will likely pay for the entire cost of the services out-of-pocket. Additionally, the costs of the care will probably not count towards your deductible.
At Fast Health Quotes, we offer the best and most comprehensive insurance plans at affordable prices. We will help you choose a healthcare plan that fits your needs and your budget. Call Fast Health Quotes today at (855) 244-9579 to get free, efficient help with healthcare policies.