If you do not have a sufficient health insurance policy, you will be unprepared for any medical emergency that may arise at any time and deplete your finances. A health plan can protect you from financial hardship by paying for your medical bills. A health plan pays for everything, including hospital bills, doctor consultation fees, operation costs, and prescription costs. On the other hand, you have to wait a certain amount of days after purchasing health insurance before you can start receiving benefits. In terms of health insurance, this is known as the waiting period. Can a healthcare plan that has no waiting time be purchased? Hospitalizations caused by accidents are covered from the first day of coverage, even though the majority of health insurance policies in India have an initial waiting period of 30 to 90 days.
Additionally, a few insurance providers in India have started offering health insurance with no waiting period. To fully comprehend this, continue reading.
Earlier, individuals above the age of 65 were not allowed to purchase policies. But the changes that have come into effect from April 1, 2024, have now enabled any individual, regardless, of age to be eligible to purchase a health insurance policy.
Moratorium Period in Health Insurance
The moratorium period is this sixty-month stretch that runs nonstop. On the first policy’s insured amounts, the moratorium would be in effect.
The moratorium period is the waiting period imposed by the insurance providers during which certain pre-existing medical conditions are not covered. During this period you need to remain free for specific medical conditions or treatments before they can be eligible for the coverage.
Health Insurance with no Waiting Period
We at Care Health Insurance think you should never have to wait to take care of your health. To serve our clients, we provide health insurance with no waiting period. Zero-waiting-period health insurance is designed to provide you with instant coverage for certain medical procedures and services. From the moment you sign up for one of our health plans, you may take advantage of a wealth of advantages, including:
- Immediate Peace of Mind – You will be at absolute peace to know that there is no waiting period for essential treatments and services if you have an instant cover add-on handy. With this add-on benefit, you can claim hospitalization expenses related to diabetes, diabetes Hypertension, Hyperlipidemia, and asthma after the initial waiting period of 30 days.
- No Delayed Care – Getting the medical assistance you need without delay reduces stress. We understand that some situations require swift action, and our policies are designed to support you in those moments.
- Comprehensive Coverage – Make the best use of robust coverage from the start. Our plans cover various services, including hospitalization, surgical procedures, diagnostic tests, and more.
- Expert Support 24/7 – Our dedicated customer support team is at your service around the clock to assist you. Get answers to your queries and guidance when needed.
- Transparent Policy Terms: We believe in being transparent to our customers; thus, we have kept our policy terms straightforward so you know exactly what you’re offered and getting covered for.
Don’t compromise when it comes to your health. Health insurance with no waiting period can help you immediately access the necessary care. Secure your health and gain peace of mind without delay. Get health insurance coverage today and experience the benefits of instant coverage.
Insurance Portability
| Question | Portability Conversion |
|---|---|
| Do I need to answer health questions? | You are not required to answer health questions. However, you’re welcome to answer health questions for a preferred rate. You do not need to answer health questions. |
| What are the coverage amount limits? | Coverage amounts* are limited to the amount of insurance you had in force prior to applying for portability. You have the option to decrease the total amount of coverage you wish to continue. You may convert any amount of coverage up to the amount you previously held. |
| Can I increase my coverage? | No |
| Can I also keep coverage on my spouse and/or child? | Spouse and Child coverage may only be ported if Employee coverage is ported. Yes, you may convert Spouse and Child coverage. |
| Can my spouse and/or child keep coverage if I pass away? | Yes, your spouse and children can convert their insurance in the event you pass away. |
| Can my spouse keep coverage if we divorce? | Yes, a spouse can convert coverage if they are no longer considered an eligible spouse under the plan. Children would still be considered eligible under your coverage and thus could not convert. |
| Will my rates change over time? | Five-year, age-banded rates apply. Your rates will increase when you reach the next age band. Rates are included with the application. The insurer also has the right to increase rates in the future. When you convert, you lock your premiums in and will pay the same rate for life with no increase in premium due to health or age. Rates and any fees are included with the application. |
| What are the age limits for applying? | Standard age to port is 69. You may convert coverage at any age. |
| When does my continued coverage end? | Standard termination age is 70. Your Whole Life policy is payable to age 121. |
| How are premiums paid? | Ongoing payments can be made to the insurer via electronic funds transfer (EFT). If you choose not to utilize EFT, invoices will be sent directly to your home on a quarterly basis. Please note that all non-EFT payments may include a $3.50 processing fee for each payment. |
| How long do I have to apply? | The application is due within 31 days of your life insurance eligibility under the group policy ending. Application and first premium are due within 31 days of your life insurance eligibility under the group policy ending. |
| How do I apply? | You will receive your portability packet in the mail. Please return the application to Voya within 31 days from the date you received your packet. If you have any questions, please contact us at 1-866-760-3610 – we’ll be happy to assist you. |
Now, all pre-existing conditions should be covered after 36 months, regardless of whether the policyholder disclosed them initially or not. The health insurers are prohibited from rejecting claims based on pre-existing conditions after these 36 months.
The insurance companies are barred from introducing indemnity-based health policies, which compensate for hospital expenses. Instead, they are only permitted to provide benefit-based policies, offering fixed costs upon the occurrence of a covered disease.
Conclusion
To sum up, you can buy health insurance without a waiting period by paying more than you would for a standard healthcare plan. However, the best option is to buy health insurance early, i.e., when you are young and healthy. You can easily get adequate coverage for nominal annual premiums. Moreover, the waiting period of your healthcare plan will be over by the time you may want to use it to cover your medical bills.
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