Take out health insurance today — if you fall ill tomorrow, can you claim? In many cases not yet, because of something called the waiting period. Here is what it is and why insurers set it.
What a waiting period is
A waiting period is the time after a policy comes into force during which part of the cover is not yet active. If you fall ill with a condition subject to a waiting period within that window, you cannot yet claim. It is generally divided into a waiting period for ordinary illness and a longer one for specified conditions. The exact durations differ by plan and by company.
Why waiting periods exist
The main reason is fairness to every insured person in the system. Without a waiting period, someone already developing symptoms could rush to take out insurance and claim immediately, raising the system's costs and affecting everyone's premiums. The waiting period therefore helps ensure insurance does the job it was designed for — covering future risk.
Waiting periods don't apply to everything
The good news is that accidents are generally covered immediately from the moment the policy is in force, because they are unpredictable events. Waiting periods apply mainly to illness. Which conditions carry which periods can be found in each plan's policy conditions.
How to plan so your cover isn't interrupted
- Take out health insurance while you are still in good health — don't wait until you start worrying about it.
- If you are changing policy or company, let the new policy come into force and pass its waiting period before cancelling the old one, so there is no gap in cover.
- Read the waiting period table of the plan you are interested in before deciding, so there is no misunderstanding at claim time.
In short
A waiting period is not a trap; it is a rule that keeps the insurance system fair for everyone. Understand it before buying, time your cover well, and your protection will be as continuous as you intended.