When taking out insurance, especially when the insured person does not come from a previous policy, it is important to know what a waiting period means in insurance. It is a period during which not all the contracted covers can be fully used.
Waiting Periods in Insurance
This is very common in health insurance and life insurance, among others. It is the time that passes from the start date of the policyholder and the other insured persons included in the policy until they can use the services covered by the policy.
Which Health Insurance Covers Usually Include a Waiting Period?
In health insurance, primary care and visits to different specialists usually do not have waiting periods. However, for surgical procedures and more complex diagnostic tests, such as a CT scan or MRI, it may be necessary to wait between 6 and 10 months, depending on the insurer.
If the insured person comes from another insurance policy, the waiting period may not apply. Insurers use these periods to avoid situations where a person takes out a policy, uses its services intensively and then cancels it.
More Examples of Waiting Periods in Health Insurance
Assisted reproduction, for example, may have waiting periods of up to 48 months.
Health Insurance Without Waiting Periods
There are specific cases where waiting periods are not applied, such as certain group policies or cases where an insurer accepts a family that was already insured with another company and removes the waiting periods. Consult your brokerage about these cases individually.
Common Waiting Periods in Health Insurance
When analysing different insurance lines, life, health and similar policies are the ones that most often include waiting periods. However, they can also appear in non-life lines. Focusing on health insurance, each insurer establishes its own waiting periods, so it is advisable to study different options and seek advice from an insurance mediator specialising in medical insurance before deciding.
If the insured person already has a policy and wants to change insurer, it is essential to do so with advice from a brokerage experienced in medical policies, in order to know exactly which waiting periods will apply to each cover.
Pre-Existing Conditions
There are also what are known as pre-existing conditions. When taking out insurance, a prior health questionnaire must be completed. In some cases, if illnesses have been diagnosed before the insurance is arranged, the insurer may decline treatment for that illness. For this reason, we recommend complete honesty to avoid possible problems when authorising medical forms or certain procedures in the future.
In conclusion, waiting periods in health insurance are very common, especially when the insured person does not come from another policy. They must therefore be taken into account when taking out insurance, particularly if a treatment or surgical procedure is already planned in the near future.