What is cooling-off period in health insurance
What is cooling-off period in health insurance 16thAugust 2021
Not many people are familiar with the term cooling-off period in health insurance. So let us take a quick look at what it means and how it affects you during Covid time.
The cooling-off period, also known as the waiting period in health insurance, is the time during which you are not eligible for claiming particular benefits of any insurance policy. This period lasts from about a few weeks to even months.
Recently, many insurance companies are initiating coverage for covid-19 related treatment, however, there is a “cooling-off” period for patients recovering from covid-19 and buying health insurance. Since some people may be asymptomatic and can later be diagnosed with the coronavirus, there is a waiting time of over three months before signing up for health insurance.
Why are companies choosing to opt for the cooling-off period?
- First, there is still not a completely accurate test for detection of the virus, and there have been cases where a contacted person tested negative and vice versa
- The after-effects are still unclear and give rise to complications to create a specific policy for the recovered/suffering patients
- The cooling-off period gives an adequate amount of time to assess a customer’s proper health, hence leaving time for an appropriate judgment for the insurance company
- It buys the company enough time to make preparations for all kinds of emergency services. But, of course, this impacts the policy’s claim in case of difficult situations
Can we avoid the cooling-off period?
You can try and avoid the cooling-off period with the help of the following instructions:
- You can purchase health insurance before the coronavirus infects you. This will help you enjoy the exclusive benefits of your health cover without any hindrance due to the cooling-off period
- Be sure to check all the terms and conditions while purchasing health insurance cover for Covid
- Do not keep any information that can later cause trouble in claiming the benefits
- Keep your health insurance policy up-to-date and renew it from time to time
To sum it up, getting a health insurance coverage policy and drawing the benefits of the cooling-off period before the coronavirus affects you is of great importance. To stay off from any troubles when claiming the benefits of your insurance cover, we suggest purchasing health insurance right at the time when you are healthy and show no signs of Covid.
Insurance companies presently offer various promising online health insurance plans. Looking at the current scenario, purchasing online health insurance might be the best option. People try to avoid visiting places and contact others, and being online just saves you from doing so.
Look for a suitable policy right away and secure your own and your family’s health to avoid a cooling-off period. Always disclose all the essential health information when buying the policy so that you can prevent any rejection of the claim later on.