Claim case sharing
What is “Waiting Period”?
Mary took out medical insurance in early April and she was admitted to hospital in mid April with acute gastroenteritis. After being discharged from hospital, she filed a claim with her insurance company for hospitalisation expenses. However, the insurance company declined her claim as the policy was still in its waiting period.
So, what is “waiting period”?
Most insurance companies have introduced a “waiting period” in their medical insurance policies in order to avoid any claim arising from a disease contracted before the application of policy - which is beyond the original underwriting risk.
Diseases or symptoms occurring during the “waiting period” are excluded from medical insurance policies. However, if the insured is hospitalised due to bodily injury during the “waiting period”, as it is not contracted before the policy becomes effective, it is not confined by the “waiting period”. The insured is therefore entitled to any corresponding claims according to the policy.
Most medical insurance policies have a 30-day “waiting period”. The “waiting period” for specific diseases may vary from 6 to 12 months and customers should read the terms and conditions carefully before taking the policy. If there are any queries, customers should contact their insurance agent or insurance company immediately.
The Hospital Benefit and Optional Outpatient Benefit of the MSIG MediSure Plus policy do not have any “waiting period”. The “waiting period” for Optional Critical Illness Benefit is 60 days and for Optional Maternity Benefit, it is 12 months.