What does the waiting period of health insurance mean?

The waiting period of health insurance means that the insurance company does not pay the insured's insurance indemnity for a period of time after purchasing insurance. The waiting period is stipulated in the contracts and insurance clauses signed by insurance companies and individuals. Different types of insurance have different waiting periods. For example, the waiting period for health insurance is usually 1~6 months, and the waiting period for critical illness insurance is also different. The existence of waiting period is to prevent the insured from buying insurance to make claims after knowing that they are sick, thus increasing the risk and claim cost of insurance companies.

It should be noted that the waiting period only applies to the first purchase of insurance. In other words, for people who hold multiple insurances, only the first insurance will set a waiting period, and the latter insurance will no longer have a waiting period. In addition, for insurance companies with different insurance products, the setting and specific provisions of the waiting period will be different. The waiting period of some health insurance requires diagnosis within 10-30 days after the signing of the contract to determine whether there will be claims in the future. Therefore, before buying insurance, you must read the insurance clauses carefully and consult the insurance broker of the insurance company to understand the specific provisions of the insurance waiting period.

The waiting period itself is not an unfair insurance clause. The waiting period can not only ensure that the insurance company faces the risk of adverse selection, but also reduce the risk and claim cost caused by customer insurance fraud. In addition, the waiting period is also a risk management tool for insurance companies. By stipulating the waiting period, insurance companies can better manage risks and provide more reasonable premiums and insurance services for policyholders. By understanding the provisions of the insurance waiting period, the insured can better understand the rights and provisions of the insurance they have purchased and better protect their own interests.