In the face of COVID-19’s resurgence, individuals recognise the importance of acquiring healthcare insurance plans to protect themselves against potentially steep medical costs. However, for those who have recently received a COVID-19 diagnosis, purchasing healthcare insurance immediately after was not possible.

 

This is due to a significant health insurance factor known as the ‘cooling-off period’. But what is this period? This article will cover the intricacies of the cooling-off period in healthcare insurance, what it is and how it works. 

What is the Cooling-off Period?

In India, the cooling-off period applies to most major health insurance plans. After recovering from certain illnesses, like COVID-19, individuals might encounter the term “cooling-off period” when considering purchasing a new healthcare insurance policy.

 

After recovery, there is a set time during which an individual cannot purchase a health plan. It is distinct from the waiting period and usually lasts a few days to a few months. By acting as a deferral, this time frame ensures that the patient heals completely before being qualified for insurance.

Why is the Cooling-off Period Important?

When an individual undergoing a medical condition or recently recovered applies for a health policy, the insurer evaluates the related risks. The insurance coverage gets sanctioned once the individual’s medical condition demonstrates improvement and no longer presents a substantial risk.

 

For COVID-19 survivors, this evaluation period is crucial as it allows time for any lingering symptoms to subside and reduces the chances of a relapse. Some people with asymptomatic COVID-19 may not be aware of their infection, but they could be diagnosed.

 

Since the long-term effects of COVID-19 are still uncertain and there have been cases of pulmonary and cardiovascular issues, underwriting policies for recovered patients has become more complex.

 

Implementing a cooling-off period provides time for any such complications to the surface, which may impact the insurance policy. Ultimately, this ensures that policyholders will face fewer difficulties when filing claims in the future.

How Does Cooling-off Work?

This period in health plans is designed to fairly and accurately assess customers’ health, especially for COVID-19 survivors seeking coverage in India.  Some applicants may not show any symptoms initially and might not be aware of their COVID-19 infection. Such individuals must wait for 15-90 days after diagnosis before applying for a healthcare plan.

 

People with COVID-19 must wait until they fully recover before buying healthcare insurance. This precaution helps prevent potential relapse and ensures that their health condition has improved, reducing the risk to the insurance provider. It’s essential to note that this waiting period does not affect the insurance premiums.

 

Regardless of vaccination status, all applicants for regular healthcare insurance policies will be subject to the cooling-off period. This period allows the insurer to assess the applicant’s condition and decide on accepting the insurance application. So, if an individual with any medical condition applies for a health plan, they will be reviewed based on the insurer’s underwriting policy. If the individual is diagnosed with an acute infection, acceptance will only be provided after the condition is resolved.

Can you Skip the Cooling Period?

No, policyholders can avoid this period if their insurer mandates it. However, this waiting time can be avoided if the individual acquires healthcare insurance coverage in excellent health before developing any illnesses. 

 

Purchasing a health insurance policy as soon as possible is strongly advised to eliminate any worries about getting sick. By doing this, individuals can be at ease, regardless of any future health difficulties.

Are the Cooling Period and Waiting Period the Same?

The waiting period and cooling-off period are different in the context of healthcare insurance. The 15 to 90 days following the onset of an illness is known as the cooling-off period. This is the time when an individual cannot acquire healthcare insurance. It only applies before purchasing a healthcare insurance policy.

 

On the other hand, the waiting period is a duration of 15 to 60 days after purchasing a healthcare insurance policy, during which the insured cannot make any claims. This waiting period is applicable only after buying healthcare insurance plans.

 

The time an insurer must wait before receiving coverage for a particular sickness is sometimes called a “waiting period”. However, other insurance providers can refer to the cooling-off period as an “initial waiting period” or a “free-look period” instead.

 

To ensure they choose their coverage wisely, people must be aware of these distinctions when considering healthcare insurance options.

Conclusion

The cooling-off period in healthcare insurance is important for insurers and policyholders, especially for COVID-19 survivors in India. This designated time frame allows individuals to fully recover from their illnesses before seeking the best health insurance plan, reducing the risk of relapse and enabling a fair evaluation of their health condition.

 

Individuals must understand how their insurers define these terms to make informed choices about healthcare insurance. To get reliable healthcare plans, Niva Bupa best health insurance company in india is the ideal choice. Explore their offerings today to secure your health and your future.

About Author