Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Investing in Individual Health Insurance and other Health Insurance topics.
Whether you are investing in individual health insurance or have group health insurance, chances are you will be subjected to a waiting period. During a waiting period, which can range from a few weeks to usually no more than six months, your insurance plan will not pay benefits. This is a device used by insurers to limit their liability or risk. The idea is that new enrollees in a health insurance plan may have "roll-over" illnesses or pre-existing conditions the services for which the insurer does not want to pay. When shopping for or switching to a new health insurance plan, make sure you understand all restrictions regarding waiting periods, pre-existing conditions, and how they will affect you from both a financial and health care standpoint.