Peter Gitundu Creates Interesting And Thought Provoking Content On Insurance. Read More Of His Articles Here ELIMINATION PERIOD
There is a period known as the elimination period in the insurance sector. It is used for health insurance policies and is defined as the time between when an illness occurs to the time when compensation is received from the insurance company. Sometimes you will hear it being referred to as the waiting or qualifying period.
A policyholder has two options to choose from, as far as the length of the elimination period is concerned. One can choose to have a very short waiting period, or a very long one. The shorter the period is, the more expensive the policy is, meaning that the premiums payable per month will cost more than they would generally cost. The longer the waiting period, the less the premiums payable per month will be.
Most of the policies come with a 90-day elimination period. A policyholder has to make a few considerations when determining how long the waiting period will be. One thing to keep in mind is that, in as much as a longer waiting period will translate to cheaper premiums; you may not benefit much from the compensation as it may not come right in time to cater for the risk you will take on.
If you got hospitalized and had to wait for more than 90 days to get compensated, you may get out of hospital before the 90 days are over, yet you will not have been compensated and will have to look for other means to cater for the hospital bill. This means that, you will not qualify for coverage and your policy may not be relevant to you at this point. Before signing up for any policy, be conversant with the elimination period.
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