Guide to Moratorium Period in Health Insurance
When you purchase a health insurance policy, you expect it to support you during medical emergencies. But did you know there is a waiting period during which some pre-existing health conditions may not be covered right away? This waiting phase is known as the moratorium period. The moratorium period in health insurance refers to the time during which claims for pre-existing health issues are not accepted. If your policy is still within this period, the insurance company will not cover treatment costs for those conditions. Let’s take a closer look at what this means and how it works. What is the Moratorium Period in Health Insurance? The moratorium period refers to a specified timeframe after which insurers can no longer deny claims related to pre-existing conditions, except in cases of proven fraud or deliberate misrepresentation. This rule encourages policyholders to honestly disclose their medical history when applying for coverage. From April 1, 2024, the IRDAI (Insurance Reg...