What is Waiting Period?
The time between when a policy starts and when certain coverages become effective.
Understanding Waiting Period
Waiting periods prevent people from buying insurance only when they expect to file a claim. Different coverages may have different waiting periods. For example, pet insurance might have a 14-day illness waiting period and 6-month hip dysplasia waiting period. Disability insurance commonly has 30-180 day waiting periods (called elimination periods).
Examples
- Your new pet insurance has a 14-day waiting period, so conditions developing in the first two weeks aren't covered.
- Disability insurance with a 90-day elimination period means you must be disabled 90 days before benefits begin.
- Some dental plans have 6-12 month waiting periods for major procedures.
Common Questions About Waiting Period
Can I shorten the waiting period?
Sometimes. Some insurers offer shorter waiting periods for higher premiums. If you're switching from a similar policy, you may get credit for time served, reducing or eliminating the waiting period. Ask your insurer about options.
What happens if I need care during the waiting period?
You're responsible for those costs out of pocket. For pet insurance, conditions that occur during the waiting period may be classified as pre-existing and excluded from future coverage as well.