The difference between your inception date and your benefit date
Taking out an insurance policy can sometimes be very tricky. Understanding all the seemingly contradictory terminology can be difficult, but it is important that you are aware of what insurance terms mean so that you can make an informed choice about the plan you choose.
One such confusing aspect of the medical insurance market is the difference between the inception date of a policy or fund and the benefit date. The benefit date is when the cover is active, while the inception date is when the policy is activated. You usually do not have cover until after the third premium has been deducted, unless a pro-rata agreement is reached, or you suffer from a medical emergency. This procedure will, however, differ from scheme to scheme.
Sometimes, benefit dates for various ailments and illnesses vary depending on whether or not it was a pre-existing condition. For example, if you take out a policy on the 20th of November, that is your inception date. This policy could, however, state that you can only claim for cancer-related treatment after three months, meaning that the benefit date for cancer treatments is the 20th of February the following year. This is assuming that you are already suffering from the illness before you took out the medical cover. If, however, you take out cover and find out that you are ill after the fact, it would be at the discretion of the medical insurer to what extent you will be covered.
Fin24 elaborates that when you join a medical scheme, you cannot claim for day-to-day expenses during the first three months unless you have moved straight from another medical scheme when you will be covered for medical emergencies from the day you join. You can be excluded for no more than 12 months for the treatment of a pre-existing condition.
Taking out an Affinity Health plan will you give you access to a variety of healthcare options. Extensive healthcare cover will give you peace of mind while knowing that you are protected by a company that you can trust.
Affinity Health also offers hospital cover for individuals and families in the event of a medical emergency or severe illness.
There is a 1-month waiting period for certain illnesses. Speak to an Affinity Health consultant today.
Affinity Health offers competitively priced health insurance products that are designed to protect you and your family against unforeseen medical expenses.