What is the different between waiting period and..?

Question

What is the different between waiting period and elimination period under health and disability insurance?

Answer 1

A waiting period is the period of time from the date of issue until it becomes effective; the amount of time the policy must be inforce before the insured is covered for a non-pre-existing claim.

An elimination period is the period of time a person must be off from work due to covered injury or illness, before the policy begins to pay.

Example:

You have a disability policy, and it has an elimination period of 7/30 days. This means that for an accident, you must be off from work for 7 days before it begins to pay, or off for 30 days due to an illness before it begins to pay.

Answer 2

It's effectively the same thing - a time deductible.

Answer 3

It's the same thing. If you become ill and qualify for benefits after 30 days (as an example), then your benefits start on the 31st day. The 30 days was your elimination period, or waiting period.