How to Say "waiting period" in Spanish
The Spanish word for “waiting period” is “carencia” — B2 level.

Examples
Muchos niños en el mundo sufren de una carencia de hierro.
Many children in the world suffer from a iron deficiency.
La falta de inversión provocó una carencia de recursos en la escuela.
The lack of investment caused a shortage of resources at the school.
El seguro tiene un periodo de carencia de seis meses para cirugías.
The insurance has a six-month waiting period for surgeries.
Using 'de' to describe the lack
Just like in English we say 'lack OF,' in Spanish you always follow 'carencia' with the word 'de' to identify what is missing.
Abstract vs. Concrete
While 'falta' is used for anything (like missing a bus or lacking sugar), 'carencia' is usually reserved for more serious or structural things like health, money, or emotions.
Using 'carencia' for small things
Mistake: “Tengo una carencia de sal para la sopa.”
Correction: Tengo una falta de sal / No tengo sal para la sopa.
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