Why Do You Need A Specialised Diabetes Health Insurance?

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The number of people having diabetes is staggeringly and sadly high in India. Ironically, many live without even noticing they suffer from this medical condition. Diabetes is a chronic illness where a person has high levels of blood glucose in the body. If the problem goes unchecked, it can lead to complications and diseases, such as heart ailments, kidney ailments, eye problems, and stroke. Another burden that diabetes patients have to bear is the rising medical expenses due to medical inflation, highlighting the need for a diabetics health insurance policy. Matt Schmidt of Diabetes Life Solutions mentions “people with diabetes will face challenges in obtaining health, and life insurance. As an example, life insurance for diabetics is going to be 25% to 40% higher compared to people without diabetes. Finding health insurance is going to be a little more tricky and you may benefit from working with a knowledgeable insurance agent who specializes in the diabetes marketplace.” 

The disease may occur due to hereditary factors, but mostly it also arises due to the hectic lifestyle most of us lead, making it all the more alarming. It requires constant monitoring of health and often medications regularly. Unlike a few years ago, it was impossible for diabetics to get a health cover, but things have changed; many insurers are now offering specialised health insurance for diabetic patients. Having a health cover for coping with a severe medical condition like diabetes is of utmost importance, as explained in this article.

Covers Medical Treatment Expenditure

A diabetes health insurance plan provides comprehensive coverage for a person’s expenses involved in medical treatment. It is a customised plan designed to cover hospitalisation expenses, like room rent and ICU charges, ambulance charges, day care treatment, domiciliary hospitalisation, pre hospitalisation, and post hospitalisation medical expenses. Also, it covers advanced medical care expenses, including dialysis and robotic surgery.

Health Check-ups

Those with diabetes also require preventive care, such as medical tests and check-ups that are crucial to assess one’s health condition, get the direction to the right treatment, and detect any health problem early to prevent complications.

However, all that can lead to significant expenses. With the customised health insurance plan, diabetics can avail of annual health check-ups at no extra cost, saving money. Moreover, they can avail of this feature on a cashless basis at a healthcare centre empanelled with the insurer.

Cashless Claim Facility

Nowadays, insurers provide the facility of cashless hospitalisation where the policyholder can get treatment at any network hospital empaneled with the insurer. It saves the crucial time when one is going through a medical emergency without the need to arrange cash for paying hospital bills. All the expenses are directly settled by the insurer, subject to the policy terms and conditions. Thus, when picking a diabetes health cover, it is better to choose an insurer with maximum network hospitals. So, you will easily find a network hospital in your vicinity. For instance, HDFC Ergo has over 10,000 network hospitals. Care Health Insurance has over 11,000 cashless healthcare providers.

Other Features of Diabetes Health Insurance Plans

  • Life-long renewability: For a person living with this medical condition, the treatment may be long-term, so medical expenses are likely to rise. Thanks to the lifelong renewability feature, one will be eligible to get continued coverage through regular policy renewals.
  • Cover for pre-existing diseases: Pre-existing ailments would be covered in a health insurance plan for diabetics, subject to a waiting period. The waiting period may vary from 2 years to 4 years, depending on the insurer.
  • No claim bonus: Staying in pink of health so that there are no major medical expenses is a blessing. With that goal achieved, the insured also gets a reward in the form of no claim bonus for every claim-free year and is eligible for an increased sum insured.
  • Recharge of sum insured: Many insurers offer the feature of automatic recharge where the sum insured is restored if it gets exhausted, and the insured person can continue to utilise the policy coverage.

Walk the Road to Good Health!

The features and benefits discussed above protect a person and the family from a financial crisis when fighting this chronic medical condition and coping with expensive treatment.

When opting for a diabetes cover, one should consider a host of factors:

  • Check the eligibility criteria: When opting for the policy, make sure you check the minimum and maximum age for entry.
  • Calculate the premium: Using an online health insurance premium calculator, one can estimate the premium. It will help an individual to choose an affordable cover with maximum coverage.
  • Know the waiting period: Selecting a diabetes health cover with a minimum waiting period will ensure you do not have to delay medical treatment, thus securing your health.
  • Cashless Facility: Take a look at the list of network hospitals and make sure there are hospitals in your vicinity to get quick medical treatment in the hour of need.
  • Claims procedure: While you choose a policy with maximum benefits, there is one vital thing to check – easy claim settlement. Opt for an insurer that has the best track record. Knowing the claim settlement ratio is a good factor for comparing various diabetics health insurance plans.

The plethora of options may confuse you, which is why it is advisable to identify your needs first and look for the benefits, as mentioned above, to zero-in the best diabetes health insurance policy for you or your loved one. A person buying the specialised health cover should pay close attention to the policy wordings. He or she should clearly understand the terms like sub-limits, deductibles, etc. Also, checking for discount options will ensure one gets the best health cover.

The health insurance plans for diabetic patients offer tax benefits under section 80D of the Income Tax Act 1961. An insured person can get a tax deduction up to Rs 25,000 on the premium he or she pays to the insurer, and help increase savings.

Medical inflation is creating a lot of financial problems for many families. If you or your loved one is dealing with diabetes, it is wise to ensure proper financial planning for the future, as healthcare costs are going up and that could pose roadblocks in accessing lifelong medical care.

With so many benefits, diabetes health cover will protect one’s savings during any medical emergency.

To conclude, health insurance for diabetic patients is vital for ensuring the financial security of individuals who are managing diabetes, thus achieving a healthier life.




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