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Significant Points You Need to Know About Diabetes Health Insurance!

Published On Apr 02, 2019, Updated On Dec 04, 2020

In this modern era, people are getting prone to a different sort of lifestyle diseases. Among several lifestyle ailments, Diabetes is one of the most popular ones, which mainly affect the persons between the age of 20 to 60. It can prove to be an expensive illness to treat, therefore, it is quite essential for the people suffering from Diabetes to own health insurance. Individuals who have parents with diabetic history should definitely go for it as their chances of becoming a diabetic are more.

If someone is diagnosed with diabetes, his or her family might suffer from a financial crisis due to prolonged and advanced treatment. Some typical procedures related to diabetes are amputation, diabetic retinopathy, diabetic foot and so on. In some serious cases, diabetes could even lead to affect the kidneys too, which may enhance the medical expenditure. So, if you belong to a Diabetes prone family, it is better to opt for preventive measures that are not confined to diet, health checkups, lifestyle, etc., but also incorporate financial assistance.

These elements together unveil the importance of Diabetes-specific cover. People are owning a perception that only after a particular age these types of health covers are needed, but they are wrong. According to data, the majority of claims over the years have been applied by people that fall into the age bracket of 30 to 60. Also, the majority of these patients belong to the metro cities where the medical expenses generally tend to be sky-high. This goes to show that buying a health insurance policy is quite essential to handle the un-affordable rates of medication and treatments.

The best ways to fight against Diabetes!
Across the world, there are only two situations to combat any difficulty or disease. Either one can take preventive measures to not to get in touch with the illness or to fight against it with the best treatments at reasonable rates. On a similar note, here are some practical solutions to fight against diabetes:

Buying a health insurance policy as a preventive measure
If your family is equipped with a history of diabetes, a health plan becomes a necessity for you. Therefore, you will always be advised to always have a regular health plan that comprises diabetes treatment with a standard network hospital cover. This will a much economical solution than having a specialized health plan for diabetes. This can be understood as in a regular health insurance scheme one need to spend around Rs7000 to gain coverage of Rs 5 Lakh whereas in a specialized health policy policyholder need to pay around Rs 17000 for the same coverage. 

In addition to these benefits, you should also know that on buying a standard health plan you may need to pass a waiting period of around 2-4 years for pre-existing illness as it probably won't be covering diabetes over all stages. In such cases, one can rather include a critical rider to the basic health plan that covers diabetes. The critical rider policies can likewise be acquired as a standalone health plan. 

Here is why it is suggested to purchase a health plan at a young age so that you may get coverage for the waiting period too before the requirement for hospitalization emerges. Also, there exist some plans where Type-1 and Type-2 diabetes does not have a waiting period. 

Buying a health insurance policy on being diagnosed with diabetes 

Nowadays, the diabetes-explicit plans are available in abundance, which is offering specialized coverage for the diabetes-specific illness that may be omitted from basic health plans. Most health schemes cover Type-2 diabetes and similar illnesses related to the kidneys, heart, removal costs, kidney giver related expenses and recurring costs for dialysis, etc., are some of its examples. People who feel that diabetes treatment doesn’t cost much at a time, but they forget that it is a lifestyle disease which keeps suffering the patient lifelong. Therefore, an insurance policy is necessary to tackle the expenses in the long run.  

How to pick the right health insurance policy for diabetes? 

People who have never been diagnosed with diabetes should generally go for a basic insurance plan. However, it is also suggested not to buy for the complete cover under this arrangement; instead pick either a top-up plan, critical disease plan or family floater apart from your base plan. Preferably, your insurance cover should not be more than Rs.10 Lakh. There exist many health insurance providing organizations, which cover diabetes under top-up plans and these plans are not as costly as general health policies. 

On the other hand, if you opt for picking a family floater medical coverage as your base plan, you can save money on premiums. However, since there lies the risk of quick exhaustion of the floater plan if any member of the family falls sick, therefore, it is also recommended quite a sometimes to select a floater on the top-up scheme. 

Also, there is an additional alternative of deciding on a standalone critical disease plan or clubbing it with a base plan as well. The benefit of having a critical disease plan is that a policyholder can claim the whole amount assured at the time of getting diagnosed with diabetes. Also, he or she can spend the cash as per the wish and requirement as there exist no sub-limit, inclusions and exclusions on the equivalent. 

But, in a situation, if you are confirmed to be a diabetic, it’s considered as the most prudent choice to go for a diabetic-specific cover that includes all diabetes-related afflictions, where the policyholders can avail the coverage the moment he or she joins.

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