Health Insurance for Diabetics
Diabetes is a lifestyle disease which can be passed on to the next generation through genes. Treatment of diabetes can be expensive. Historically, medical expenses of a diabetic person have been found to be twice the expenses of a non-diabetic person.
Diabetes is the body’s inability to make insulin (Type 1) or by the body not responding to the effects of insulin (Type 2). Both the types are chronic conditions and affects the way our bodies regulate blood sugar level.
Sufferings can get worsened in the absence of a proper health insurance for diabetic patients. Considering the fact that medical costs are rising, procuring the best insurance for diabetics is important. There are a few specialised diabetic health plans in the insurance market. Following aresome of some of the common features of them.
Sum insured for such policies typically fall in a range of INR 1 lakh – 10 lakhs. However, there are certain plans which also offer higher sum insured in the range of INR 50 lakh – 2 crores.
There is a renewability feature that gives benefit sometimes to the extent of 2X of the initial coverage. If the claim amount is exhausted, then the plan automatically becomes eligible for recharge of the sum insured.
Specialized health insurance for diabetic patients try to not just cater to the medical expenses of the insured, but also support them in leading active lifestyles through wellness programs on their coverage. This is achieved through hiring a health coach who formulates diet and exercise charts basis the insured person’s health.
Since diabetes can lead to failure of different organs, a few specialized diabetes policies also secure an individual in the event of an organ transplant. It covers the medical expenses of the insured and the organ donor.
Rider or Specialized Diabetic Health plan?
If one has a family history of diabetes, it is best to invest in a health insurance with diabetes-specific cover. This is because purchasing a stand-alone medical insurance for diabetic patients would be a costlier affair. It would be better if you purchase the policy in the early stages as there is a chance to get the coverage even during the waiting period which is part of terms and conditions in health insurance policies for diabetic patients.
Mediclaim for diabetic patients which would take care of the hospitalization expenses is a good idea for those with less aggressive disease Typically, the pre-hospitalization expenses are covered 30 days prior to getting admitted and the post-hospitalization expenses are provided for until 60 days from discharge which is highly advantageous.
Like regular health insurance policies, health insurance plan for diabetic patients can also claim tax-benefit under Section 80D of Income Tax Act.
The key to get the best health insurance for diabetic patients rests on being quick on the application. This is because most health insurance policies have a waiting period for pre-existing conditions. So, if you’re already suffering from diabetes, most health insurance policies will not cover you for expenses arising due to diabetes during the 2-4 year waiting period. This is a major drawback as one would have to still bear these expenses on their own, even when you have purchased a health insurance coverage.
Before one takes the decision to apply for a particular insurance coverage, it is imperative to compare a few key features, such as waiting periods, co-pays etc. and take an informed decision. Needless to mention that diabetes continues to be a disease which has a high-risk trade off, and hence it is advised to make positive lifestyle changes to keep the health and financial risks at minimum.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.