Health Insurance Tips For Diabetics

Finance

A large part of the Indian population is indeed affected by diabetes. Although it has become a very common disease in India, not many insurance providers have come forward to cover the same. Even if they do, they keep a waiting period of at least 36 months on this particular disease.

Why is diabetes considered deadly?

Diabetes is one such disease that brings in a lot of health complications. In case you don’t know, more than 65 million people in India have Type 2 diabetes. The number of cases is also rising rapidly. If we talk about the cost of dealing with diabetes, no doubt it is high. On average, the claim made in every diabetic case is around Rs. 50,000. This amount is rising at a rate of 18 percent every year!

Diabetes can lead to significant complications like kidney failure and even heart attack. So, when the chances of being diagnosed with such kind of health issues are so high, most of the insurance companies try to play safe. In the case of diabetes, there is always a high possibility that the policyholder will outlive the policy period. In the long run, the cost of treatment in the case of people with diabetes often proves to be quite high. For this reason, insurance companies are often ambiguous about what they provide in their comprehensive coverage to deal with these costs.

How to buy the right policy for diabetic patients?

To make sure you get the best kind of coverage for your diabetes treatment, let’s take a look at some of the tips.

  • Go for specialized health insurance plans

In most of the regular health insurance plans, hypertension and diabetes are usually placed in the waiting period list for the first 3 or 4 years. If your family has a medical history of diabetes, and you are already in your 40s, you must go for a specialized health insurance policy. This kind of insurance plan is designed to include even those people who already have diabetes. If you have been recently diagnosed with diabetes, you must opt for a special plan. You just need to pay a higher premium. Rather than worrying about looming health issues like kidney failure and heart attack, it is better to spend a little extra and get a specialized health insurance plan. You should look out for policies that cover diabetes right from the day of policy activation. Also, you must make sure that the policy covers diabetes-related complications too.

  • Opt for group insurance cover

The employers usually offer group health insurance policies to their employees. In such type of health covers, you would not have to face the issue of the waiting period. The policy covers almost everything right from Day 1. For pre-existence conditions, group insurance cover can prove to be the right choice. You may think that having group insurance is beneficial only till you are the employer of that company. The day you leave your job, the cover will become invalid. So, if you have diabetes, it is better to keep an additional health insurance policy by your side.

  • Get the coverage amount early

In the present time, it is better to buy health insurance policies at an early age. When you are in your 20s and 30s, you are less vulnerable to diabetes and other similar health-related issues. Purchasing a health insurance policy in your mid-20s or early 30s can prove to be much cheaper. If your family has a history of hypertension or diabetes, then it is even more significant that you buy a health insurance policy at an early age. It will help you in two ways. First of all, buying a policy at a young age will keep the premium low. Secondly, even if there is a waiting period of 36 months on diabetes, you will not have to bother about it. So, buy yourself a health insurance policy as early as possible.

So, those were some of the tips you should keep in mind. For the patient of diabetes, it is better to go for a cashless health insurance policy. As diabetes often leads to other major diseases, therefore it would be more convenient for the policyholder to have the advantage of cashless treatment. In this way, the policyholder or his/her family members will not have to go through the reimbursement process again and again.

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