Should a diabetic start health insurance even now?
After learning that she was diabetic, Ms. Maya Verma*was unsure if she could purchase a good health insurance policy. She decided to go ahead and buy one, in spite of her health condition. The insurer accepted her application with no hassles and even provided a substantial coverage amount. Maya was able to submit claims and get them successfully settled after the waiting period ended. She realized that nowadays there are more options for diabetics, and improved preventative services such as wellness programs and annual checkups covered. She is extremely glad that she is aware of her options and has less stress related to her health!
Diabetes is a chronic illness that has long term effects on the body. Diabetes can be a difficult battle for those that suffer from it and for their families. It increases the risk of other health issues like stroke and damage to eyes, kidneys, and nerves in the long run. Hence, it is important to manage and treat the condition early.
Medical expenses for diabetics patients are higher than those for non-diabetics, and so are the risks involved. It’s a very real struggle in today’s world, but the encouraging news is that there are more policies available now in India to insure people with this condition.
Advantages of a diabetic getting health insurance on time
A person with this illness may have to spend more than Rs 3,000-4,000 a month on an average towards tests, medicines, insulin shots and customized diet. Investing in a good health insurance plan early on will safeguard from these recurring and incremental costs.
Diabetic plans cover certain financial costs resulting from diabetes-related problems (the specific issues covered depend on the policy). Certain benefits are covered for diagnostic tests( HbA1c blood tests), doctor consultations, dialysis cover and hospitalization resulting from diabetes.
Factors a diabetic should consider while purchasing health insurance
Personal health condition: Individual health needs such as the severity of your diabetes, how often are doctor consultations required and insulin expenses
Incremental medical costs: Cost of medical insurance in the area that you live, and health coverage needed in due course of time
Type of plan for diabetic specific needs: With a wide variety of choices available in health insurance, you can either choose a general plan or a policy specifically for diabetics. Diabetes specific policies are usually individual plans since they cater to diabetic specific needs and treatment.
Comparatively higher premium: As an applicant with diabetes, you will probably have to pay a higher premium because of your increased risk. If have this condition at the time of purchasing a policy you come under “Pre-Existing Disease (PED)” category in health insurance terms. However, the best move is to be transparent. Hiding any existing health conditions may result in claims getting rejected at a critical time when financial assistance is needed.
Diabetes as PED: Health insurance plans accept and settle claims for pre-existing diseases such as diabetes after the expiry of a waiting period, usually around 2-4 years (varies depending on insurer and plan).
List of Exclusions: While the condition may not be life-threatening in itself, there can be complications in future arising out of diabetes, which may not necessarily be covered in the chosen policy. So, it is best to thoroughly scan the list of exclusions which are mentioned in the policy wordings or customer information sheet that the insurer has provided in order to understand which illnesses and treatments are covered and which are excluded.
Add-on Riders: Some insurance companies offer optional covers or riders which take care of expenses for major treatments like organ transplant, bariatric surgery etc. which might be of relevance to the insured patient.
Critical Illness Insurance:There are many critical illness insurance plans available in India which offer financial protection in case of diagnosis of listed critical illnesses. You get a lumpsum amount once you complete the stipulated survival period. People with diabetes are prone to critical illness such as kidney failure, stroke, heart attack etc., so they should consider investing in critical illness insurance.
Patients with this condition should not feel they will be excluded from getting excellent health insurance or not have their requirements fulfilled. It is never too late to ensure that they can purchase a good policy and have access to quality healthcare.
We invite you to visit sana.insure for the right information and advice to help you purchase the best health insurance plan. We assist people in finding comprehensive coverage depending on individual factors such as prevailing conditions and medical history. SANA.Insure provides unbiased and easy access to compare various plans in India, tailored to your present and future needs.
Please get in touch with us over WhatsApp chat on 8278271818 or call us on 1800 202 8118 to connect with a Health Insurance Expert at SANA.Insure who will guide you with the right inputs for choosing the best plan in India that takes care of your and your family’s medical requirements.
Wish you a healthy and happy life!
Frequently Asked Questions (FAQs)
- Can a diabetic get health insurance?
Sure, there are many insurance companies in India who extend health insurance cover to diabetics. Since diabetes is identified as a pre-existing disease (PED), the insurer may ask the patient to undergo medical screening at the time of application for a health insurance policy to detect the extent and severity of the condition and to determine the premium amount payable. Also, there might be a waiting period to be served before becoming eligible to avail coverage.
- How much is insurance for a diabetic?
The health insurance premium payable by a person with diabetes would depend upon the underwriting guidelines issued by the insurance company and the type and severity of the condition. Given the risk involved in insuring people with diabetes, the premium payable by them might be comparatively higher than people who do not suffer from this condition.