reasons-to-buy-diabetes-health-insurance

Five reasons to buy a Diabetes Health Insurance early in your life

Did you know, 10,000 diseases are floating in the world and only 500 of them are fully curable. Shocked, right? Such facts scare a person and make them want to safeguard themselves. In the earlier times, the number of diseases was low, food choices were limited, and thus falling sick was rare. People were wealthy in health. As time passed by, the world started developing and new inventions, innovations, cuisines were discovered. All these developments had a direct effect on mankind.

People in the earlier days consumed healthy food and lived a balanced lifestyle but, today people have shifted their choices to junk food living an unhealthy and chaotic lifestyle that affects the health of a person drastically causing serious harm in the long run. The number of diseases has increased, and the search for their remedies has escalated too. The medical field faced a boom, and thus the treatment costs also increased simultaneously.

Medical inflation has no limits; it increases rapidly and so it is safe to say that in the future the affordability of receiving quality treatment will decrease. Getting treatment will be so expensive that one may not be able to receive it. For protecting oneself from such situations to be faced shortly, the introduction of health insurance has been done.

Diabetes health insurance:

Do you crave for sweets? Or has someone in your family history suffered from diabetes? If yes, purchasing diabetes health insurance is important for you. The reason behind this is that diabetes is also considered a hereditary disease and it is transferable to the younger generation. Diabetes is a serious condition that causes a deep impact on one’s health, and thus it is important for one to have vast coverage. Having a hefty amount of sum assured helps one to reduce their stress. India is considered as the “Diabetes Capital of the World” yet insurance companies are not interested in issuing diabetes health insurance as they believe that the risk of an individual filing a huge claim is possible.

 The main objective of having such concentrated coverage is to get quality treatment without hesitating about the expenses involved in it. Health insurance provides comprehensive coverage, and thus the sum assured for diabetes is less. Having a disease-specific policy works in the best interest of an individual.

Reasons to buy diabetes health insurance early:

  • Medical inflation –

The field of medical technology has been booming for a long time, and thus the entire medical field is also facing rapid changes. Scientists have been working hard to provide better treatments to individuals by providing them modern ways and means. With the quick development of these fields, the healthcare insurance sector is facing medical inflation, and it is assumed that the treatment expenses will increase or double in the future. As diabetes is a critical disease and there is a scope of improvement in the treatment method, a further rise in the costs can be expected. Buying a disease-specific diabetes plan will help one afford such services and take benefit of the same.

  • Age –

Buying any insurance at a younger age always comes with many benefits. It is assumed that individuals at a younger stage in their life are less prone to fall prey to critical illness. Young people are considered to be healthy, fit, and constantly active and thus suffering from any disease is less-likely. Lesser the complications faced by a person will lead to lesser medical difficulties further resulting in lower premiums payable. Buying diabetes health insurance with the motive of covering oneself from the hereditary transfer of the disease at an early stage in one’s life will make the policy inexpensive.

  • Waiting period –

Diabetes health insurance expects the policy purchasers to serve an initial waiting period of 30 to 90 days. This is a general clause to prevent buyers of insurance from taking undue advantage of the coverage offered to the insured. Apart from the initial waiting period, the person does not have to comply with a waiting period and can thereby, enjoy the coverage offered. On the other hand, under health insurance, the insurer asks the policy purchaser to serve a waiting period that varies between 1 to 4 years before providing coverage for the disease. This makes it difficult for the person to pass these years without any insurance cover and substantially adds to the risk of the insured.

  • Claims –

There has been a rise in the number of claims filed by insurance holders. An increase in claims leads to a decrease in profitability for the insurance company and thus to safeguard the insurer’s profits it is most likely that soon the insurance company will begin charging higher premiums. This will lead to more expensive policies, and thus a person is advised to buy a diabetes insurance policy as early as possible. The number of people suffering from a serious disease like diabetes is increasingly almost on a daily basis. 

  • Rejections –

Typically, a person at a younger age has lesser health problems and that leads to charging lower premiums. A person suffering from serious pre-existing conditions can be denied by health insurers, and thus purchasing such a policy at a younger age can decrease the chance of rejection by an insurance company. The procedure of purchasing a policy will be easier too and even the preconditions and costs would be much lower.

”Reasons

What is the key feature that separates health insurance covering diabetes from diabetes health insurance?

There are only two distinguishing factors between health cover policies. The difference is that under health insurance the coverage offered for diabetes is restricted up to a certain sub-limit. The clause of sub-limit is included in health insurance as the policy states that they provide comprehensive coverage so, it is necessary that the insurer pre-decides the ratio of spending the sum assured.
Under diabetes health insurance, the entire sum assured is concentrated on the specific disease covered. For covering diabetes in health insurance, the insured needs to serve a waiting period of 1 to 4 years, whereas under diabetes health insurance only an initial waiting period of 30 to 90 days needs to be served. To cover other critical illnesses under diabetes insurance, a waiting period of 2 years needs to be served.

Does diabetes health insurance provide a cashless facility?

Yes, diabetes health insurance consists of similar benefits related to general health insurance. While purchasing diabetes health insurance, the insured needs to keep in mind the network hospitals associated with the insurance provider and whether these hospitals are within their residence radius. If the insured gets admitted to a network hospital then the person can enjoy the cashless claim benefit. If admitted to a non-network hospital, then the reimbursement model will come into play.

Which are the best health insurance plans for diabetic patients in India?

The answer to this question varies from one person to another, it depends on the requirements one is looking for and which policy covers them. Based on a comparative study, some of the best policies are as under:

Apollo Munich Energy Plan – Some of the salient features are-
The policy provides health check-ups at regular intervals.
If the insured passes a year without filing a claim, the insurer increases the sum insured as a benefit in lieu of a no-claim bonus.
Personalized wellness programs providing diets and physical fitness.

Star Health Diabetes Safe Plan – Some of the salient features are-
Individuals, as well as family floater plans, are available.
Covers donor expenses in case of a kidney transplant.
The policy is automatically renewed if the sum insured is not exhausted.

Aditya Birla Active Enhanced Plan – Characteristics of the policy are-
The policy covers day-care procedures along with domiciliary hospitalization expenses.
Cash benefit for each day of hospitalization is provided.
In event of organ transplant, the insured and organ donor’s expenses are covered.

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