The prevalence of diabetes in India is on the rise due to increased insulin resistance, environmental factors, and vital genetic issues. Recent studies show Indian youths are at a high risk of diabetes due to the fast adaptation of a new lifestyle. According to the data released by the International Diabetes Federation (IDF), out of the 463 million diabetic patients worldwide, 77 million are from India. The economic burden that diabetes imposes on the populace is enormous, especially in a low-income country like India.
Hence, to alleviate the financial burden on the families of diabetic patients, a health insurance plan that covers diabetes-specific complications is a must. Several insurers offer coverage for diabetes and related complications in their policies, such as Max Bupa Health Insurance.
Reasons for buying a diabetes health insurance plan
The primary aim of buying a health insurance plan that gives coverage to diabetes-related complications is to take care of your treatment and hospitalization expenses. A hospital stays to manage diabetes complications can seep away a large chunk of your bank balance.
Diabetes is a chronic disease; hence you may need repeated hospitalization to manage its complications. Besides, diabetes may reduce your functional abilities, which can impact your earning power. As a result of inflation, hospitalization and treatment costs will increase year after year. Therefore, diabetes health insurance is a must.
Most regular health insurance plans do not cover diabetes-related complications. In contrast, a few of them do so but give coverage to a specific type, or their coverage may be inadequate to meet all the expenses related to diabetes treatments. At the same time, a diabetes plan provides comprehensive coverage of diabetes and its complications.
Buy the coverage as a defensive measure
Suppose you have a regular health insurance plan with an adequate sum insured. And you’re diagnosed with diabetes after taking the policy. As your policy has sufficient sum insured, you may be able to meet the expenses arising out of a diabetic emergency. But, you may find problems while renewing this policy as its coverage is altered. On the other hand, you may not find difficulty in renewing a diabetes plan in such a situation.
People with a family history of diabetes and those who have the risk of obesity, hypertension, other vascular diseases, etc., are advised to take diabetes insurance plans. It’s also recommended for people who’re at the borderline of this chronic disease.
Coverage to conditions beyond diabetes
Most diabetes insurance plans cover many other associated illnesses, which usually a regular health insurance plan may not cover. Ailments such as heart, kidney, kidney donor costs, expenses associated with dialysis, etc., are included in several diabetes insurance plans.
Tax benefits
The premiums you pay for any health insurance plan are eligible for tax deduction under section 80D of the IT ACT. In a financial year, you’re eligible to claim a maximum tax benefit of Rs. 25,000 under this section. For senior citizens, this benefit can go up to Rs. 50,000 per annum.
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Factors to consider while buying a diabetes insurance cover
Premium
Diabetes insurance plans come with a higher premium than regular health insurance plans as they include costs associated with different ailments that a diabetic patient is prone to. But while selecting the policy, check whether the higher premium is justifiable to the insurer’s coverage. You should note that premium increases with age and sum insured.
Waiting period
A waiting period is a stretch between purchasing an affordable health insurance plan and the time you can start making claims. During the waiting period, you’re not allowed to take benefits from a few of the health covers. And all insurers insist on a waiting period for pre-existing diseases, ranging between 2-5 years.
In India, all insurers consider diabetes as a pre-existing disease; hence, you need to wait for a period to start taking the coverage benefits. While buying the policy, make sure that the waiting period of your policy is not too long. Max Bupa Health Insurance offers coverage to diabetes and its related complications with a waiting period of 24 months.
The coverage
There exist different types of diabetes, and each type requires a different treatment. Therefore, while buying a diabetes insurance plan, check whether the policy gives a comprehensive cover or provides coverage only to a particular type.
The cover must be sufficient to meet the costs associated with medicines, insulin shots, hospitalization, hospital visits, and other expenses related to diabetes complications.
Exclusions
Read the list of exclusions before zeroing in on a plan. Get an idea about the health conditions that are not included in the plan.
Cashless facilities
Almost every insurer provides a cashless treatment facility to the insured after the waiting period in their network hospitals. Opting for a plan that offers a cashless facility will reduce your burden as your insurer will settle all bills directly with the hospital.
Summary
While selecting a diabetes insurance plan, choose a blend of maximum coverage, higher sum insured, and reasonable premium. And don’t forget to check the eligibility criteria of the health insurance plan before getting into the details. Also, don’t go for a plan as its premium is low.
In most cases, a lower premium means inadequate coverage. As we live in an uncertain era, you should think beyond a regular health insurance plan. Max Bupa Health Insurance provides a bunch of benefits at reasonable and customary charges.
Some similar health insurance providers
- Star
- Religare
- HDFC
- Aditya
- ICICI Lombard
