Diabetes is on the rise, and is a lifestyle and dietary disease. An expensive disease to treat, diabetes health insurance is important. Diabetes is hereditary, and if there is a slight chance that you can contract this illness, it is better to have medical insurance.
If you are diagnosed with diabetes, the costs of treatment are very high, putting a strain on the family’s financial resources. In addition, diabetes also causes additional problems like diabetic foot, amputation, retinopathy, and other related illnesses. Such health issues are costly to treat, and can put a strain on the family’s finances.
Diabetes health insurance manages the expensive treatment costs, and covers hospitalisation expenses for both Type 1 and Type 2 diabetes, along with the related complications. It is recommended to be proactive, and invest in this medical insurance.
Considering investing in health insurance for diabetes specifically? Read ahead to know everything about it.
How to choose the best health insurance plan for diabetes
The type of diabetes health insurance can vary, depending on if you have been diagnosed with the illness, or not.
If you have not been diagnosed with the illness, and are opting for it as a preventive measure, you should purchase a regular indemnity based plan. However, you should not purchase the entire cover under this medical insurance, but opt for either a top-up plan, a family floater, or a critical illness plan. Ideally, the indemnity cover should not be more than Rs. 10 lac.
If you select a family floater plan, then you save on premium payments. However, there are some risks of exhausting the floater.
You can also opt for a standalone critical illness policy. The advantage is that the entire amount can be claimed in case of diagnosis. There are no limits, inclusions, or exclusions for the same.
If you are already a diabetic, then you should select a specialised diabetes plan that covers all kinds of diabetes related ailments, and you are covered as soon as the medical insurance gets valid.
Benefits of diabetes health insurance
These are some of the highest benefits of investing in a diabetes health insurance:
- Coverage for hospitalisation costs
- Coverage for out-patient expenses like medical consultations and diagnostic tests
- Compensation for accidental death of the insured person
- Tax benefits under Section 80D of the Income Tax Act of 1961
Inclusions to the diabetes health insurance
- In patient hospitalisation
- Daycare treatment
- No waiting period
- No claim bonus
- Pre and post hospitalisation coverage
- Organ donor expenses
- AYUSH – Ayurveda, Unani, Siddha, and Homoeopathy treatments
- Ambulance charges
- Annual health checkups
- Dialysis cover
- Consumables cover
Exclusions to the medical insurance
- Other pre-existing diseases
- Self inflicted injuries
- Cosmetic or aesthetic treatments
- War related treatments
- Obesity treatment
- Treatment of sexually transmitted diseases
- Pre and postnatal expenses
Eligibility criteria
In order to apply for diabetes health insurance, there are some eligibility criteria that have to be met. The criteria differs from one plan to the other, but the basics remain the same.
- Age: In order to apply for medical insurance, you have to be between 18 to 65 years of age. In order to insure children who are more than 91 days and less than 18 years of age, the family floater health insurance policy can be taken.
- Medical tests: Some insurance companies require you to undergo a medical examination in order to assess the existing health condition.
- The insured is required to reveal any pre-existing diseases that they have.
- Waiting period: The waiting period is different for different plans. If you suffer from high blood sugar levels, some plans might require you to wait for two to four years before claiming expenses for diabetes and other related illnesses.
- Pre-existing diabetes: Some plans might only cover Type 1 or Type 2 diabetes.
Documents required to invest in this insurance
If you are looking to invest in diabetes health insurance, you are required to present some documents to the insurance firm. The documents vary, but the common ones are:
- Age proof
- Address proof
- Passport size photographs
- Identity proof
- Medical reports
Key takeaways
Diabetes health insurance is a specialised medical insurance that covers hospitalisation and treatment expenses that occur due to the illness. Such an insurance protects you and your family from the exorbitant expenses, and offers cashless or reimbursement claims. Diabetes incidences are on the rise, and it is important to get comprehensive coverage . So, do compare various plans and choose the one that best suits your budget and conditions.
