11.08.2022 09:30

Looking for Health Insurance for Diabetics? Here’s What You should Do

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Most of us associate diabetes with just high blood sugar levels and having to cut down on sugar intake, but it is so much more than that. Living with diabetes comes with several side effects like foot ulcers, fatigue, frequent urination, extreme thirst, and hunger pangs that most diabetics experience every day.

But that’s not all, as the disease carries the risk of long-term and chronic ailments such as stroke, heart disease, pancreas malfunction, and nerve damage.

However, whether you seek medical treatment for foot ulcers or nerve damage, it will most likely cost you a fortune. As per data from WHO, if even one individual from a low-income household has diabetes, a whopping 25 percent of the total family income is spent on medical care for the condition.

The only way to secure yourself against such financial burdens is to purchase health insurance for diabetics, and this guide will explain all you should know about it.

What is Health Insurance for Diabetics?

A health insurance plan for diabetic patients is quite like regular healthcare policies, and the only difference is the coverage. Health insurance for diabetics provides cover for treatments, hospitalization including pre & post-care, diagnostic tests, domiciliary care, and other medical procedures arising from diabetes.

In addition, some plans even include doctor’s fees, ambulance charges, and medicine costs, making them the go-to choice for many.

Key Features & Benefits of Health Insurance for Diabetics

Highlighted below are some of the most popular features of health insurance for diabetics that you can consider while buying a policy:

1. Tax Savings –

Apart from saving money on expensive medical care for diabetes, a health insurance plan for diabetics also offers great tax returns. You can save between Rs 25,000 to 50,000 as income tax deductions for the premium paid towards health care policies, including diabetes plans.

2. Ease of Cashless Payment –

By investing in health insurance for diabetics, you can make use of the cashless payment feature – with which you don’t have to pay any medical expenses as they are taken care of by your insurer.

3. Lifetime Renewals –

If you buy a diabetes health insurance plan from reputable insurers like Care Health Insurance, you will get the added advantage of lifelong renewability. This feature offers coverage for the policyholder’s lifetime,and you won’t have to buy health insurance over and again.

4. Additional Bonuses –

Most diabetes health plans offer policyholders additional bonuses like the No Claim Bonus (NCB). As per the NCB, an extra amount will be added to your sum insured for each year that you don’t make any claims.

5. Online Availability –

Like everything else, even health insurance for diabetics can be bought online from the comfort of your home, making the process easier and convenient.

Points to Evaluate While Buying Health Insurance for Diabetics

It is essential to evaluate certain points while buying health insurance for diabetics, which are as follows:

Maximum Inclusions –

Policy buyers should ensure they choose a plan with wide coverage and maximum inclusions such as daycare, daily allowance, pre & post-hospitalization, AYUSH treatments, organ donor expenses, etcetera.

Free Annual Checkups –

People living with diabetes know how quickly things can escalate, especially blood sugar levels and blood pressure, which is why it is important to monitor your health regularly. But even that can be expensive, so it is best to buy a plan that includes free annual checkups.
Also read: Top 6 Tips to Stay Focused on Your Financial Goals

Waiting Periods –

Since diabetes is considered a pre-existing condition by most insurance providers, health insurance for diabetics comes with a waiting period. However, it is vital to select a policy with the least amount of waiting duration.

Co-Payment Section –

If your health care plan includes a co-payment clause, you will be required to pay a percentage or pre-decided amount from your pocket at the time of claim. Therefore, be sure to check the co-payment details carefully.

Sub-Limits –

It isn’t uncommon for insurers to place sub-limits on a few features like room rent, ambulance cost, and advanced treatments, so make sure to check the same before you buy the health insurance plan.
So make sure you understand the policy terms and conditions well before making your decision and remember to choose a reliable insurance provider!

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