Do You Really Need Diabetes Insurance? Read on to Find Out

Did you know?

India is called the “diabetes capital of the world”.
By 2030, as many as 80 million Indians are likely to have diabetes.
Beating diabetes was the theme for 2016’s World Health Day celebrations.

Given these facts, it’s no rocket science to understand how important the fight against diabetes has become in our daily health needs. With so many people battling this dreadful disease, it is important that we ensure proper insurance cover in order to minimize the health related expenses.

Here are the top 5 reasons why you must go for a diabetes-specific insurance plan:

In 2015, 1 in 11 people worldwide had diabetes and 12% global health expenditure was incurred on diabetes treatment. The chances of developing diabetes in a middle-income urban economy such as India are very high. Once diagnosed, treatment of diabetes could prove to be expensive. So it makes sense to have specific insurance for the disease, just as you have insurance, especially for cancer and heart disease.
Diabetes requires prolonged treatment, and can lead to major health complications. Diabetes, like many other modern ailments, has no cure. So, the treatment involves a combination of medication and constant caution relating to diet and exercise. Those suffering from type 2 diabetes are 4 times as more likely to develop heart disease as compared to a healthy individual. Diabetes often leads to complications with kidney, resulting in huge transplantation costs.
The average age at which the onset of diabetes occurs is 50 to 55 years. Once diabetes is detected, your premium is going to go through the roof. While the risk of diabetes previously increased with age, today even those in the age group of 30-45 are also not exempt. So if diabetes runs in your family and/or you lead a sedentary lifestyle, it is a good idea to invest in diabetes insurance at a young age.
Most health insurance options do not cover pre-existing disorders, such as diabetes or hypertension. In fact, if diagnosis occurs within a certain time after policy purchase, your claim can be rejected as a pre-existing condition. All complications which occur as a result, may not be covered either! So before you purchase a base health insurance plan, consider your family medical history.
If you suffer from diabetes, the chances of you’ll require hospitalization at some point are quite high. While regular health insurance does not provide coverage for pre-existing conditions, diabetes-specific plans do exactly that. These plans are more expensive, as the risks involved are much greater. Pre-existing conditions other than diabetes are often excluded, but coverage for diabetes, hypertension, and related complications can be availed from day one!

The options available for those looking for diabetes insurance are limited.Here, we present to you plans offered by 4 leading insurance providers…

Name	Eligible age	Premium	Special Features
Varistha Mediclaim for Senior Citizens	Age of entry: 60 to 80 years, renewal up to 90 years	Rs.7768 for Rs.3,00,000, for a 71 year-old male (Rs.1,00,000 for Mediclaim + Rs.2,00,000 for Critical Illness)	+65 age of entry is allowed All pre-existing diseases are covered after 1 year waiting period. Diabetes and Hypertension are covered from day 1
ICICI Pru DiabetesCare Active	Age of entry: 25 to 60 years. Valid for 20 years, or till 65 years of age	Rs.9804 for Rs.3,00,000, for a 35 year old male with a 20 year policy term. With maximum reduction, premium comes to Rs.8824	Free regular testing every 6 months Discount in premiums followings betterment of health Riders for laser surgery and amputation Return of premium in case of claim within 6 months, 50% of sum assured in 6-12 months, 100% claim post 12 months
Star Health Diabetes Safe Insurance	Age of entry: 18 to 65, with guaranteed lifelong renewals	Rs.8910 for Rs.3,00,000, for a 35 year-old male with a base plan	Portable policy; can be transferred to another insurer No waiting period for diabetes-related hospitalization, 1 month for other hospitalization Plan B needs no medical test, but gives only a percentage of the policy
Energy from Apollo Munich	Age of entry: 18 to 65, with guaranteed lifelong renewals	Rs.9962 for Rs.3,00,000, for a 35 year-old male with base plan . Rs.8045 with co-payment	Emergency ambulance coverage 2 free wellness checks per year Comprehensive wellness support and premium discount based on result 20% co-payment from policy holder, which reduces the premium

Over to You!

Now that you know all diabetes insurance plans, do keep in mind that diabetes-specific plans refers to usually Type 2 diabetes unless pre-specified. So, do well to go through all the terms carefully before buying in order to ensure that your preferred plan is perfectly suited to your individual circumstances.

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