Whether it’s cutting down on sweets, fatigue, or hunger pangs, living with diabetes can be challenging. While these are only the day-to-day side effects diabetic patients experience, there are also several other long-term health risks associated with diabetes. On top of that, medical treatments are only getting expensive with time, making it difficult for many people to afford even basic care for diabetes.
In addition, India has the highest number of diabetics in the world, and the total tally is expected to reach 79.4 million or more by 2030, making the disease a potential epidemic. If this figure made you realize the gravity of the issue, it might be time to consider investing in health insurance for diabetes.
A diabetes health insurance plan provides medical cover for diabetes-related illnesses and any complications arising from it. However, some insurers include diabetes as part of their disease-specific policies rather than curating individual plans. Regardless, here are some benefits you should be on the lookout for when buying health insurance for diabetes:
1. Comprehensive Indemnity
If you invest in health insurance for diabetes, you will get comprehensive indemnity against medical expenses. Typically, health policies designed for diabetic patients include in-patient hospitalization, pre & post-hospitalization charges, daycare treatments, domiciliary care, daily allowance, and more. However, it is important not to get lured by the benefits, and you should rather focus on finding a trustworthy insurance provider.
One such reputable brand offering valuable benefits is careinsurance.com. Their health insurance for diabetes, Care Freedom plan can be taken as a floater or individual cover, depending on your needs. Apart from this, they also provide valuable add-ons such as coverage for home-care expenses, health checkup and more to cater to diverse financial profiles.
2. Lifelong Renewal
Most insurance companies today offer policyholders the option of renewing their health plans for as long as they wish. This is an essential feature and benefit as it keeps you secure against rising medical expenses your entire life. Therefore, when you buy health insurance for diabetes, make sure it has the option of lifelong renewability.
3. Complimentary Health Checkups
Every person with diabetes knows how important it is to track and monitor your health constantly, but even that can sometimes become a financial burden. But you can cut down on these costs with a diabetes health plan as they include complimentary annual health checkups. These checkups cover blood sugar, kidney function, urine routine, and more, helping you save money and stay on top of your health.
4. Restoration of Sum Insured
When buying health insurance for diabetes, you will find that most plans come with automatic restoration of the sum insured. So, if your coverage amount gets exhausted, the insurer will instantly recharge your policy with the base sum insured. However, this benefit is only applicable on your first claim, so check with your insurer about the details.
5. Tax Savings
A lot of us often forget the biggest benefit of purchasing health insurance for diabetes or health care policies in general which is tax savings. Section 80D of the Income Tax Act specifies that policyholders can claim up to (or more than) Rs 50,000 as a deduction on their annual income tax for premiums paid for health insurance policies. So, make sure you select a diabetes plan offering maximum tax savings.
6. Additional Benefits
Apart from the key features, we have discussed, policy buyers should go for diabetes health insurance plans with additional benefits. Some examples include a cashless hospital network, free-look period, no waiting period, cumulative bonuses and rewards, ambulance or transportation cover, doctor fees, medicine costs, etc. Therefore, opt for diabetes health plans that offer the maximum number of add-on advantages.
While we have covered the major benefits you should be on the lookout for when buying health insurance for diabetes, it is also crucial to explore your options and compare the plans to find the one that is best suited to your specific requirements.
Here are some things you should do when choosing health insurance for diabetes:
1. Understand And Assess Your Needs
Before making a purchasing decision, you should first assess your requirements. It doesn’t matter if you want it for yourself or a family member, if it’s a pre-existing disease or one that was recently diagnosed, or if it’s insulin resistance or insulin-dependent diabetes. You should consider all of these factors because treatment prices may differ. Your health insurance should cover all of your medical needs, from diagnosis to hospitalisation.
2. Analyse Your Financial Plan
Before deciding on diabetes coverage, it’s a good idea to set a budget. The maximum coverage is not guaranteed by paying a higher or lower premium. As a result, consider the whole picture and keep the premium amount in mind. You can also find health insurance premium calculators on the websites of most insurance companies.
3. Check The Insurer’s Credibility
The ability to settle claims is referred to as the claim settlement ratio. You should choose a health insurance provider with a better claim settlement ratio. So that, when it is time to rely on the financial support from the health insurance for diabetes, you are not disappointed.
Apart from this, you can read online reviews regarding the customer service, claim settlement, network hospitals and other services. Aside from reviews, you should also look at online ratings before making a purchase.
4. Read About the Exclusions
The conditions that are not covered by a health insurance coverage are referred to as exclusions. You should ask the insurance provider for a list of exclusions before going ahead with your purchase.
5. Look For Add-Ons
Add-ons can come in handy when you are looking to customize your health insurance for diabetes to match your specific needs. Hence, look for an insurance provider who can offer valuable riders with a plan at affordable premium rates.
There are several factors that can affect your decision to buy health insurance for diabetes. Finding the right combination of benefits, cost and coverage can be challenging. However, the points mentioned above can help you make a more informed choice. So, make sure you consider them carefully to find the best-suited health insurance for diabetes.
