A diabetic needs a health insurance cover more than a normal person does. However, getting a suitable insurance policy for such a person is not easy. Not only there is a lack of good policies for persons with diabetes, but even insurers are evasive about providing these patients a comprehensive coverage that tackles the costs for their treatment and the medications required. Therefore, there are some essential things which diabetics must look for while buying a health or life insurance cover:
For Health Insurance
1. Understand your diabetic condition first: It is really important to understand the diabetes condition first as there are three types of it. By understanding the same, you must be able to look for the most suitable plan that can easily offer the desired coverage.
Type I Diabetes: “It is called insulin-dependent diabetes because the body is unable to produce insulin in sufficient amounts to convert the sugar/glucose into energy and it becomes compulsory to give insulin shots to the body so that the sugar in the body is utilized,” says Naval Goel, CEO & Founder of PolicyX.com.
Type II Diabetes: An individual is said to have Type II Diabetes when cells become insulin-resistant (cells do not react to the insulin) or insulin produced is not sufficient for the body. This leads to the higher levels of sugar in the blood. Most of the cases are seen to have been suffering from Type II Diabetes.
Gestational Diabetes: As the name suggests, gestational diabetes is the condition that affects women during pregnancy and subsides after the delivery.
2. Go for diabetes-specific plans: While the sum assured from a regular plan could be enough to meet the hospitalisation costs caused by complications due to diabetes, there’s a chance that future renewals and coverage may be affected. “Therefore, in case you are suffering from diabetes or have a predisposition to it, you should look at diabetes-specific plans that are more comprehensive,” says Parag Mathur, General Counsel, BankBazaar.
3. Minimum Waiting Period: Several health insurance plans may treat diabetes as a pre-existing disease and put a waiting period on the policy, for anything from around 12 months to 2 years, all the way up to 4 years. Therefore, you must look for a plan with a minimum waiting period, which will surely help you in getting the benefits of the chosen plan as soon as possible.
4. Buy Early: “If you are a diabetic, then it is always better to buy the desired health plan as early as possible to reduce the chances of rejection that can take place because of severe diabetes condition,” advises Goel.
5. Check Clause: You must check for different clauses that are available as it will help you get the deep knowledge of the chosen plan and can allow you to earn different benefits that some insurance companies offer for controlling diabetes. It will also help you in dealing with limitations.
For Life Insurance
1. Check Online: Go through an online insurance web aggregator. “This is one situation where you absolutely don’t want to be stuck reviewing options from just one insurer. Explore well so that you can get the best life insurance plan that can easily go well with your needs,” says Goel.
2. Manage Diabetes: You must take every step to keep your diabetes under control. If you are able to show that you’ve managed it for a long time, then there are chances that the underwriter will consider it.
3. Show history: If you have a life insurance plan already that you bought before your diabetes was under control, then you must show your managing history to your insurer to get a better rating.
4. Look for the crediting programs: “There are many insurance companies that conduct crediting programs and can offer several benefits if they are convinced that your diabetes is under control. That’s why you must go for it,” says Goel.
5. Reveal true details: It is very important for you to share genuine details about your disease to the insurer. If you hide anything and later it comes out, then you may have to face several complications and even losses as well. So, don’t hide anything from the insurer.