Diabetes as a condition has many facets to its management i.e. preventive treatment like lifestyle changes, OPD treatment, therefore, a separate Diabetes Insurance plan is required which has special programs to focus on diabetes care.
Diabetes Insurance Cover: The Indian population has perhaps the highest number of individuals impacted by diabetes. No wonder, India is deemed to be the diabetes capital of the world. According to Cigna 360 Well-Being Survey India Report, a U.S. based global health service leader, the diabetic population in the country is close to hitting the alarming mark of 69.9 million by 2025 and 80 million by 2030. Diabetes is known as a silent killer as it brings about damage to other organs of the body thus resulting in several rounds of hospitalization over a period of time. There is a financial drain attached to diabetes as one has to spend a lot on OPD consultations, medicines and even surgeries arising out of diabetes-related ailments.
Buying a health insurance plan or a Diabetes Insurance plan could be an answer to keep the medical costs under check. But, for someone already having diabetes, buying health insurance may prove costly if not just difficult. In some regular health insurance plan by paying an extra premium, the coverage towards diabetes is allowed. However, such plans are largely available only to senior citizens. “An insurer, basis customer’s level of diabetes assessment, issues policies to customers. Depending upon the design of products, insurers may have pre-loaded the premium for existing diabetes or may load premium depending on the extent of severity of customer’s disease condition. However, severity beyond a certain level, in extreme cases of chronic diabetes may sometimes get denied by the insurer,” says Mayank Bathwal, Aditya Birla Health Insurance.
Therefore, buying a Diabetes Insurance plan which provides coverage from day 1, may suit someone already having diabetes. “ Diabetes as a condition has many facets to its management i.e. preventive treatment like lifestyle changes, OPD based treatment from the doctors from various disciplines and IPD cover. Therefore, a separate but comprehensive cover is required which has special programs to focus on diabetes care,” adds Bathwal.
Make sure, you disclose all material health conditions to the insurer while buying Diabetes Insurance policy. “Technically, purchasing a Specific Diabetes Only Policy ensures that this ailment is an accepted risk by the Insurer. Hence all complications related to Diabetes Mellitus will be covered up to the Sum Insured. Diabetes only policies also give additional targeted wellness benefits to manage this condition,” says Anand Roy, Joint Managing Director, Star Health & Allied Insurance.
Choosing the right policy is important as only some Diabetes Insurance plans provide coverage to both Type 1 and Type 2 diabetes. Also, read the exclusions in the plan for a better claim settlement process. “In general, any exclusions in an insurance cover will be given in detail in Policy Clause. A prospective buyer is always informed about the limitations and the coverage provided within the scope of the Policy. He or she can look for what is the extra benefit they can get, such as Dialysis cover, etc,” says Roy.
What should one look in a Diabetes Insurance cover? “Chronic illnesses like diabetes are managed best with customer’s disciplined approach towards managing the illness. Hence, a policy cover which looks beyond the financing of hospitalization events has OPD benefits and disease management special programs should be preferred by customers. Such comprehensive policies ensure that the customer manages the illness with the right discipline and lifestyle in a persistent way,” says Bathwal.