Changing lifestyles are taking a toll on people’s health. The rising incidence of diabetes is one such instance impacting an individuals’ life, both physically and financially. commonly known as the ‘silent killer’, the probability of hospitalization is high for diabetes patients, especially as they age because of the complications which arise along with the age. The probability of having to pay large hospital bills, therefore, increases and unless one has a dedicated and exclusive diabetes insurance plan, much of it will have to be borne from one’s own pocket. According to a study, the urban poor spend as much as 34 percent, while their rural counterparts spend 27 percent of their income on diabetes treatment.  Diabetes Mellitus is a lifestyle disease. It is a chronic or long-term disease which affects many organs of the body including the heart, kidneys, eyes and the peripheral nerves. It is a major cause of heart attack and kidney failure in the world. India is considered the diabetes capital of the world. Almost 10% of the entire population suffers from diabetes today in India. This is approx. 400 million Indians.

The need for diabetes-specific insurance plan:

For a healthy individual, having a health cover plan from any insurer with an adequate sum insured could be enough to meet the hospitalization costs arising out of a diabetic situation. But future renewals and coverage may get impacted. Therefore, on the detection of diabetes, a diabetes-specific insurance plan helps because it won’t cover many complications arising out of it. There could be further complications caused due to diabetes, including heart disease, stroke, kidney failure, vision loss, and neuropathy or nerve damage. One should look out for plans that offer coverage for diabetes and its complications after a shorter-than-usual waiting period. Another way is to get covered by a group health insurance provided by your employer. Such a plan covers you against pre-existing conditions including diabetes but it is active only as long as you are an employee of the organization. Options are limited for patients who are in search of diabetes-related insurance coverage. So it is sensible to buy a diabetes-specific plan which is way more comprehensive than the health plans and also covers various complexities. Hence, for a diabetes patient, a diabetes-specific insurance plan can address the hospitalization concerns better. Generally, health insurance plans treat diabetes as a pre-existing disease and put a waiting period on the policy, which is around 12 months to 2 years but can sometimes go up to 4 years.

Eligibility:

Any diabetes patient between the ages of 18 and 65 is eligible to buy it and there is no waiting period in the diabetes-specific insurance plans. Diabetes insurance plans are specialized insurance plans focused on providing coverage on treatments or expenses for people who suffer from diabetes. Diabetes insurance plans may be standalone and specifically covering the disease or a part of a regular plan after paying an extra premium.  Diabetes falls under the high-risk category or is written off as a pre-existing ailment and any medical expenses arising out of the same are not eligible for claims. Buying a diabetes health insurance plan can, however, be costlier than other disease-specific plans. It could be because of the rising incidence, so insurers perceive the higher risk of payouts, and also because the plan is a specialized product. The reason is quite obvious, even after taking into account the problem of diabetes and its complications, there is a high probability that the insured will outlive the policy terms.

There are a few health insurance companies like, Star Health, Apollo Munich, Aditya Birla health insurance, which offer diabetes-specific health insurance coverage. The issue with these is that the premiums are very high and there are conditions attached like disease management program which monitors and penalizes in case of poor control. The solution is to buy a health insurance early in the age when you are fit and fine so that the coverage is available when you fall sick and the premiums are also low. It should be kept in mind that while premiums for these types of specific policies are generally higher than those of a regular insurance policy. The reason is quite obvious, even after taking into account the dreads of diabetes and its complications there is a high probability that the insured will outlive the policy term. Therefore, taking into account the costs diabetics incur for their treatment and the medications required, insurers are evasive about providing these patients with comprehensive coverage that tackle such costs. Diabetes plans provide much needed immediate and specialized covers for such a serious disease. It is, therefore, worth investing in specialized health insurance plan for diabetes as a supplementary cover to your regular health insurance plan.