Despite being called the diabetes capital of the world, Indian health insurance companies seem entirely unwilling to offer health plans for diabetes patients. The reasoning behind this is clear – the likelihood of the patient outliving the policy is high. This means that the company may incur losses by creating a specialized diabetic health plan.
And considering the ever-rising incidence of the disease, this apprehension towards creating a separate diabetes health insurance is understandable. But, as one of the most deadly diseases, patients still deserve treatment.
Although there are few diabetes-specific plans to choose from, our expert team at Cover360 is still here to find you the best possible plan that meets all your requirements!
A diabetic health plan is, unfortunately, not the most popular insurance. Very few insurance providers have diabetic plans. And this is understandable. While diabetes is dangerous, the patient is also likely to outlive the policy. This means that the policy might pay for hospitalization costs and treatment costs; this is a long-term loss for the company.
But this does not mean diabetes health insurance isn’t necessary. There is a growing need for diabetes-specific insurance. And here’s why.
Diabetes may be the most common chronic illness in India, but that doesn't make treatment cheaper. Treatment for diabetes is highly specialized. And the medication is of superior quality. This means that the costs of treating diabetes are also very high.
Getting diabetes is, therefore, a financial burden on the patient and their family. A diabetes plan removes some of this burden. This makes the patient’s experience less stressful.
Say you contract diabetes after your insurance policy kicks in. The policy may cover hospitalization during the policy term. With such covers and a lowered stress, the immediate danger of diabetes may go away.
But diabetes is a chronic illness. This means it comes back. And if it comes back before policy renewal, it could be considered a pre-existing illness. A lot of health-care policies do not cover pre-existing conditions. Therefore, you do not get diabetes coverage during your policy renewal. A diabetes-specific plan would account for the chronic nature of diabetes. It would continue giving you coverage or make the renewal policy easier.
Health plans for diabetes patients would be beneficial since they would cover diabetes more comprehensively. The plans themselves would be created keeping possible complications in mind. This means that if certain treatments are not covered under regular health insurance, a diabetes plan would cover them.
Different types of diabetes also require different treatments. And a diabetes plan would understand these differences. All in all, it would make your life as a diabetic patient much easier.
At Cover360, we understand the need for a diabetes plan. The rising incidence of diabetes in our country makes such a plan necessary. Therefore, we bring you the best diabetic health plan for your needs!
Diabetes is also known as the “silent killer” for a reason. It is one of the most common and most dangerous illnesses in India today. This is why it is unfortunate that most insurance providers do not have a diabetes-specific plan. Instead, their general health insurance may or may not cover diabetes.
Although there are only a few options of health plans for diabetes patients, they are as comprehensive as any other specific insurance policy. And like other health insurance policies, they also have specific features.
The first thing each plan covers is the type of diabetic patient. Eligibility refers to whether or not you can get on that specific diabetic health plan. Different plans have different eligibilities.
Another feature of various diabetic plans is the age range they cover. This refers to the minimum-maximum age. After a certain age, the chances of acquiring diabetes increase. Or the chances of treatment failing increase. To account for these potential losses, insurance companies have an entry and exit age for their policies.
Like every other insurance policy, diabetes health insurance also has a certain sum assured. This sum covers you during your policy term in any way the insurer sees fit. But its job is to reduce the financial burden diabetes creates and, in that, it is successful.
The waiting period is the time from the purchase of the policy to when the coverage kicks in. Some insurers have waiting periods of up to 4 years, while others have no waiting period.
The monthly premiums you pay on a diabetes health plan are usually higher than regular insurance plans. This is because the insurer is at a higher risk of making a loss with a diabetes plan.
Different plans cover diabetes in different ways. They may differ on types, on pre versus post-hospitalization etc. Some may offer family floater plans and cover your whole family. Whatever the case, coverage is integral to a diabetes plan.
Some insurers offer a free look period. This is a time during which you can see what it is like to be covered by the plan. You may then decide whether or not you want to stay with the policy. The free-look period typically lasts for 30 days.
Last but not least, you get tax benefits under this health plan. Your expenses are tax-deductible under Section 80D of the Income Tax Act.
Cover360 recognizes the various features of diabetes health plans. Based on them, we choose the ideal plan with the maximum benefits and minimum limitations!
Although most insurers do not offer a diabetes-specific plan, this does not negate its benefits. The insurers who do offer such a plan understand why such a plan is important. Health plans for diabetes patients have several benefits.
Their primary purpose is helping curb the financial strain felt by diabetic patients. Getting a diabetic health plan, therefore, is always a good idea. And here’s why.
With Cover360 by your side, you gain access to the diabetes plan best-suited to your needs!
It is no secret that the health insurance industry lacks a large number of health plans for diabetes patients. However, that means that the insurance providers who do provide diabetes health insurance deserve more importance. And after looking at all the benefits of a diabetic health plan, we can say this with full confidence.
So we put together some diabetes plans for your comparison. These are in no particular order of benefit. Each has its pros and cons.
At Cover360, we use all these parameters to judge which health plan benefits you most!
Having the right insurance policy is essential, so you get the maximum benefits. And the same applies to diabetes health insurance. Although there are only a few health plans for diabetes patients to choose from, they still deserve the best. And that means having a few parameters in place when making your decision.
These are the fundamental factors that should steer you in the right direction. At Cover360, it is our job to take these factors and find you the best plan that benefits you the most!
Choosing the perfect diabetes health insurance depends on a lot of factors. While the sum assured, eligibility and other such factors matter, these are not the only ones. India had the second-highest incidence of diabetes in 2019 after China. Diabetes remains one of the deadliest diseases known today. It is also one of the most expensive with treatments entering lakhs.
There is a direct connection between family medical history and diabetes. Even if you do not have diabetic parents, diabetic grandparents can still give you diabetes. Diabetes is known to skip a generation. Therefore, keeping your family history in mind is very important. If you are at a higher risk to get diabetes at a certain age, get a plan that covers you then.
Family history also tells you what type of diabetes you are likely to get. You need to choose a plan that you would be eligible for accordingly.
Finding a plan with the best coverage is necessary. E.g. some plans offer ambulance cover, some do not. If you choose a plan that covers ambulance costs, you will be well covered even during an emergency. You also need to choose a policy with the greatest amount of coverage at the minimum limitations. You need to choose a plan with the most comprehensive age range for coverage.
Often, the higher the assured sum, the higher the premium. Health plans for diabetes patients often have higher premiums. You need to choose a lower premium for a reasonable base sum.
The main reason people choose diabetes health insurance is because of the financial burden they incur otherwise. As we said, diabetes is very expensive. So, if you are the only earning member of your family and have a history of diabetes, getting insurance is a must! And some insurers even have benefits on the base sum. Suppose you get your plan and do not claim insurance for a year. In that case, your insurer may increase your sum by about 10%!
Although the waiting period has become a staple of the insurance industry, some policymakers waive it for a fee. Others have no waiting period in their diabetic health plan. Choosing such a plan or at least a plan with the shortest waiting period ensures you get quicker coverage.
Does your plan of choice allow you to experience the insurance for free for about 2 weeks? Or do you get no time and incur penalties? Well, if your provider of choice does offer this benefit then great! And, if not, please take a closer look at them and their diabetic health plan.
Cover360 specializes in bringing together your best insurance options based on these factors. We keep these in mind while choosing the ideal policy for you and hope you keep them in mind while buying the policy!
A diabetic health plan, although not very popular, is still necessary. India has the second-highest number of cases of diabetes. And its rising incidence due to diet choices, genetic influence and environmental causes need to be accounted for. Although diabetes is a fairly common illness, that has not made its treatment cheaper. On the contrary, it is one of the most expensive diseases to treat.
And since you knew that and got a policy because you have a family history of diabetes, you are at the next step: claiming your insurance. Having a family history automatically puts you at a higher risk. So you should get diabetes health insurance. And, once you have insurance, you should be able to claim it. So, how do you do that?
With Cover360 by your side, claiming insurance is easier than ever. We strive to make your insurance experience as pleasant as possible!
A huge motivation for people to get diabetes health insurance is the tax benefits it provides. Like other types of health insurance, these benefits just add further incentive. They are also government-mandated. This means that no provider can withhold them.
Such benefits understand the other reason people opt for health insurance: financial support. Financial stress in times of illness is very high. Tax benefits combined with full-coverage insurance give you more security in such a time.
Therefore, tax benefits are one of the many benefits of getting a diabetic health plan.
Cover360 understands the importance of financial security in such trying times. This is why we always strive to bring you the best health-care policies that meet your needs!
Choosing which diabetic health plan to buy can be a daunting task. Like with any insurance, the diabetes health insurance you choose needs to be perfect for you. It needs to suit and meet all your needs. And with all the technicalities involved, grasping every feature can be difficult. Such as what is a premium? Why does the assured sum matter? What makes is a waiting period undesirable? And how is having Cover 360 by your side beneficial to this choosing process?
This way, at Cover360, you are guaranteed efficiency and excellence. We help you every step of the way. We want your insurance decision process to be as simple as possible!