Monday, May 23, 2022

A Beginner-Friendly Guide on Health Insurance for Diabetics

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Diabetes is a silent killer that can affect a person in many ways. When not controlled, diabetes can cause damage to your body parts, like your eyes, heart, kidneys, etc. 

Even, in India, an estimated 77 million people have diabetes. One in six diabetes patients is from India. This number is projected to grow to 134 million by the year 2045. One can control diabetes with proper medical attention and nutrition.

The average Indian household spends around one-fourth of its income fighting this disease. Hence, buying health insurance for diabetics is a great option. 

Health insurance for diabetics is a customized health insurance plan that caters to covering all the costs associated with the treatment of diabetes. Here are the salient features of diabetic health insurance.

Waiting Period

If one is already suffering from diabetes before buying the insurance, it will be considered a pre-existing condition. In such circumstances, there is a waiting period post which you can make a claim against your health insurance for diabetics. The waiting period range from 2 – 4 years, depending upon the insurance provider. 

Cashless hospitalization

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The health concerns that come with diabetes are immense. High sugar can damage the eyes, kidneys, heart, etc. These side effects are so severe that one might need emergency hospitalization. Health insurance for diabetics will undoubtedly help in this situation. 

Most health insurance providers have a cashless network of hospitals. Policyholders can be admitted to these hospitals without paying a single rupee from their pocket. It is essential to check the list of hospitals in the cashless network that is near your location.

Domiciliary hospitalization cover

Domiciliary hospitalization is an added benefit in health insurance for diabetics. It refers to the treatment that one receives at the comfort of their house. Many health insurance providers provide cover for domiciliary hospitalization, but certain conditions must be met to avail of these benefits. 

Pre and Post Hospitalisation Coverage

Pre and post-hospitalization coverage refers to the medical expenses that arise before and after hospitalization. Health insurance for diabetics will cover all the pre-hospitalization expenses from diagnostics tests to medicine requirements and follow-ups post-hospitalization.

Allowance for consumption

Consumables are medical equipment and admission kits that are thrown away after use. The cost of this type of equipment can be a burdensome amount. If the insurance policy does not cover them, they are directly billed to the patient. Some reputed health insurance providers, like Care Health Insurance, have consumable allowances in their health insurance for diabetics.

COVID add-on

People with diabetes are more exposed to the serve complications caused by COVID 19. Many insurance providers have started providing COVID-specific add-ons for their customers. One can avail features like in-patient care, day-care treatment, and pre and post-hospitalization.

Tax Benefits

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Under section 80D of the income tax act 1961, one can save tax on the premium paid towards your health insurance policy.

Free-look Period

The majority of the reputed policy providers give their buyers a free look period. Generally, it is about 15 days long period. If the insurer finds terms and conditions that are not as per their needs, then they can return the policy. They can get their premium back if they return the policy in the free look period.

Even if your insurance provider has a free-look period, it is crucial to know about all the exclusion and sub-limits. One must make sure that the policy that they buy has minimal exclusions and reap maximum benefits. This will ensure that you avoid any last moment confusion or financial burden.

Most importantly, policy buyers must carefully read all the terms and conditions mentioned in the policy before making a final decision. This is one of the crucial steps that most people miss, which further leads to confusion and claim rejections.

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