Diabetes Insurance In India 2022: All you need to know

Diabetes is a long-term condition that interferes with the body's capacity to control blood sugar. One can manage it by controlling food intake and taking certain medications. However, it should not be ignored as uncontrolled diabetes can lead to heart problems, nerve damage, kidney failure, and other complications that may be fatal in some cases. Therefore, it is essential for people who have diabetes to buy a health insurance policy with diabetic coverage.

What types of insurance are available for people with diabetes?

• Health insurance
• Life insurance
• Travel Insurance
• Commercial (business) insurance policies are also available to cover the financial risk that certain employees pose to your business. For example, suppose you have a diabetic employee who cannot work due to complications of their disease. In that case, the commercial policy may help pay for the costs incurred by that employee's absence from work. This would include temporary replacement staff expenses and overtime payments.

What does diabetes insurance cover?

As mentioned earlier, the insurance for diabetes covers various expenses. The following are some of them:

• Medical expenses related to treatment and medication for Type 1 diabetes mellitus and Type 2 diabetes mellitus
• Hospitalization expenses at a private hospital, both in-patient and out-patient, are subject to pre-approved limits. This includes the cost of an intensive care unit (ICU), surgical procedures like coronary artery bypass grafting (CABG), stenting or angioplasty with intra-aortic balloon pump (IABP) support, etc.
• Emergency medical transport services by air ambulance or ambulance and home nursing care/home health care services when recommended by your physician.
• Home oxygen therapy up to Rs 10 lakhs per annum if you have been diagnosed with Chronic Hyperglycemia due to Diabetes Mellitus

How the type of diabetes can impact the cost of life insurance

The type of diabetes you have will impact the cost of your life insurance policy. The types are:

• Juvenile diabetes or insulin-dependent diabetes are other types of type 1 diabetes that need to be managed with insulin injections. It typically starts in childhood and can worsen with time if not continuously controlled with drugs and a healthy diet. This kind is seen in about 10% of diabetic patients.
• One can manage type 2 diabetes with preventative care, exercise, and a healthy diet, but one cannot cure it without medication or surgery. 90% of diabetes patients have type 2 diabetes, although 50% are unaware they have it because the symptoms are not consistently recognized when they first present (and thus do not seek treatment).

How to claim insurance for diabetes in India?

The insurance company will provide you with a claim form, which can be filled out and submitted. You must submit the completed claim form and any additional supporting documents (if applicable) within the specified time frame. If your claim is approved, the insurer will email you your payout details.

What are the exemptions to diabetes insurance?

In a non-scientific tone:

• This insurance doesn't cover problems that were already there. If one were diagnosed with diabetes before buying the policy, they wouldn't be covered. Even though one won't cover pre-existing diseases, you can still get cheap diabetes insurance in India.
• Certain illnesses aren't covered. These include various cancers and heart attacks, liver failure or kidney failure caused by alcohol abuse, drug addiction, or eating disorders like bulimia nervosa or anorexia nervosa; chronic psychiatric disorder; mental retardation; personality disorders like pyromania (the urge to set fires) or kleptomania (compulsive stealing), sociopathy (a severe personality disorder), antisocial personality disorder (a lack of empathy for others), borderline personality disorder.

Do you need diabetic insurance in India?

Diabetes is an expensive condition to manage. The costs of buying insulin and other medications can quickly add up, as can the expenses for lab tests, doctor visits, and hospital stays.

If not, there are other options available to help pay for these medical costs:

• HSAPs (HSAs). HSAs allow people with high-deductible health plans to save pre-tax money for out-of-pocket medical expenditures like prescription medicines and doctor visits. one can purchase insulin pumps and glucose monitors with HSA funds tax-free. Private disability insurance plans provide income protection for long-term illnesses or accidents, so employees may continue paying. Critical illness insurance covers critical diseases like cancer treatment but not diabetes since many insurers don't consider it life-threatening enough. No discrimination based on gender identification/transition status will occur inside any health benefit plan offered.

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Who is eligible to buy a health insurance policy with diabetic coverage?

Several elements affect the policy's appeal. Age, health, gender, and other criteria are considered. If you have risk factors, acquire diabetes insurance. This provides high-quality diabetic care from a reputable hospital.

Over-40s and overweight/obese people should also get this coverage. You should obtain this insurance even if you're under 40 but have a family history of diabetes since genes can be passed down.

ICICI Lombard offers similar general health insurance that can cut costs while protecting against medical emergencies.

Conclusion:

Diabetes is a long-term disease, so there are many things people can do to keep from getting it. We must use medicines or other measures to control blood sugar when nothing works. If you're in this situation, you should buy a health insurance plan that covers diabetes. So, not only to save money but also to get good medical care without worrying about money or being turned down because you already have a condition like a type 2 diabetes.