Diabetes Insurance In India 2023: All You Need To Know

Diabetes is considered to be a chronic disease that affects the body’s ability to regulate blood sugar. Controlling food intake and using specific medications are two ways to manage it. It should not be disregarded, though, as uncontrolled diabetes can result in fatal complications like kidney failure, heart problems, and nerve damage. Therefore, purchasing a health insurance plan with diabetic coverage is crucial for those with diabetes.

What Kinds Of Insurance Are Offered To Those Who Have Diabetes?

  • Health Insurance
  • Life Insurance Policy
  • Travel Insurance

Commercial (business) term plans are also available to protect your company against the financial risk that particular employees pose. Consider a diabetic employee who is unable to work due to the disease’s effects. In that situation, the commercial coverage may help compensate for the costs incurred by the employee’s absence from work. This would include the cost of hiring temporary replacement staff and overtime pay.

What Does Diabetes Insurance Cover?

As was already mentioned, a term plan for diabetics provides coverage for a variety of costs. Some of them are as follows:

  • Medical costs for Type 1 Diabetes Mellitus and Type 2 Diabetes Mellitus treatments and medications
  • Hospitalisation expenses that are insured at a private hospital, both in-patient and out-patient, must always be subject to pre-approved limits. Expenses for an intensive care unit (ICU), surgeries such as coronary artery bypass grafting (CABG), stenting, or angioplasty with intra-aortic balloon pump (IABP) assistance, etc., are included in this.
  • Services for emergency medical transport by air ambulance or ambulance, as well as home nursing care and home health care, as prescribed by your doctor.
  • If you have been diagnosed with chronic hyperglycaemia as a result of diabetes mellitus, you may be eligible for home oxygen therapy up to Rs 10 lakhs annually.

How Diabetes Type Can Affect Life Insurance Costs

Your life insurance policy‘s price will be influenced by the type of diabetes you have. They include:

  • Other types of Type 1 Diabetes require the administration of insulin injections (including juvenile diabetes and insulin-dependent diabetes). If not continuously controlled with medication and a nutritious diet, it typically begins in childhood and can get worse over time. 10% of diabetic patients experience this kind of complication.
  • Type 2 Diabetes can be managed with preemptive care, physical activity, and a nutritious diet, but it cannot be cured without medication or surgery. Type 2 Diabetes affects 90% of diabetes patients, yet 50% of them are unaware of their condition because the symptoms are frequently missed when they first appear (and as a result, they do not seek treatment).

How To Claim Insurance For Diabetes In India?

You can fill out and submit a claim form that the insurance provider will give you. You must file your claim within the allotted time frame, along with any necessary additional supporting documents. The insurer will email you the specifics of your payout if your claim is approved.

What Are The Diabetes Insurance Exceptions?

Existing issues are not covered by this insurance.

Certain illnesses aren’t covered. Numerous cancers, heart attacks, liver or kidney damage brought on by drug or alcohol abuse, eating disorders like bulimia nervosa or anorexia nervosa, chronic psychiatric disorders, mental retardation, personality disorders like pyromania (the urge to start fires) or kleptomania (compulsive stealing), sociopathy (a severe personality disorder), antisocial personality disorder, and borderline personality disorder, among others, are not covered.

Do You Need Diabetic Insurance In India?

Diabetes requires expensive management. The price of insulin and other medications, as well as the cost of lab work, doctor visits, and hospital stays, can quickly mount up.

Other options are at your disposal to help pay for these medical costs:

HSAPs (HSAs). HSAs enable individuals with high deductible health plans to set aside pre-tax funds for unforeseen medical costs, such as prescription drugs and office visits. With HSA funds, one can make tax-free purchases of glucose metres and insulin pumps. 

Who Is Qualified To Purchase A Health Insurance Plan With Coverage For Diabetes?

The appeal of the policy depends on several factors. Age, health, gender, and other variables are evaluated. If you have risk factors, get a term plan for diabetics. It offers top-notch diabetic care from an established hospital. Just make sure you renew your term plans on time.

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