While India continues to grapple with several major health challenges, diabetes has quickly risen to the top of the list. Diabetes is a disorder in which the patient’s body is either unable to produce insulin or is unable to use the insulin that is present.
When a person has diabetes, they must take medication regularly which can be financially demanding. Considering the cost of living with the condition, adiabetes insurance plan has become a must-have. Let’s understand how it works:
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What Is a Diabetes Insurance Plan?
Diabetes is rapidly becoming an epidemic in India with reports suggesting that by 2030, 80 million to 100 million individuals in India may have type 2 diabetes. [1]Living with the disease can be financially challenging and considering the growing incidences along with the expected medical inflation in the coming years – it is crucial to create a sound financial plan.
A diabetes insurance plan is a personalised health insurance plan that covers the costs of diabetes-related treatment and hospitalisation. It can also refer to a comprehensive health insurance plan with diabetes coverage among its advantages.
What Is the Need for A Diabetes Insurance Plan?
Along with health issues, there is also financial hardship. Diabetes insurance functions as an umbrella that covers both. Most health insurers need a medical exam before issuing coverage. This assists insurers in determining the premium based on the severity of the illness.
The true cause of the high expenditures is the chronic nature of the disease and its related comorbidities. Furthermore, the most alarming trend is the shift in diabetes beginning age to a younger age.[2] Given the expenses and risks associated with diabetes, there is a strong need for diabetes-specific insurance.
Let’s look at some features and benefits of diabetes insurance to help you make an informed decision:
- Cashless Treatment
The main benefit of purchasing a diabetes insurance plan is that it provides cashless treatment to its subscribers. During an emergency, one does not need to be concerned about finances; instead, one should seek admission to any hospital as soon as possible to receive cashless care and recover. The bills are settled directly between the insurance provider and the hospital.
- Pre & Post-Hospitalisation Cover
When you are covered under a diabetes insurance plan, it provides coverage for both pre- and post-hospitalization costs in case you need to be admitted to the hospital. The Diabetes Plan from Care Insurance covers your expenditures for up to 30 days after the coverage expires.
- Covers Day Care Treatment
The diabetes insurance plan includes coverage for day care treatment upto the sum insured. This covers the cost of procedures which do not require the insured person to be hospitalized.
- Full Coverage
If you have diabetes, your diabetes insurance plan will cover all your financial expenses. Ambulance transportation to a hospital is paid, patients are reimbursed for necessary check-ups (such as HbA1C), and dialysis covers consumable allowances, insulin expenditures, and so on.
- Tax Benefit
Section 80D of the Income Tax Act provides tax incentives to diabetic health insurance policyholders.A policyholder can claim annual tax deductions on the premiums paid for the policy.
- Domiciliary hospitalisation
If you are unable to go to a hospital for treatment or if there are no available beds at a hospital, you may be eligible for domiciliary hospitalisation. If you are admitted to a domiciliary hospital for more than three days, you will be reimbursed.
- Annual health check-ups
All insured people covered under the same policy can get annual health checks. The coverage covers complete blood sugar, urine routine, blood groups, kidney function, and ECG checks.
Living with a disease like diabetes can be physically and financially exhausting. It is in your best interest to find reputable insurance providers such as Care Insurance who can provide the above mentioned benefits and more at affordable prices. Having a sound financial support system in for medical expenses can help you live a happy, healthy and stress-free life.
Source:
[1] https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7871157/#b5-epih-42-e2020065
[2] https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6676830/
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