Despite India being declared as the diabetes capital of the world, only a few of the top health insurance companies have come forward to address this problem and provide affordable health insurance to diabetics. One of the primary reasons for diabetes care and insurance to be expensive is the nature of the condition and the complications associated with it.
The dearth of information around diabetes insurance can make the selection process a daunting task. In addition to the medical jargons used by insurers, the features or requirements are often not understood easily, thus ending up with the wrong insurance cover.
Choosing the right insurance health plan is as important as having a private health insurance and family health insurance. Here are some key points to keep in mind when opting for affordable health insurance for diabetes.
Sum Insured vs. Premium
The sum insured is the maximum value offered by any of the top health insurance companies for that particular year in a case where the insured gets hospitalized. In the case of diabetes, the insured might have to pay a higher premium to get a higher health plan. However, it is advised to opt for an affordable health insurance cover vis-à-vis your income and the kind of treatment you prefer in a case of hospitalization.
All kinds of health plans, from private health insurance to family health insurance, a common mention often seen is about the waiting period. While this may differ on insurer basis, the basic definition of this term is the time span taken for certain ailments to be covered under the intended health plan. One should always look at affordable health insurance plans that cover diabetes and its complications after a shorter-than-usual waiting period.
Many of the top health insurance companies request for a pre-medical test before approving the coverage to the policy buyer. The pre-medical tests or examinations help insurers to assess the existing health condition of the buyer and after taking the same into account, they decide whether the person is eligible or not. Even though the tests are sometimes only applicable to a certain age group, the task of getting a pre-medical test beforehand can be unsettling. Therefore, it is recommended to opt for affordable health insurance plans that approve the eligibility only through a tele-underwriting process.
Apart from looking at plans that have a simpler claim process, one key point to consider under an affordable health insurance plan is the settlement ratio. This ratio is defined as the percentage of the total number of claims paid out in comparison to the total number of claims received. For instance, a company with a claim settlement ratio of 95% would mean that the insurer on an average has paid 95 out of 100 claims. A good health plan should at least have a settlement ratio of 90% or higher.
Opt for a holistic cover
Another factor to consider when looking out for a health insurance plan is to opt for a health plan that is not only affordable but covers the basics such as Pre/post hospitalization expenses, ambulance expenses, network hospitals, amongst others. While this may look like it has no purpose in a healthy lifestyle, life is unpredictable and the only way to protect is by planning beforehand for an emergency.
An affordable diabetes health insurance is one of the best ways to protect yourself in times of a medical emergency. Hence, it is important to select the right insurance plan. With BeatO Diabetes Total, get affordable hospitalization coverage, huge savings on diabetes-related expenses, and a detailed diabetes management program.