For diabetics, the need of insurance plan is absolute necessity. To cater the needs of people with diabetes, check out how you can reduce your expenses with Diabetes Total.
While India is already declared as the diabetes capital of the world, what is more alarming is the rise in diabetes cases over the last few years. Sedentary lifestyles such as long work hours, lack of exercise, and poor eating habits are causing an increase in health issues of Indians, especially in the case of diabetes. According to the World Health Organization, the number of diabetics is to increase to 101 million in India.
Though diabetes might not be as life-threatening as cancer or any cardiac ailments, the treatment is no less expensive. As per a recent study, the monthly expenses of a diabetic can go anywhere between Rs. 2000 – Rs. 7000 with additional expenses going up to Rs. 20,000. The worrying part is that the amount does not include actual treatment. This is why one should opt for diabetes insurance such as BeatO Diabetes Total as soon as the condition is diagnosed.
Before getting started about the ways diabetes insurance can help you save thousands despite being expensive, let us first understand the basics of diabetes insurance.
What is Health Insurance?
Health insurance is a type insurance that helps majorly in covering the medical and the surgical expenses incurred by the insured individual. It reimburses any type expenses which might occur to illness or injury. Diabetics have to face many difficulties while getting the insurance
Check out the 4 main problems faced by diabetics while getting the insurance:
- Diabetics have to end up paying extra premium because of the extra loading is put on it
- Diabetics have to undergo too many of medical tests because of their diabetic condition. Most of the time their health insurance application get rejected
- Insulin dependent patients don’t get the facility of health insurance
- The waiting period for diabetes is 4 years as the diabetic related complication don’t get covered for 4 years.
Why you should get health insurance, if you are a diabetic
Let’s talk about a few reasons to get diabetes insurance:
- The number of diabetics in India is growing at an exponential rate. India is already declared as a global capital for diabetes and is soon expected to see a rise of 45% by 2030
- While diabetes may be controlled by making certain lifestyle changes, the risks of complications are still prevalent
- Since diabetes is a long-term ailment, the average claim size is 90 percent higher in comparison to other diseases
- Since diabetes is a progressive condition, the chances of expenses going up including additional complications are higher
Factors to keep in mind when opting for a Diabetes Insurance Plan
Now that we know what is a diabetes insurance and its importance, here are a few factors to keep in mind:
The scope of coverage offered: This helps in understanding the total amount assured to a patient when needed. The coverage must be sufficient to cover the patient’s medical expenses including consultation, medications, and any health issues that may arise due to diabetes
Waiting period: Most insurance providers consider diabetes as a pre-existing condition. Since this can impact the coverage they promise and is generally disclosed during policy purchase. In general, the waiting period ranges up to 4 years before the benefits can be availed. In Diabetes Total, the waiting period gets reduced to 2 years. Furthermore, while discussing the policy terms, don’t forget to clarify the waiting period.
Payable premiums: Premium is one of the most important factors to consider as it directly affects the yearly budget. Premium is the amount paid on a monthly/yearly basis against the coverage. If diabetes is treated as a pre-existing condition by the insurer, the premiums may be higher keeping the complications in mind.
Mode of reimbursement: Many affordable health insurances for diabetes provide cashless reimbursement as soon as the waiting period is over, though this benefit is offered to a pre-listed number of hospitals. While opting for a policy, one must keep in mind whether the facility is provided and in how many hospitals.
5 Reasons why Diabetes Insurance is expensive in India
Having said all the above points, one can understand the need for opting for a diabetes insurance plan. However, when doing research on the same, what startles people are higher premiums, waiting period, and other term policies. While the premiums can be higher, this must not deter a patient from opting for diabetes insurance.
Reason 1: The risks of a person with diabetes is higher in comparison to a non-diabetic. Therefore, when providing an insurance, the insurer must bear the risk of the diabetic his/her outliving the policy term along with bearing the expenses incurred for treatment of the health complications that come along with diabetes
Reason 2: When taking an insurance policy with a pre-existing condition, a patient might have to wait for certain years before claiming any amount for treatment. This waiting period can range upto 4 years. With Diabetes Total, the same waiting period gets reduced to 2 years. In order to reduce this period, a patient might have to pay more premium, thus making the policy expensive.
Reason 3: As the age of a patient increases, so does the health complications of the person. In the case of a healthy person, the risk is lesser. However, insurers do prefer to keep a buffer to cover the risk borne despite the precautions taken by a diabetic to keep him/her fit.
Reason 4: During the time of policy renewal, many health insurance policies for diabetes have a prerequisite that demands the patient to undergo a health checkup. If the result is not deemed fit, the insurer can increase the premium to provide coverage.
Reason 5: As mentioned above, diabetes might not be as life-threatening as cancer or any cardiac ailment, but it is no less expensive. The medications, consultation, etc. for a diabetic person is costlier in comparison to a non-diabetic person. Hence, insurers do take this into consideration when offering the premium.
It is ideal to opt for BeatO Diabetes Total early on to cover disease and financial stress. Moreover, it can help you save a lot more money in premiums.
All About BeatO Diabetes Total
BeatO Diabetes Total is a specialized and comprehensive plan in partnership with Religare Health Insurance for people with diabetes. The plan not only provides a cover of 5 lakhs but also provides a smart and handy glucometer and unlimited test strips and video doctor consultations as part of the plan. Still wondering if this is ideal for you? Here are five reasons why you should totally go for BeatO Diabetes Total Plan:
- Rs 5 lakh Hospitalization Health Insurance Cover
- Unlimited blood glucose strips
- Unlimited video consultations with top Endocrinologists & Super Specialists
- 20% discount on medicines
- Up to 75% discount on lab tests
- Up to 38% off on physical exams
- Nutritional Therapy – Personalized Diet Plan
- Health Concierge Service
BeatO Diabetes Plan is a comprehensive plan for diabetics as it provides coverage for medical expenses and assistance in diabetes management. With the complimentary services provided under the plan, BeatO Diabetes Total is definitely a one-stop shop for diabetics!
When you do opt for a cover, it is recommended to make extra provisions for your family too. This is important especially if you opt for a floater plan where one may exhaust the cover, thus becoming unavailable to other family members during emergencies.