What is a Diabetic Plan
Despite being called the diabetes capital of the world, Indian health insurance companies seem entirely unwilling to offer health plans for diabetes patients. The reasoning behind this is clear – the likelihood of the patient outliving the policy is high. This means that the company may incur losses by creating a specialized diabetic health plan.
And considering the ever-rising incidence of the disease, this apprehension towards creating a separate diabetes health insurance is understandable. But, as one of the most deadly diseases, patients still deserve treatment.
So, why is there a need for a diabetes plan?
- Diabetes, also known as the “silent killer” is deadly and almost always ends in hospitalization. Treatment costs are incredibly high and take a huge financial toll on the patient and their family. A comprehensive insurance plan curbs this burden by covering some of these costs.
- A lot of health-care policies may cover the costs of hospitalization during the policy term. But diabetes, being a chronic illness, returns and could cause complications in policy renewal attempts if the policy considers it a pre-existing illness and does not cover it. Having a separate policy that understands diabetes’ chronic nature helps in this regard.
- Depending on the type of diabetes, the hospitalization and treatments differ. A more exhaustive diabetes insurance plan would cover these intricacies. It would ensure that everything that needs coverage gets it by understanding the needs of the patient better.
Although there are few diabetes-specific plans to choose from, our expert team at Cover360 is still here to find you the best possible plan that meets all your requirements!
Need for a Diabetic Plan
A diabetic health plan is, unfortunately, not the most popular insurance. Very few insurance providers have diabetic plans. And this is understandable. While diabetes is dangerous, the patient is also likely to outlive the policy. This means that the policy might pay for hospitalization costs and treatment costs; this is a long-term loss for the company.
But this does not mean diabetes health insurance isn’t necessary. There is a growing need for diabetes-specific insurance. And here’s why.
Diabetes may be the most common chronic illness in India, but that doesn't make treatment cheaper. Treatment for diabetes is highly specialized. And the medication is of superior quality. This means that the costs of treating diabetes are also very high.
Getting diabetes is, therefore, a financial burden on the patient and their family. A diabetes plan removes some of this burden. This makes the patient’s experience less stressful.
Say you contract diabetes after your insurance policy kicks in. The policy may cover hospitalization during the policy term. With such covers and a lowered stress, the immediate danger of diabetes may go away.
But diabetes is a chronic illness. This means it comes back. And if it comes back before policy renewal, it could be considered a pre-existing illness. A lot of health-care policies do not cover pre-existing conditions. Therefore, you do not get diabetes coverage during your policy renewal. A diabetes-specific plan would account for the chronic nature of diabetes. It would continue giving you coverage or make the renewal policy easier.
At Cover360, we understand the need for a diabetes plan. The rising incidence of diabetes in our country makes such a plan necessary. Therefore, we bring you the best diabetic health plan for your needs!
Features of a Diabetic Plan
Diabetes is also known as the “silent killer” for a reason. It is one of the most common and most dangerous illnesses in India today. This is why it is unfortunate that most insurance providers do not have a diabetes-specific plan. Instead, their general health insurance may or may not cover diabetes.
Although there are only a few options of health plans for diabetes patients, they are as comprehensive as any other specific insurance policy. And like other health insurance policies, they also have specific features.
The first thing each plan covers is the type of diabetic patient. Eligibility refers to whether or not you can get on that specific diabetic health plan. Different plans have different eligibilities.
Another feature of various diabetic plans is the age range they cover. This refers to the minimum-maximum age. After a certain age, the chances of acquiring diabetes increase. Or the chances of treatment failing increase. To account for these potential losses, insurance companies have an entry and exit age for their policies.
Like every other insurance policy, diabetes health insurance also has a certain sum assured. This sum covers you during your policy term in any way the insurer sees fit. But its job is to reduce the financial burden diabetes creates and, in that, it is successful.
The waiting period is the time from the purchase of the policy to when the coverage kicks in. Some insurers have waiting periods of up to 4 years, while others have no waiting period.
The monthly premiums you pay on a diabetes health plan are usually higher than regular insurance plans. This is because the insurer is at a higher risk of making a loss with a diabetes plan.
Different plans cover diabetes in different ways. They may differ on types, on pre versus post-hospitalization etc. Some may offer family floater plans and cover your whole family. Whatever the case, coverage is integral to a diabetes plan.
Some insurers offer a free look period. This is a time during which you can see what it is like to be covered by the plan. You may then decide whether or not you want to stay with the policy. The free-look period typically lasts for 30 days.
Cover360 recognizes the various features of diabetes health plans. Based on them, we choose the ideal plan with the maximum benefits and minimum limitations!
Benefits of a Diabetic Plan
Although most insurers do not offer a diabetes-specific plan, this does not negate its benefits. The insurers who do offer such a plan understand why such a plan is important. Health plans for diabetes patients have several benefits.
Their primary purpose is helping curb the financial strain felt by diabetic patients. Getting a diabetic health plan, therefore, is always a good idea. And here’s why.
- Reduced financial strain: The main benefit of the health plan is that it takes care of the coverage. With the assured sum, your hospitalization and treatment needs are thoroughly taken care of.
- Understands the intricacies: A lot of regular health insurance does not cover diabetes. Or, even if it does cover diabetes, it covers only specific types. Or even if it does not cover that specific type of diabetes, it offers coverage for the necessary treatments. But what if you have treatment needs beyond this plan? Or suppose the hospital offering your treatment is not a network hospital? In both cases, you face difficulty. Diabetes health insurance accounts for such problems and works to fix them.
- Financial benefits: Suppose you get a diabetes plan and then do not claim insurance for a year, your base sum assured could increase. These kinds of financial benefits ensure that when you do get diabetes later in life, you have little reason for worry.
- Continued coverage: Renewing your diabetes plan would be much easier under this policy. Diabetic patients often find it more difficult to renew their health-care policy with diabetes. But a diabetes-specific plan would curb this difficulty.
- Tax benefits: A major incentive to opt for health insurance of any kind is the kind of tax benefits you get. Charges are deductible under Section 80D of the Income Tax Act. Although this should not be the primary motive for a plan, it is still a good reason.
With Cover360 by your side, you gain access to the diabetes plan best-suited to your needs!
Top Diabetic Plans
It is no secret that the health insurance industry lacks a large number of health plans for diabetes patients. However, that means that the insurance providers who do provide diabetes health insurance deserve more importance. And after looking at all the benefits of a diabetic health plan, we can say this with full confidence.
So we put together some diabetes plans for your comparison. These are in no particular order of benefit. Each has its pros and cons.
- Eligibility: Any person diagnosed with Diabetes Mellitus Type II
- Entry-Exit Age: 18-65 years (Renewals can be made up to 70 years)
- Sum Assured: Rs. 3 – 10 lakhs
- Coverage: Eyes (Diabetic Retinopathy); Kidneys (Diabetic Nephropathy); Feet (Diabetic foot ulcer)
- Eligibility: Applicable to those who are suffering from Type 2 Diabetes or Pre-Diabetes
- Entry-Exit Age: 25-60 years
- Sum Assured: Rs. 3 lakhs, Rs. 5 lakhs, or. 10 lakhs
- Coverage: HbA1c tests, blood pressure tests, and pulse rate measuring will have to be done every 4th and 8th month of every year that the policy is in force. ICICI Prudential will sponsor these tests.
- Eligibility: Type 2 Diabetes
- Entry-Exit Age: 18-65 years (Policy term of 1 year, with no age limit on renewability)
- Sum Assured: Rs. 2 – 10 lakhs
- Coverage: Covers all hospitalization resulting from diabetes and hypertension (no sub-limits for inpatient pre and post-hospitalization coverage)
- Eligibility: For insulin dependents
- Entry-Exit Age: 28 years and above
- Sum Assured: Rs. 3 lakhs
- Coverage: Domiciliary hospitalization; ambulance cover; dialysis cover
At Cover360, we use all these parameters to judge which health plan benefits you most!
Factors to Consider while Comparing Diabetic Plans
Having the right insurance policy is essential, so you get the maximum benefits. And the same applies to diabetes health insurance. Although there are only a few health plans for diabetes patients to choose from, they still deserve the best. And that means having a few parameters in place when making your decision.
So, what are the factors you need to keep in mind?
- Eligibility: The first aspect to consider when choosing a diabetic health plan is eligibility. Some policies only cover a specific type of diabetes. Others are more concerned with the age group. Either way, you need to choose a plan that you are eligible for.
- Coverage: Once you have a set of plans you are eligible for, you need to look at the coverage they offer. What kind of costs do they cover? Is it only hospitalization costs or ambulance expenses, too? Taking an ambulance is often very expensive, and not everyone has access to a car. So choose a plan accordingly.
- Entry-Exit Age: Another major factor is the entry-exit age. Some plans are only for senior citizens. Others cap their exit age just before you enter senior citizenship. These are measures companies take so that they don’t incur huge losses.
- Policy Term: It is a period for how long your policy is in place. Choosing a plan with a longer policy term gives you coverage for a more extended period.
- Sum Assured: The primary reason people opt for insurance is that it acts as an income cover. And this is in the form of the sum assured. And different plans offer different base sums.
- Benefits: Some companies offer benefits on the sum assured. If you do not claim diabetes insurance within the first year, they may increase your assure sum by 10%. This is a definite benefit and gives you longer, better coverage.
- Premiums: Like the base sum, the premium you have to pay also differs. Accounting for this is essential.
- Waiting Period: Like other insurance policies, diabetes health insurance also has a waiting period. In fact, the regular plans can have a waiting period as long as 2-4 years for pre-existing illnesses. However, some providers do not have a waiting period. Others are willing to waive this clause for a fee or an increased premium. Either way, accounting for the waiting period when choosing your plan is a good idea.
- Free Look Period: This is the time during which you can try out your policy for free and see if it is what you are looking for. This is usually for 15 days, i.e. two weeks. Some plans offer this, and some don't. So compare your plans accordingly.
These are the fundamental factors that should steer you in the right direction. At Cover360, it is our job to take these factors and find you the best plan that benefits you the most!
Things to Keep in Mind while Buying a Diabetic Plan
Choosing the perfect diabetes health insurance depends on a lot of factors. While the sum assured, eligibility and other such factors matter, these are not the only ones. India had the second-highest incidence of diabetes in 2019 after China. Diabetes remains one of the deadliest diseases known today. It is also one of the most expensive with treatments entering lakhs.
So, what do you need to keep in mind when buying a diabetic health plan?
There is a direct connection between family medical history and diabetes. Even if you do not have diabetic parents, diabetic grandparents can still give you diabetes. Diabetes is known to skip a generation. Therefore, keeping your family history in mind is very important. If you are at a higher risk to get diabetes at a certain age, get a plan that covers you then.
Family history also tells you what type of diabetes you are likely to get. You need to choose a plan that you would be eligible for accordingly.
Finding a plan with the best coverage is necessary. E.g. some plans offer ambulance cover, some do not. If you choose a plan that covers ambulance costs, you will be well covered even during an emergency. You also need to choose a policy with the greatest amount of coverage at the minimum limitations. You need to choose a plan with the most comprehensive age range for coverage.
Often, the higher the assured sum, the higher the premium. Health plans for diabetes patients often have higher premiums. You need to choose a lower premium for a reasonable base sum.
The main reason people choose diabetes health insurance is because of the financial burden they incur otherwise. As we said, diabetes is very expensive. So, if you are the only earning member of your family and have a history of diabetes, getting insurance is a must! And some insurers even have benefits on the base sum. Suppose you get your plan and do not claim insurance for a year. In that case, your insurer may increase your sum by about 10%!
Although the waiting period has become a staple of the insurance industry, some policymakers waive it for a fee. Others have no waiting period in their diabetic health plan. Choosing such a plan or at least a plan with the shortest waiting period ensures you get quicker coverage.
Cover360 specializes in bringing together your best insurance options based on these factors. We keep these in mind while choosing the ideal policy for you and hope you keep them in mind while buying the policy!
How to Claim under a Diabetic Plan
A diabetic health plan, although not very popular, is still necessary. India has the second-highest number of cases of diabetes. And its rising incidence due to diet choices, genetic influence and environmental causes need to be accounted for. Although diabetes is a fairly common illness, that has not made its treatment cheaper. On the contrary, it is one of the most expensive diseases to treat.
And since you knew that and got a policy because you have a family history of diabetes, you are at the next step: claiming your insurance. Having a family history automatically puts you at a higher risk. So you should get diabetes health insurance. And, once you have insurance, you should be able to claim it. So, how do you do that?
- Step 1: Collect all the necessary documentation about your hospitalization, treatment charges, ambulance charges etc. This depends on what your insurer covers. Ensure you have everything you need. Especially the documents that need doctor certification.
- Step 2: Tell your insurer as soon as possible about these charges. Informing them at the earliest builds trust and makes the process faster. A faster process means greater efficiency.
- Step 3: Obtain a claim form either from your insurer’s website or their office.
- Step 4: Fill out the form with all the required details swiftly and efficiently.
- Step 5: Submit your form to your policy provider alongside all the reports and evidence from your hospital and trust that your case will be approved.
With Cover360 by your side, claiming insurance is easier than ever. We strive to make your insurance experience as pleasant as possible!
Tax Benefits
A huge motivation for people to get diabetes health insurance is the tax benefits it provides. Like other types of health insurance, these benefits just add further incentive. They are also government-mandated. This means that no provider can withhold them.
Such benefits understand the other reason people opt for health insurance: financial support. Financial stress in times of illness is very high. Tax benefits combined with full-coverage insurance give you more security in such a time.
Therefore, tax benefits are one of the many benefits of getting a diabetic health plan.
- Tax benefits are offered under Section 80D of the Income Tax Act.
- Under this section, the premium amount you pay under your policy of choice qualifies for a deduction.
- Making premiums tax-deductible ensures you have greater financial security.
- As a mandated measure by the government, your provider is obligated to you.
- Financial stress can take a toll on the already sick body. These tax benefits reduce this financial stress and help you get better.
- You can avail a tax benefit of up-to Rs. 30,000 with section 80D in place. This amount is even higher for senior citizens.
- This saved amount can then go towards paying for your treatment and lifestyle so you get better faster.
- Due to these reasons, tax benefits become a huge incentive for health plans for diabetes patients especially if you have a family history of diabetes.
Cover360 understands the importance of financial security in such trying times. This is why we always strive to bring you the best health-care policies that meet your needs!
Benefits of Buying Diabetic Health Insurance from Cover360.in
Choosing which diabetic health plan to buy can be a daunting task. Like with any insurance, the diabetes health insurance you choose needs to be perfect for you. It needs to suit and meet all your needs. And with all the technicalities involved, grasping every feature can be difficult. Such as what is a premium? Why does the assured sum matter? What makes is a waiting period undesirable? And how is having Cover 360 by your side beneficial to this choosing process?
- Our expert analysts have a comprehensive knowledge of the different kinds of insurance everywhere.
- We have devised the ideal parameters along which to compare and contrast different health plans for diabetes patients.
- Our methods have ensured client satisfaction.
- Having a complete understanding of the different features and their benefits means we can pair you with the ideal plan.
- We take all your needs into account before doing our research.
- Our customer support team is here to answer any questions before or after your purchase.
- We want you to be satisfied with your insurance and, therefore, regularly check up on you and see how you’re doing.
- We believe in bringing you the insurance with the maximum benefits at the minimum limitations.
- We keep your best interests, both financial and health-wise, at heart and in mind during our decision-making process.
This way, at Cover360, you are guaranteed efficiency and excellence. We help you every step of the way. We want your insurance decision process to be as simple as possible!
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