Is Health Insurance Plan For Diabetes a Viable Product?

 

Is Health Insurance Plan For Diabetes a Viable Product?

With the change in food habit and lifestyle, increase in stress combined with a sedentary routine, increase in aging population along with some genetic predis position -- today India is the Diabetic capital of the world. Ironically the health assurance sector is still reluctant to provide coverage to diabetic India and there are very limited choice of health insurance plans for diabetes.

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Diabetes is categorised as 'High Risk' illness and there are two types of diabetes, Type 1 and Type 2.

  • Type 1 is relatively rare and occurs in 2 to 5% of all the diabetic cases. This is caused by the faulty immune system of the body where the insulin producing cells of pancreas are destroyed leading to diabetes. The only treatment is the daily injection of insulin hormone and no health assurance plan is available to cover this condition.
  • Type 2 diabetes, on the contrary is the lifestyle disease and is the most prevalent type of diabetes. This could be controlled with diet, exercise and some medication. The success of living healthy for a diabetic patient lies in managing the conditions with continuous monitoring using tests, strips, glucometers and appropriate medication and insulin, as required. These are the ongoing costs that are not covered by health cover companies in India.

The complications that could arise for diabetics and need treatment are manifold since diabetes can affect and damage eyes, kidneys, heart, nerve, can cause foot ulcer and even certain cancers. It also requires major organ transplant in some cases. All these things make it difficult to get health coverage for diabetes. However, the diabetes-related complicacies and hospitalization are being covered nowadays by limited insurance companies.

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Health insurance premium calculator:

This is the simple tool specially designed to calculate the premium amount. While shopping for the policies, this helps you to get an idea of the premium and can compare the benefits offered by different insurers at different premium. For an online purchase of policy, this premium calculator is the most useful and appropriate tool for comparing the different insurers on a single common platform in India. The following information are required for the calculation:

  • Your personal information like age, gender, marital status, number of children, income. It also asks about your smoking habit.
  • How much coverage required and for how many number of years. This also asks your preference on pattern of receiving money, e.g., lump sum or monthly instalment.
  • Based on the information provided, the calculator suggests some plans to you. You can make comparison and select the best fit one for you.

If you or some member of your family is diabetic, then you can either select a family floater plan that covers diabetes or can exclude the diabetic member from the family floater plan and get a separate individual insurance for the diabetic member. The decision should be taken after assessing the premium, benefit and coverage of all the possible alternatives.

Best Health Insurance Plans and Companies for Diabetic Coverage in India:

In India, till date there are limited options of Diabetic health cover Plans to cover the disease and the related complications. The following are the few such plans offered by certain companies in India.

  • Star Health Diabetes Safe Plan covers anyone diagnosed with Type II diabetes and within the age limit of 26 to 65 years. The renewal of coverage could be made up to 70 years. The coverage in this plan will include Diabetic Retinopathy for eyes, Diabetic Nephropathy for kidneys and Diabetic foot ulcer.
  • National Insurance Varishtha Mediclaim is aimed towards people between the ages of 60 to 80 years and renewable till 90. This is specifically designed for senior citizens. IN general the premium is high. However, the pre-existing diabetes is also covered with the inception of the plan with 10% additional premium. to know  more visit cheapest health insurance in Abu dhabi

Some of the more recent players in this field with high diabetic coverage as well as high premium are:

  • ICICI Prudential Diabetes Care that covers Type II Diabetes or Pre-diabetics. The eligibility age is between 25 to 60 years with fixed policy term of 5 years. The plan covers End stage renal failure, coronary artery bypass graft, major organ transplant (as recipient).
  • Apollo Munich Energy Health Plan covers Type 2 Diabetes. Eligibility is 18 to 65 years. Policy term is 1 year with unlimited renewability. The plan covers all hospitalization causing from Diabetes.
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