Is Health Insurance Plan For Diabetes a Viable Product?

Health Insurance

With changes in eating habits and lifestyles, increased stress paired with a sedentary routine, an aging population, and some genetic predisposition, India is now the world’s Diabetic capital. Ironically, the health insurance industry is still hesitant to cover diabetics in India, and there is a very restricted selection of diabetes health insurance plans.

Diabetes is categorized as ‘High Risk’ illness and there are two types of diabetes, Type 1 and Type 2.

  • Type 1 is a relatively uncommon complication that affects 2 to 5% of diabetes patients. This is caused by a malfunctioning immune system, which causes the pancreas’ insulin-producing cells to be killed, resulting in diabetes. The only treatment is a daily injection of insulin hormone, which is not covered by any health insurance plan.
  • Type 2 Diabetes, on the other hand, is a lifestyle condition that affects the majority of people. This can be managed with diet, exercise, and medicine. A diabetic patient’s success in living a healthy life is dependent on continual monitoring using tests, strips, glucometers, and proper medicine and insulin, as needed. These are the continuous costs that Indian health insurance companies do not cover.
    Diabetes can affect and damage eyes, kidneys, heart, nerves, create foot ulcers, and even some cancers, therefore the consequences that diabetics may face and require treatment are numerous. In some situations, it also necessitates a major organ transplant. All of these factors make it difficult to obtain diabetes health insurance. However, just a few insurance providers are now covering diabetes-related complications and hospitalization.

Health insurance premium calculator:

This is a straightforward tool for calculating the premium amount. This lets you obtain a notion of the premium and compare the benefits given by different insurers at different premiums while shopping for insurance. This premium calculator is the most practical and relevant tool for comparing multiple insurers on a one common platform in India for an online insurance purchase. For the computation, you’ll need the following information:

  • Age, gender, marital status, number of children, and income are all examples of personal information. It also inquires as to whether or not you smoke.
  • How much coverage is needed, and for how many years? This also inquires about your preferred method of receiving funds, such as a lump payment or monthly instalment.
  • The calculator proposes several plans based on the information you enter. You can compare them and choose the one that best suits your needs.

If you or a member of your family has diabetes, you have the option of enrolling in a family floater plan that covers diabetes or opting out of the family floater plan and purchasing individual insurance for the diabetic member. After weighing the costs, benefits, and coverage of all viable options, a decision should be made.

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

In India, there are now only a few options for diabetic health insurance plans that cover the disease and its complications. The following are a few examples of similar plans given by various Indian companies.

  • Anyone diagnosed with Type II diabetes and between the ages of 26 and 65 is covered by the Star Health Diabetes Safe Plan. The coverage might be renewed for up to 70 years. Diabetic Retinopathy for the eyes, Diabetic Nephropathy for the kidneys, and Diabetic Foot Ulcer will all be covered under this plan.
  • The National Insurance Program Varishtha Mediclaim is for those aged 60 to 80 years old and is renewable until the age of 90. This is a program intended exclusively for senior citizens. The premium is generally high. Pre-existing diabetes, on the other hand, is covered from the start of the plan with a 10% premium increase.

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

  • Type II Diabetes or Pre-diabetics are covered under ICICI Prudential Diabetes Care. The eligibility age is from 25 to 60 years old, with a 5-year insurance term. End-stage renal failure, coronary artery bypass graft, and major organ transplant are all covered under the plan (as recipient).
  • Type 2 Diabetes is covered by the Apollo Munich Energy Health Plan. The age range for eligibility is 18 to 65. The policy has a one-year duration and can be renewed indefinitely. The plan covers all diabetes-related hospitalizations.

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