Health Insurance Plans available for Diabetes Mellitus Type I and Diabetes Mellitus Type II
Sameer Tyagi, a young IT professional in his mid-40s was recently diagnosed with Diabetes , where he need to use Insulin, He did his homework about the long term and short-term implications of his latest condition. He was advised to walk regularly, exercise and curb the sugar intake in his diet. These are some of the measures his physician say are necessary to protect his heart, eyes and legs which prime casualties in diabetes patients in the long-term.
A friend of Sameer’s advised him to get a health insurance to cover the costs of any medical emergencies or procedures required in the future. Sameer was smart enough to heed the advice and called www.mediclaimagent.comhelpline, shortly after. So, let’s see soon , what kind of health insurance plans are available for people with his condition.
Diabetes Penetration in India
According to the International Diabetes Federation (IDF) website, diabetes is growing at alarming levels in India; more than 65 million people suffer from it presently and this figure is estimated to cross the 100 million mark by 2030. The usual suspects which lead to this condition are decreased physical activity, increased consumption of fat, sugar and calories, and higher stress levels affecting insulin sensitivity and obesity.
Diabetes Health Insurance Plan in India
If you want to buy a mediclaim policy when you are suffering from diabetes, it will qualify as a ‘pre-existing Disease ( PED )’ and will be subject to a specified waiting period (Two to Four years) as per the policy terms and conditions. In the worst case, insurer can deny the policy to you.
Life Insurance Giant Icici Pru , was the first insurer to launch a diabetes-specific health insurance plan called ICICI Pru Diabetes Care (discontinued). Star Health Insurance followed with wonderful product ‘Star Diabetes Safe’ and a couple of years back, Apollo rolled out a dedicated diabetes product called ‘Energy’. Apart from this, National’s regular family floater health insurance plan ‘Parivar’ also offers a preferential treatment to diabetes and hypertension patients. Now , Aditya Birla has launched a good product in 2016. Royal Sundaram has also started giving policy for diabetic people through us.
Comparison of diabetes health insurance products in India
All Initial three products can cover diabetes from day 1. In case of National, a small additional premium is payable for this. For illnesses other than diabetes, Apollo Munich Energy has a lesser waiting period of 3 years which is a plus.
Apollo has the least sub-limits and capping and stands out completely from the other two in terms of clarity in the policy wordings on what is covered and not covered. But its costliest.
Apollo offers highest sum assured of Rs. 10 lac and & also explicitly mentions the sum assured enhancement condition in its policy wordings.
Only Star is offering a restoration feature in a diabetes policy. Though this is a plus, it cannot be the sole determinant.
On the point of renewability, There is no limit.
Hence, if we see from an overall perspective, Apollo Munich Energy emerges out the best option that can be considered. Opting for silver plan with 20% co-pay can bring down the premium to manageable levels, if budget is a constraint.
From a financial planning perspective, even though you’ve got a health policy, you should still maintain a dedicated medical fund from your financial advisor to tide over things like claim delay, rejections & cost of non-medical expenses.
Diabetes health insurance in India is poised for growth & will see much more innovation in times to come, resulting in better features and hence, a win for the end consumer. As for our friend Sameer, finally he is clear on the options available for him and a confidence that irrespective of his health condition, he can buy his peace of mind & well being of his family through the right health insurance.
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