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Things to keep in mind before buying a health insurance plan for diabetics

Insurance for your health is crucial if you have diabetes. Before any complications develop, you must attempt to understand it completely.

  • 3,875 Views | Updated on: Dec 29, 2023

The World Health Organization (WHO) estimates that 8.7% of Indians between the ages of 20 and 70 have diabetes. Numerous factors, including urbanisation, sedentary lifestyles, bad diets, cigarette use, and an extended life expectancy, contribute to the rising incidence of diabetes.

Many diabetic people might believe they are ineligible for medical insurance due to their condition; however, this is untrue. Pre-existing sickness coverage, cashless hospitalisation, pre- and post-hospitalization coverage, and coverage for childcare procedures are all included in health insurance with diabetes coverage.

Under health insurance with diabetes coverage, there are also particular exclusions, such as comprehensive diabetes insurance plans with waiting-for period restrictions and type 1 and type 2 diabetes coverage that excludes certain costs. Therefore, before making an investment in such important policies, it is imperative to thoroughly examine the terms and conditions.

Here are some of the things to consider before buying a health insurance plan for diabetics

Analyse the Needs

Analyzing your needs should be the first step you take before making a purchase. It doesn’t matter if you desire it for yourself or a member of your family, if it was recently discovered or was a pre-existing condition, or if it is insulin resistance or insulin-dependent diabetes. You should evaluate each of these factors because the treatment price may differ. Your health insurance should cover all of your medical requirements, from diagnosis through hospitalisation.

Prepare a Budget

Setting a budget before deciding on diabetes insurance is a good idea. Higher or cheaper premiums do not always guarantee maximum coverage. Companies may provide affordable premiums that may fit your budget but fall short of meeting all of your needs. Therefore, to choose the most appropriate plan, consider the bigger picture while keeping premium cost and policy coverage in mind.

Use Health Insurance Premium Calculators

These days, you can find health insurance rate calculators on the websites of insurance companies. You only need to provide the necessary information to see how much premium providers are charging. You can then choose the option that won’t strain your finances by comparing the premium with the coverage that insurers are offering.

Look for the Covers

You should search for the many coverage options offered to customers when browsing health insurance companies. A good diabetes health insurance policy should cover pre- and post-hospitalization costs, diagnosis costs, treatment costs, and medication costs. You should include features like organ donation, daycare care, dialysis coverage, ambulance coverage, second opinions, and more in your health insurance.

Know About Exclusions

Diseases that are not covered by health insurance policies are considered exclusions. You should request the list of exclusions from the insurance agent before agreeing to anything. Check out the conditions for not being able to file a claim. The greatest health insurance plan provides the broadest coverage with the fewest exclusions.

Takeaway

The best health insurance policy will therefore have the right ratio of a lower premium, bigger insured amount, maximum coverage, and few exclusions. As a result, you should exercise caution while choosing a diabetic insurance plan online. Therefore, consider all these factors before purchasing health insurance to ensure that it will assist you and your loved ones in combating diabetes.

Key takeaways

Things to keep in mind before buying a health insurance plan for diabetics

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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