Ask Mint Money | Diabetics may need to pay more but can get health insurance

Ask Mint Money | Diabetics may need to pay more but can get health insurance

My mother is 52 years old and diabetic. She does not have a health insurance. Can an insurance be taken for her now?

—Malbika Sarkar

Diabetes is a life-long disease, which may require continuous or periodic medication. More importantly, it aggravates other diseases, may hinder the normal healing process of the body or hasten the degeneration process in the body. Insurers do not cover the expenses for regular medication required to keep diabetes in check. However, other diseases which may be caused due to diabetes are covered under medical insurance.

If your mother is not suffering from any diseases normally associated with diabetes and her diabetes is under control, you can take a regular health cover. This policy will cover all such diseases after four years. If she had any such disease in the past, you can take a diabetes health insurance cover, which is expensive by 20-30% but covers medical conditions associated with diabetes.

I am 35 years old but my company doesn’t provide any health cover for my family. I want to buy a health cover for my wife who is 30 years old. Which policy should I buy?

—Milin Sethi

Health covers can be broadly classified into two categories—reimbursement and defined benefit covers. Health covers are reimbursement policies, which reimburse (or pay directly to the hospital) the cost of treatment as per the terms and conditions. Defined benefit policies provide a fixed amount of money for treatment of certain diseases. A critical illness policy is an example of a defined benefits policy.

In my opinion, the first type of health insurance is a broader cover and reimburses for treatment of almost all kinds of diseases and ailments, barring a few. Also, such policies do not put a limit to the amount paid for treatment of most diseases although the sum insured is the maximum limit.

Since both of you are young, you can opt for a family floater cover of 2-3 lakh. Nowadays all health policies provide the facility of cashless treatment.

I am away from my family and setting up a business in some other state. I have not renewed my car insurance. The car was damaged when my wife was taking driving classes. Is there any way I can get the claim for it if I decide to renew the cover?

—Sanket Chanda

Insurers conduct an inspection of the vehicle before insuring it if there is a break in cover. The current damages to your car will get documented in the inspection and insurers will refuse to insure the car until the damages are repaired. Only on receiving a satisfactory inspection report will the vehicle get insured. It will not be possible for you to claim repair cost under any car policy now.

Rahul Aggarwal is director, Optima Insurance Brokers

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