World Diabetes Day 2023: Why should you opt for a diabetes-specific health insurance plan? | Mint
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Business News/ Money / World Diabetes Day 2023: Why should you opt for a diabetes-specific health insurance plan?

World Diabetes Day 2023: Why should you opt for a diabetes-specific health insurance plan?

If left unchecked and untreated, diabetes can escalate into a life-threatening condition. This underscores the importance of choosing a health insurance plan that includes coverage for diabetes. By doing so, individuals can effectively manage and protect both their financial well-being and health

Opting for a diabetes-specific health insurance plan is crucial in today's times.Premium
Opting for a diabetes-specific health insurance plan is crucial in today's times.

World Diabetes Day 2023 Remember how lovers often compliment each other, “You are so sweet; I just went into diabetic shock"? Well, this level of sweetness can sound romantic, but not everything sweet in life begets sweetness. Too much sugar in life can force you to swallow a bitter pill for your diabetes cure. 

Unsurprisingly, the World Health Organisation (WHO) shared statistics on the rise in the number of diabetes patients in India. Numbers underline how India ranks second globally in the number of individuals affected by diabetes, and the incidence is escalating at a rapid pace. This surge can be attributed to various factors, such as urbanisation, sedentary lifestyles, and shifts in dietary patterns. The significant issue lies in the fact that over 50 per cent of individuals with diabetes in India are oblivious to their condition. This is alarming as early detection and treatment play a crucial role in averting severe complications like heart disease, stroke, and kidney failure.

As we observe “World Diabetes Day" today, let us reiterate that focusing on how to avoid suffering from diabetes or seek its cure should not be limited to a day alone. Raghavendra Rao, Chief Distribution Officer, Future Generali India Insurance said, “Diabetes is a silent global epidemic that requires our collective awareness and action. On this ‘World Diabetes Day’, let us strive to spread knowledge, compassion, and support, not only to manage this condition but to empower lives with healthier choices like regular exercise and a healthy diet. Together, we can ensure a more vibrant and healthier future for everyone, with knowledge and insurance standing by our side."

Seeking health coverage for diabetes

Diabetes treatment expenses can be substantial, particularly for individuals with intricate requirements or those dependent on costly medications. Having sufficient and affordable health insurance is crucial for people with diabetes to obtain the necessary supplies and medications, facilitating the management of their condition and the prevention or treatment of complications. Health insurance serves to mitigate these costs, rendering diabetes treatment more economically accessible.

Beyond managing treatment costs, health insurance provides added benefits for individuals with diabetes, including

  • Access to preventive care is facilitated by health insurance, covering expenses for services such as annual checkups, blood tests, and eye examinations. This plays a pivotal role in the early detection and management of complications associated with diabetes.
  • Health insurance streamlines the process of seeking expertise from specialists, including endocrinologists specializing in diabetes care.
  • In case hospitalization is necessary for an individual with diabetes, health insurance coverage can offset the costs linked to their hospital stay, including medical bills and accommodation expenses.

Dr Santosh Puri, Senior Vice President - Health Product & Process, Health Insurance, Tata AIG General Insurance says, “Given the significant role that family medical history and genetics play, especially with the prevalence of diabetes and hereditary diseases, obtaining health insurance emerges as a fundamental risk protection tool for individuals with diabetes. Fast-paced lifestyles and rising stress levels, exacerbated by the recent COVID-19 pandemic, underscore the importance of health and financial preparedness. Securing health insurance policy early, regardless of age, is quintessential in today’s fast-paced era with the rise in lifestyle-related diseases."

Why opt for a diabetes-specific insurance plan?

Given the perilous nature of diabetes, having comprehensive health insurance coverage is crucial. Diabetes health insurance plans play a vital role in safeguarding both your financial well-being and health by addressing the expenses associated with diabetes, including

  • Hospital stays
  • Medications
  • Medical supplies
  • Preventive healthcare
  • Visits to specialists

Health insurance specifically designed for diabetes can also cover the costs associated with complications of diabetes, such as heart disease, stroke, and kidney failure. This is vital, given that treating diabetes-related complications can result in substantial expenses.

Investing in diabetes health insurance is a commitment to your future health and well-being. With diabetes health insurance, you can rest assured that you'll have financial protection in the event of a medical emergency. Moreover, it guarantees access to the necessary care for managing your diabetes and averting complications.

Diabetes-specific insurance vs regular health insurance 

The majority of standard health insurance plans consider diabetes a pre-existing condition and impose a waiting period for its treatment. Consequently, if you purchase a regular health insurance plan with diabetes, there will be a specific waiting duration before your insurance covers any expenses related to diabetes. The duration of the waiting period can differ among plans but generally falls within the range of a year or two.

In contrast, health insurance plans specifically designed for diabetes usually do not impose waiting periods for coverage related to diabetes. This stands as a significant benefit of diabetes-specific plans, enabling individuals to access necessary care immediately without the necessity of waiting for a year or more.

Beyond not having waiting periods, health insurance plans tailored for diabetes typically offer more comprehensive coverage compared to regular health insurance plans. These specialized plans may encompass expenses related to diabetes-related supplies, such as insulin pumps and blood glucose monitors, as well as cover the costs associated with diabetes education and support programs.

The comprehensive coverage and absence of waiting periods in diabetes-specific plans make them a valuable investment for individuals with diabetes. These plans serve to safeguard individuals from the financial strain associated with the treatment of diabetes.

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Published: 14 Nov 2023, 03:12 PM IST
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