Sedentary lifestyle, stress and other inevitable by-products of a ‘better life’ are giving way to a number of diseases affecting people’s health in the country. Diabetes is one such lifestyle disease that is affecting a large number of individuals. As per a study, India is home to 49% of all the diabetics in the world and this number is going to increase going forward. As 14th November is celebrated as World Diabetes Day, it’s important to give this medical condition your undivided attention.
Considering that the long-term implications of diabetes includes a laundry list of medical conditions spanning skin infections, cataract, nerve damage, Alzheimer’s and everything in between, it pays to look into diabetes insurance.
What Is Diabetes Insurance?
Diabetes Insurance Plan allows you to tackle incidental expenses related to diabetes in a more focussed way, just like a critical insurance policy does. Since the costs associated with diabetes medication and treatment are both high, and span over a long term, diabetes insurance may prove to be a worthy investment for you.
What Does Diabetes Insurance Plan cover?
If your lifestyle or family history puts you at a higher risk of suffering from diabetes, this policy is worth considering. It typically covers hospitalisation for conditions arising due to diabetes, pre- and post-hospitalisation expenses, a diagnostic programme to monitor your health periodically, costs pertaining to the doctors’ and other medical professionals’ fees depending on the policy provider you choose.
Should You Choose Health Insurance Or Diabetes Insurance Cover?
The simple answer is both. Supplement your regular health insurance policy with a diabetes insurance policy. This is important as the former usually has a waiting period as far as diabetes goes, ranging from 12 months to up to 4 years! On the other hand specialised policies don’t have this clause and more importantly, they offer comprehensive coverage for expenses that you are likely to incur.
Is Diabetes Insurance A Pricey Proposition?
Medical inflation in India is on the rise, and with the rate of diabetics increasing manifold, the risk that insurance companies are bearing is higher. In effect, the policy costs more than your basic health insurance policy. But, if you fall under the high-risk category, it’s well worth the expense.
While you buy insurance to protect yourself from every untoward incident, give this oft-ignored Diabetes Insurance Plan a serious thought.
The writer is CEO, BankBazaar.
BankBazaarInsurance.com, India’s premier online marketplace to compare and apply for the best personal finance products including health insurance, car insurance, life insurance and two wheeler insurance.