Diabetes is a health condition that occurs when the glucose level in your blood gets high. Nowadays, this lifestyle disease is commonly seen in individuals between the age group of 20-60. Though the disease is quite common, it requires a lump sum amount for treating the disease and its related expenses, which is why it is important to take a diabetics health insurance.
What Is Diabetics Health Insurance?
It is a type of health insurance that helps you manage the high cost incurred in treating diabetes and its related illness. This health insurance policy for diabetes will cover all your hospital expenses related to your diabetes treatment, including your doctor’s consultation fee, cost of the diagnostic fee, cost of medications, etc.
. So, when it comes to deciding how much health insurance coverage you need and which plan to choose, you should check based on your gender, age, location, etc.
Diabetes being a hereditary disease, can affect you as well, if any of your family members or ancestors have already had it before. Hence you should purchase a diabetic health insurance policy as early as possible. An early diagnosis of diabetes increases the chances of you getting insured for the same plan. Diabetes is also known as a “silent killer” as this condition brings in several other health disorders to patients. If you get diabetes at your mid-age, it becomes hard to have a successful treatment, which is why experts recommend taking diabetes health insurance at an early age. This is one reason why the insurance companies have an entry and exit age for these policies.
How Does Diabetics Health Insurance Work?
Health insurance policy for diabetes covers diabetes in different ways. For example, some plans cover your entire family’s expenses, while some of them offer a free-look period to review a new health policy. If you are not satisfied with the terms and conditions, you can return the policy during this free-look period, and you will get back your premium subject to the terms and conditions prescribed.
Usually, this free-look period lasts for 15-30 days. However, if you choose a regular health plan, sometimes it might have a waiting period of 2-4 years for pre-existing ailments since it might not cover diabetes in all stages. In such cases, you can add a critical rider to your health plan such that you can cover your diabetes in that existing plan.
This diabetic health insurance plan also helps you to get tax benefits. The health insurance premium you pay towards your diabetes health policy is tax-deductible under section 80D of the Income Tax Act. Likewise, there are plenty of other benefits for diabetes health insurance as compared to regular health insurance.
One reason why buying a diabetics health insurance policy from Care Health Insurance is in your best interest is because you do not have to check for the network hospitals where this policy is accepted. Also, the renewal process is much easier than the renewal process of a regular health insurance plan.
Factors to Be Considered Before Choosing the Best Diabetics Health Insurance Policy:
- The most important factor is to check for its eligibility. When you choose a diabetic health insurance policy, you should check whether you are eligible or not as some policies will cover only specific types of diabetes. While some other policies look for particular age groups.
- The second one is to check for its coverage. While purchasing a policy, you should check that the policy covers all your expenses throughout your disease treatment and choose a plan accordingly.
- Check for online reviews to get a clear understanding of the coverage and benefits offered.
The main reason for choosing the diabetics health insurance policy is to overcome the financial burden caused due to its treatment and expense. So, it is advisable to purchase a diabetic health insurance policy if you are the only earning member of your family and have a history of diabetes.