A diabetic spends more than Rs 3,000-4,000 a month towards tests, medicines, insulin shots, customized diet and so on. As India is home to the largest number of diabetics in the world, medical management of the disease and related complications is critical. Dealing with the economic impact of diabetes is equally important. An internal claims analysis by Bajaj Allianz says that the number of diabetes-related claims has risen 120% between 2016 and 2019. Some of the points to keep in mind while choosing a particular diabetes health insurance are:
Regular health cover: The First choice should always be generic health plans as diabetes-specific plans are more expensive. One should always prefer plans to restore benefit. This helps the individuals protect the sum insured to cater to multiple claims or higher sum insured requirement on account of multiple claims. If you and your family, including parents, are covered by your employers’ group health cover, diabetes is covered from day one. Opt for such plans even if you have to fund the premium for your parents. This is because if you are diabetic, a regular plan will either be denied or come with a premium loading of over 25%.
Long-term saving plans: In the case of a health emergency, long-term savings avenues can offer sustenance. NPS allows partial withdrawal of up to 25% of your contribution for treatment, provided you have been investing for at least three years. From the seventh financial year after opening an account, you can withdraw up to 50% of your PPF balance at the end of the fourth financial year immediately preceding the year of withdrawal or up to 50% of the balance at the end of the financial year before the year of planned withdrawal, whichever is lower.
Dedicated savings fund: It would be wise even for younger, non-diabetic individuals to set aside 5-10% of their total savings specifically to create a health fund. As you grow older, health-related expenses are likely to form a huge chunk of your monthly outflow. This is when such a solution can come in handy.
Diabetes-specific plans: One should immediately buy an insurance cover as soon as diagnosed. Complications that include along with the dangers of diabetes are cardiovascular issues, diabetic retinopathy, kidney damage, and foot ulcers. If you are not eligible for generic plans, you can buy such plans. This would be better than remaining uninsured.
Dealing with the financial impact of diabetes is important. There are resources you can tap to fund healthcare expenses if you or someone you know is diabetic. It is necessary to choose insurance wisely, taking into account and analyzing all the factors.