Diabetes can happen for several reasons, including a sedentary lifestyle, tobacco use, poor diets, and more. India has the second-largest number of diabetic patients. In 2021, this number was almost 74 million and is expected to rise to 124 million by 2045. This shows the importance of getting a diabetes health insurance policy.
However, purchasing a diabetes health insurance policy is not enough. You must renew it on time to enjoy continuous coverage and prevent gaps. Let’s understand some important considerations for diabetes when renewing a health insurance policy.
Understanding Diabetes and the Importance of Health Insurance Policy
Diabetes is a condition in which your body produces too high or too low levels of sugar due to an inability to produce insulin.
When you eat food, insulin supports your body’s conversion of the food into energy. But when you have diabetes, this process is disrupted, which affects your overall health and leads to various organ complications. It means that even though diabetes is one condition, it can give rise to many other health conditions.
Diabetic health insurance offers comprehensive coverage against complications and helps with financial strain due to high treatment costs. When you buy a health insurance policy that specifically targets diabetes, it ensures that you are comprehensively covered for the same. It helps the insured party to manage their condition without losing their savings.
Aspects Diabetic Patient Must Consider When Renewing Health Insurance Policy
1. Check and Update Coverage
There are diverse types of health insurance policies targeting different types of coverage. So, understand your diabetic condition and ensure that your diabetic health insurance policy covers it.
2. Shorter Waiting Period
Health insurance with pre-existing conditions comes with a waiting period. At the time of renewal, consider switching to a diabetic health insurance policy with a shorter waiting period.
3. Buy Add-ons
As we can see, diabetes is a condition that comes with various types of health complications. Therefore, it is best to have a comprehensive policy. Such plans offer wider coverage, including treatment for such complications and surgeries related to them.
If your existing policy lacks necessary coverage, consider buying add-ons to gain personalized coverage. These are paid features that make your policy more comprehensive and efficient.
4. Regular Health Checkups
Regular health checkups are necessary for diabetic conditions. So, make sure that your diabetic health insurance policy offers sufficient coverage for regular checkups. With regular checkups, management of this condition becomes easy, as there is constant monitoring to avoid complications.
5. Review All Exclusions
Exclusions are things that are not covered by your diabetic health insurance, which means you don’t get coverage for them. People who buy diabetic health insurance online get all the details in their renewal documents online. Make sure to go through the exclusions well to check if the list has been updated or modified.
6. Claim Process and Claims Settlement Ratio
The claim filing process is usually the same whether you renew or buy. Most health insurance providers offer a similar standard process to follow. However, it is always best to renew your health insurance with a different provider if your existing claim process is unreliable or too complicated.
Also, if you switch to a new provider, make sure they have a good claims settlement ratio.
Who Needs To Buy Diabetic Health Insurance?
- Those with a family history of diabetes.
- Those who suffer from obesity or are overweight.
- Those who are above 45 years.
- Those who have a sedentary lifestyle for weeks.
- Those who have non-alcoholic fatty liver disease.
- Most women with Gestational Diabetes or who have given birth to babies who weigh more than 4kg.
- Women who suffer from PCOS have a high chance of developing gestational issues leading to diabetic conditions.
Read more: When Is The Right Time to Buy a Health Insurance Policy
Conclusion
Managing diabetes can be costly; therefore, having diabetic health insurance coverage is the best rescue. For continuous coverage and comprehensive benefits, make sure to renew your individual policy or family health insurance policy before its expiry.
Remember, a diabetic health insurance policy is like a long-term investment. Therefore, always prefer choosing a reputable health insurance provider like Tata AIG for diabetic health insurance renewal or purchase.
Frequently Asked Questions
What if I get diabetes after purchasing health insurance?
Ans. You need to tell your health insurance provider, let them know about your condition, and check for options for upgrades in your current health insurance policy.
Will my insurance cost go up if I have diabetes?
Ans. If you are already diagnosed with diabetes at the time of buying health insurance, you may have to pay higher premiums due to an increased risk of hospitalization.
Does pre-existing diabetes be covered by health insurance?
Ans. Yes. Most reliable providers offer health insurance with pre-existing conditions to cover conditions like diabetes after a specified waiting period.