Here’s Everything You Need to Know About Health Insurance for Diabetic Patients

Posted December 16, 2022 by in Health + Fitness

Your family’s finances may suffer if one of your elderly is diagnosed with diabetes and you do not have unique health insurance for the senior citizens of your family! 

Diabetes comes with many unforeseen complications, such as renal difficulties, diabetic foot, backache, and unusual blood sugar levels. Be it the cost of treatment, doctor’s consultation, frequent diagnostic tests, or treatment of common problems that occur in diabetes; the expenses are enough to derail your monthly budget.  Hence, you will always be advised to motivate your elderly to lifestyle habits that can keep them away from diabetes.

Apart from lifestyle changes, it is also important to build a financial cushion that helps you in case your parents get affected by the disease.

Although all health insurance policy providers do not give you coverage for diabetes, there are still some companies that may take you under the insurance umbrella.

Why do you need a health insurance plan for your diabetic parents? Let’s understand in detail.   

Why Should You Get Health Insurance for Diabetic Patients?

  1. Diabetes is estimated to affect 61.3 million individuals in India between the ages of 20 and 79, with the majority living in cities. By 2030, this figure is predicted to rise to 101.2 million!
  2. Diabetes may make people more vulnerable to Covid-19, which can further lead to serious health consequences such as respiratory tract disorders. Thus, to ensure any covid-19 complications get addressed on time, it is important to secure the diabetic with a health insurance plan.
  3. The treatment of diabetes and its side effects can be costly and time-taking. To ensure this doesn’t derail your finances for forever, a health insurance is important.

Determining the Amount of Coverage for Diabetes Health Insurance

While determining the premium of health insurance for your diabetic elderly, always consider the age and gender of the insured.

According to studies, the most common type 2 diabetes affects more men than women. Moreover, the majority of claims are submitted by adults aged 36 to 60.

Even if your parents are not afflicted with diabetes, you should be prepared for unforeseen medical urgencies if your family has a genetic prevalence of the disease.

Purchasing Health Insurance for the Elderly Who’ve Been Diagnosed with Diabetes

When it comes to health insurance for diabetics, health insurance providers like Care Insurance provide comprehensive coverage, which provides specialised coverage for diabetes-related issues that aren’t covered by standard plans. Most plans cover Type 2 diabetes and linked disorders of the kidneys and heart, as well as amputation costs, kidney donor-related expenditures, and ongoing dialysis costs, to mention a few.

Important Terms in Health Insurance for Diabetic Patients

  • Type-1 Diabetes occurs when the body attacks the insulin-producing cells in the pancreas, causing the body to stop generating insulin and blood sugar levels to rise. Insulin injections are usually required as part of the treatment. The majority of people with type 1 diabetes are children and teenagers. 
  • Type 2 Diabetes — Type 2 diabetes, also known as Diabetes Mellitus, is the most common type of diabetes which needs health insurance for diabetics. The body is unable to utilise the insulin produced by the pancreas effectively in such instances. The medical terminology for this condition is insulin resistance.
  • Pre-existing Diseases – A pre-existing disease is a condition that an individual has while purchasing health insurance. Pre-existing conditions are usually excluded from the coverage of a policy for a few years, known as the waiting period.
  • Waiting Period- All policies for health insurance for diabetics have a waiting period. The waiting period is usually between 2 and 5 years. However, it varies per policy. It is recommended that one chooses the policy with the shortest waiting period.
  • Premium loading- It is an increase in the amount of premium paid by the policyholder. The cost of insuring a person who is prone to some sort of risk may increase the premium for health insurance for diabetics, depending on the severity of the condition or because the insurer faces a higher-than-expected cost of insuring a person who is prone to some form of risk.