Why do we need a Diabetic Health Insurance Policy?
There was time when the Diabetic people were denied from getting a Health Insurance Policy in India due to the fact that insurance is the subject matter of solicitation. There were lots of legal litigations in the Supreme Court of India and subsequently the Apex court of the country has ruled out that the Public Sector Insurance companies should not deny Health Insurance Policies for the diabetic people because diabetics affected them. Also, the Supreme Court of India has requested the I.R.D.A. or Insurance Regulatory Development Authority in India to issue suitable directives in this issue of denial of Health Insurance Policy to a diabetic patient, because he / she is diabetic. However, even now it is pretty difficult in India to get a good Health Insurance Policy for a diabetic person. Even though some times the Health Insurance Policies are issued to the diabetic, when it comes to Insurance claim, once again they may have to face lots of difficulties for the settlement of Health Insurance claim.
Why Diabetic Health Insurance?
India is the diabetic capital of the world. Around 5 Crore Indians are affected by Diabetes. This count is expected to reach up to 8 Crore during the year 2030. This message is a danger alarm sounded by the W.H.O. or World Health Organization. Diabetes is the main reason for many allied diseases in the body. If the Diabetes is not properly controlled in our body, it may lead to Heart ailments, Paralysis, Kidney failure or Renal failure, Vision aberrations, ailment in the foot and eyes. Therefore, a diabetic person need to avail the services of a Health Insurance Policy to combat any such ailments in future that may occur due to diabetes. The Diabetic Health Insurance policy can successfully reduce the following expenses involved in case of Hospitalization: treatment related expenses in a Hospital, Doctor consultancy charges, expenses related with stay in Hospital, food expenses during Hospitalization, Nursing and medicine, to cite a few.
Coverage provided by Medical Health Insurance:
Diabetes is a state of body wherein the body could not use the Insulin secreted properly thus the increase in sugar levels in the blood. The Diabetes is generally classified in to two categories viz., Type – I Diabetes and Type – II Diabetes. If the body stops Insulin secretion, it is known as Type – I Diabetes and if a person can control the blood sugar by medicines, diet and exercise, then it is known as Type – II Diabetes. Since the Type – I Diabetes is considered to be the most dangerous ailment; none of the Health Insurance companies are providing Health Insurance Coverage for the same. Among the diabetic patients, the Type – II Diabetes has affected 95% of the patients who are considered to be a controllable one and hence the Health Insurance Companies are providing the Health Insurance Coverage for them. Depending upon the person's eligibility and needs, the Diabetic Health Insurance Coverage is available from Rs.50,000/- to Rs.10,00,000/-.
Diabetic Health Insurance Coverage provided by Private Insurance Companies:
Now in India, the Private Insurance Companies are providing Health Insurance Coverage to the diabetic people. Generally, during a medical examination if a person is found to have Diabetes then the premium for the Health Insurance Policy will be enhanced so as to cover the risk involved in the policy distribution. Following this procedure, the Public Sector Insurance Companies are providing Health Insurance Coverage to diabetic people with 50% enhancement in the premium rates. Those who are already affected by the diabetes will be subjected once again for a medical examination and then only the Medical Insurance Policy will be issued. Exclusive Diabetic Health Insurance Policies are offered by the Private Sector Insurance Companies like ICICI Prudential Life Insurance and Star Health Insurance.
ICICI Prudential Life Insurance is offering a Health Insurance Policy by name – Diabetes Care which is a critical illness policy and it covers 6 critical illnesses like Heart Attack due to diabetes, Heart Transplant Surgery, Renal failure / Kidney failure, Paralysis and Cancer. If the person is affected by any one of the above critical illnesses within 6 months from the date of issuance of the Health Insurance Policy, then the premium paid in the policy so far will be reimbursed. For the cases between 6 to 12 months from the date of issuance of the Health Insurance Policy, 50% of the sum assured in the Policy will be reimbursed. For the cases, beyond one year, 100% sum assured in the Health Insurance Policy will be reimbursed.
ICICI Prudential Life Insurance Company is also having another Health Insurance Policy viz., Diabetes Care Plus which includes the Diabetic Care Health Coverage for Eyes and Foot along with Life Insurance.
The National Insurance Company, which is a Public Sector Health Insurance Company, offers Diabetes Health Coverage in their Health Policy for the Senior Citizens.
The Bajaj Allianz Insurance Company is offering the Diabetes Health Coverage in its Critical Illness Health Insurance Policy with extra / additional premium. The premium under the above policy totally depends on the sugar level in the blood of the policyholder.
A glance at Diabetes Health Insurance Policies offered by Health Insurance companies:
For a person having diabetes, aged 35 years, the details of premium for various Health Insurance Policies offered by various Health Insurance companies is given below:
Name of the Health Insurance Policy. Premium.
* ICICI Pru Diabetes Care Rs.10023/-
* ICICI Pru Diabetes Care Plus Rs.12754/-
* Bajaj Allianz Critical Illness Rs. 900/-
* Star Health Diabetes Safe Rs. 2300/-
Important details on Diabetic Health Insurance Policy:
When you enroll for a Diabetic Health Insurance Policy, please take care to listen to the following details:
· There is a good chance of reduction in premium of your diabetes Health Insurance Policy, if you maintain diabetes under control;
· Medical expenses can only be reimbursed under the Health Insurance Policy, if the policyholder affected by diabetes survives for a period more than 28 days from the date of detection of diabetes;
· Some of the Diabetes Health Insurance Policies have frequent medical check-up facilities during a year;
· The reimbursement of medicine and Insulin costs in the Diabetes Health Insurance Policy may vary from various Insurance providers;
· The Diabetes Health Insurance Policies are generally available for a person aged 25 to 60 and others have to enroll for the Health Insurance Policy meant for Senior Citizens.
It is better to think wise that by paying a few thousands, you can save a few lakhs of medical expenses in case of any emergency.