For a person who is suffering from diabetes, the complications arising from such a condition are fairly strenuous. Diabetes is a condition in which the insulin level of the body drops to an extent that the blood sugar levels cannot be managed. This condition leads to many other ailments ad disorders over time, if not managed properly and carefully. When it comes to financial issues, a fairly heavy burden is put on the finances of the patient and her/his family as time goes by and as the medical bills start piling up. One important mode of seeking financial protection in such cases is taking out a health insurance plan. A health insurance policy offers guaranteed coverage against the incurred expenses in case of a health-related issue and therefore, the impact of the medical bills on the patient’s savings is nullified.
However, given the special needs and requirements that a diabetic person has, there are certain factors that must be kept in mind while opting for a health insurance plan. These factors are listed below:
1. The scope of coverage offered
This is very essential as it determines the total sum assured and hence, the scope of coverage that the patient will have when needed. The coverage must be sufficient to take care of the doctor’s bills, consultation, medications, extra-medical support, and any complications that may arise due to diabetes.
2. Waiting period
Generally, insurance providers treat diabetes as a pre-existing condition and this may have an impact on the coverage that they offer while offering their insurance policy. At the time of policy purchase, the insurance provider treats diabetes as a condition that requires a certain waiting period before the benefits of the policy can be availed. This waiting period may range from 2 years to even 4 years and hence, for this particular period of time, any health-related issue or complication arising because of diabetes does not come under the coverage of the policy. The waiting period must, therefore, be clarified at the time of policy purchase.
3. Payable premiums
This is a very important parameter as it directly decides the number of funds that the patient can invest against the coverage that she/he is seeking. As mentioned, many insurance providers treat diabetes as a pre-existing condition, and thus, this has a direct impact on the payable premiums a well. Generally, the premiums may be higher for a diabetic person in comparison to what they are for a non-diabetic person. However, it must be kept in mind that these premiums match the coverage term and therefore, must not deter the patient’s decision to buy the health insurance plan.
4. Mode of reimbursement
Many health insurance providers offer cashless reimbursement, once the waiting period is over. This benefit is offered to a pre-listed number of hospitals, known as network hospitals. While purchasing the policy, it must be checked whether such a benefit is being offered and if yes, what the range of hospitals being covered under it is.
