India is the economic superpower of the future. But it is also the diabetes capital of the world. In 2016, the World Health Organisation (WHO) said over five crore Indians had been diagnosed with Type 2 diabetes. The number is expected to surge to 8.7 crore by 2030.
Once the disease of the old, diabetes commonly ails the young today. Youths in their 20s and 30s have got afflicted thanks to sedentary lifestyles and rich diets.
Being diagnosed with diabetes in your youth can adversely impact your work life and, by extension, your financial security.
The burden of treatment, rising medical costs, and the fear of losing your income due to health complications can leave you medically and financially vulnerable. You can offset your medical risks through a healthy lifestyle and your financial risks by opting for a diabetes health insurance plan.
Why do you need a diabetes plan?
Diabetes is a lifestyle-linked disease that can lead to more serious health complications of the kidney, heart, eyes and other vital organs. Treating any major complication of these organs would require significant cash outflow.
Insurance data shows that the average claim size of a diabetic policy-holder is Rs 50,000 and is rising at 18 per cent annually due to medical inflation and other factors. Chances are that your standard medical policy does not offer substantial cover against the likely risks of diabetes.
(The writer is the CEO of BankBazaar.com)
What to know before buying
While opting for a diabetes cover is one of the smartest things you can do, here are some of the things you need to know before doing so.
Check your family history. Many people wait till the time they actually show symptoms of diabetes and are diagnosed as diabetics before they buy insurance cover.Unfortunately, it is usually too late as the premium for a diabetes health plan is substantially higher than a regular health indemnity plan. For example, if you are looking to buy a health insurance cover of Rs 5-7 lakhs, it is likely to cost you between Rs 6,000- Rs 8,000 when you are healthy and free from diabetes. The cost shoots up to Rs 18,000- Rs 20,000 for the same cover for a diabetic patient. It would be prudent of you to opt for a health cover while you are healthy and not wait till you are diagnosed with the diseases. This is particularly true if there is a history of diabetes in your family.
Your geographical location plays a role. What does your location have to do with diabetes? A lot, as it turns out. The stressful lives of metropolitan cities increases the chances of getting diabetes. Urban dwellers are statistically more inclined to have diabetes than rural folk living in less stressful environments. Also, since medical costs in cities are significantly higher compared to small towns, it becomes all the more necessary to opt for a diabetes health plan to offset any financial risk.
Opt for a specialised cover if diagnosed already. If you are afflicted but don’t have insurance, opt for one right away. You may have to pay a higher premium compared to a healthy person, but the expense is worth its weight in gold considering the potential financial risk due to having diabetes.
Use top-up plans smartly. If you are a diabetic and planning to get health insurance, do not cut corners by trying to reduce your premium costs. Use top-up plans and smartly lower your costs. Instead of opting for a high premium regular indemnity plan, opt for a specialised diabetes cover and then get a well-oriented top-up. For example, if you need a cover of Rs 10 lakhs, distribute the cover evenly between your base policy and top-up plans. Top-up plans offer as much cover as regular indemnity plans but will cost you much less.
Get a floater cover. Here’s another way of saving on premium costs. Buy a floater coverage if you and your spouse are both diabetic. Such an arrangement can bring down your premium costs while providing a shared coverage for both of you without compromising on the quality of the coverage.
