6 Reasons Why You Must Have a Health Insurance for Diabetic Patients

Diabetes is one of the world's most commonly discussed diseases. This illness is characterized by excessive blood sugar or glucose levels and is caused by a lack or irregularity in insulin production. Type 1 diabetes occurs when the body does not create any insulin. In contrast, type 2 diabetes occurs when the body does not make enough insulin or utilise it properly. The patient's bloodstream contains a high level of sugar in both circumstances.

While the causes of high blood sugar differ, one aspect is undeniable: the escalating expense of diabetic treatments and medications. If you believe that standard health insurance will cover these costs for diabetics, you are mistaken. For people with diabetes, getting health insurance is usually a challenge because a standard health plan rarely covers the ailment. Hence, you might consider health insurance for diabetic patients from an insurer like Care Insurance. 

Let's have a look at the reasons why you should choose this insurance plan.

1. Medical expenditures are covered

You can't tell when you or a loved one will get diabetes. If you have a family floater or individual health insurance policy, your insurer will handle the medical expenditures, allowing you to focus on the treatment process. The following are some of the advantages of health insurance for diabetic patients:

• Expense reimbursement or cashless option- If you choose appropriate coverage, you would not have to pay anything out of your pocket with cashless treatment facilities. Take the patient to the insurer's network hospitals, and notify the TPA and insurer as soon as possible. 
• Other advantages- Insurers also offer services up to a specific value and coverage for online or e-consultations, lifelong renewability options, and free preventative health check-ups.

2. Service of cashless claim

You can get treated at some of India's greatest hospitals without paying anything out of your pocket thanks to cashless claim services through health insurance for diabetic patients. You only need to be admitted to one of the network hospitals with which your insurance company has a relationship. They'll contact the hospital personnel and settle the cost on your behalf. Your treatment costs must be within the coverage level to qualify for a cashless claim.

3. Advantages of portability

Health insurance for diabetic patients portability refers to switching from one insurance carrier to another, or from one plan to another, without losing any of your benefits. This is as per the IRDAI's new rules (Insurance Regulatory and Development Authority of India). Your new insurer should honor the credit you got from your old insurer for the waiting period for pre-existing conditions. Your new insurer must insure you for at least the same amount as the prior policy. One of the requirements is that you must only move the policy during the renewal time so that the new insurance period is with a different insurer.

4. Benefits from taxes

The premium you pay for health insurance for diabetic patients coverage under Section 80D is exempt from your income tax liability for that financial year under Section 80D of the Income Tax Act.

5. Financial protection from increasing medical costs

Physical inactivity, an excessive workload, unhealthy personal habits, and a poor diet can negatively impact most people's health. According to the International Diabetes Federation, India is expected to have diabetes prevalence, fatalities, and diabetes-related health spending, which will continue to climb worldwide, with significant social, economic, and health-system ramifications. Health insurance for diabetic patients may be viable for coping with escalating medical costs. It ensures financial security by covering treatment, hospitalisation, free health check-ups, and pre and post-hospitalisation charges. 

6. NCB benefits

Your insurer will reward you with a No Claim Bonus (NCB) if you have gone several years without filing a claim on your health insurance for diabetic patients. Insurers provide NCB on their health insurance plans in two ways: by increasing the sum assured or reducing the renewal premium. You can transfer the NCB you've accrued on one insurance policy to a new one with a different insurer.