The number of diabetes patients in India has grown dramatically over time. According to reports, there are over 77 million diabetes patients in India, and it is predicted that this number will rise by about 45% to 101 million by the end of 2030, making the country the world’s diabetic capital. Several factors contribute to this, including poor eating habits, a sedentary lifestyle, work pressure, stress, and so on.
Diabetes might not be as serious as cardiac or cancer ailments, but treatment is no less costly. A diabetic’s typical monthly expense is between ₹5,000 and ₹9,000, which doesn’t include treatment costs (doctor’s consultation fees and diagnostic tests) or other medical examinations. With extra complications, monthly expenditures might reach ₹20,000.
The incidence of diabetes increases by 20% after the age of 45 and zooms by a whopping 50% if the individual reaches the age of 55. In addition, men are more impacted than women. Men’s medical insurance claims related to diabetes are nearly 13% higher. Given the growing instances and claims, purchasing a health insurance plan as soon as possible is necessary to cover the sickness and financial burden. It also assists you in saving money on premiums.
In this informative blog post, we will tell why having health insurance for diabetes is important today.
Diabetes Insurance Plan: What Is It?
Well, a diabetes insurance plan is a personalised medical insurance policy that covers diabetes-related treatment and hospitalisation expenses. Furthermore, a diabetes health insurance plan may refer to a comprehensive health insurance policy that includes diabetes insurance coverage within its benefits.
Why Must You Purchase a Diabetes Cover Health Insurance Policy Early on?
Listed below are a few reasons why you should think about having diabetes insurance early on:
- Diabetes is expected 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!
- Diabetes makes people more vulnerable to the COVID-19, which can lead to more significant health consequences than those who are not infected and do not have a pre-existing ailment.
- Diabetes is a costly disease. The true cause of the high expenditures is the chronic nature of the ailment and its related complications.
- The most concerning trend is the change in the age of diabetes onset to a younger age. Indians tend to get diabetes 10 years sooner compared to their Western counterparts.
- As per the World Health Organisation, if an adult in a low-income household gets diabetes, the cost of treating it may consume up to 25% of the family income.
- As per the International Diabetic Federation, one in every two persons worldwide has Type 2 diabetes, with 46.5% being untreated until their disease worsens.
So, these are some of the reasons why investing in a diabetes cover health insurance policy is necessary for India early on.
Why Is It Important to Have Health Insurance with Diabetes Cover?
Listed below are some of the important reasons to have health insurance with diabetes coverage:
- “Because diabetes may be a costly ailment owing to the various health implications.”
According to recent research by the Association of Physicians of India, the impoverished urban population spends around 34% of their income on diabetes care, whereas the rural population spends approximately 27%.
Diabetes has a significant medical expense owing to the recurring costs required, health issues, and increased health risks. A health insurance policy that covers diabetes will help you handle these costs more effectively.
- “Since medical inflation in India is growing year after year.”
Unluckily, medical prices in India continue to rise year after year. Whether you’re diabetic or not, having medical insurance is important for all ailments and disorders you may require treatment for, even if it is for something as small as an OPD appointment.
- “Because people with diabetes are at a larger risk of serious diseases.”
The unfortunate reality about diabetes is that diabetic people are more likely to get serious diseases. Cardiovascular disorders and renal failure are two of the most prevalent serious ailments that diabetics experience.
As a result, treating your diabetes with proper medical care is critical not only to avoid the same thing from happening but also to be adequately protected throughout the process with a suitable health insurance plan.
- “Since diabetes insurance plans come with tax benefits.”
Everyone is well aware of the tax benefits of health insurance. Since diabetes insurance is a comprehensive health insurance policy, you are exempted from tax under the 1961 Income Tax Act (Section 80D) from your taxable income.
If you’re below the age of 60, you’ll get a deduction of ₹25,000. If your age is above 60, the deduction limit increases to a maximum of ₹50,000. Now, that’s one more good reason to purchase health insurance with diabetes coverage, isn’t it?
The Key Takeaway
To summarise, people must be aware of the rising prevalence of lifestyle disorders like diabetes, which is a silent killer. Also, the growing expenses of healthcare, together with the increasing number of people becoming ill, make it important for everyone to obtain comprehensive health insurance these days.
As a result, health insurance for diabetics is not just only recommended, but it is crucial. So, hunt for the best diabetes-cover health insurance plan immediately!