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Why You Should Get Diabetes Insurance Before It's Too Late?

December 30 2016
Diabetes Insurance

Reasons you must buy diabetes insurance early in your life

India is the global diabetes capital with more than 70 million diabetics in the country. As per the World Health Organisation (WHO) estimate, the number of diabetics will increase by 45% and reach 101 million by 2030. This means, long working hours, poor diet and lack of exercise are taking a toll on the health of Indians.

Did you know that as you grow older, your chances of getting Type 2 Diabetes increases? If your age is 45 or above, you are overweight or obese, and have a family history of diabetes then you are at a much higher risk. Here are a few reasons for you to consider diabetes insurance before it gets too late:

Sharp Increase in the Number of Diabetes Cases

As per a report published in The Lancet in 2014, 50% of adults with diabetes lived in China, India, America, Brazil and Indonesia alone. The prevalence of diabetes in Indian men has increased from 3.7% to 9.1%, while the same has increased from 4.6% to 8.3% in women.

The number of adults with diabetes in India has increased tremendously from 11.9 million in 1980 to 64.5 million in 2014. Also, in 2014, India alone contributed 15.3% of global share of adults with diabetes. An increase in diabetes cases in the past three decades has made it a silent killer of the present times.

Increasing Cost of Treatment

Diabetes may not be as life threatening as other critical illnesses like cancer, but its treatment is equally expensive. The average monthly expense for a diabetic ranges from ` 5,000 to ` 9,000, which does not cover the cost of actual treatment or medical tests. The monthly expenses may even rise to ` 20,000 in case of complications.

Most of the Insulin in India is imported and it is used by Type 1 Diabetes patients and a quarter by patients suffering from Type 2 Diabetes. The rise in demand and the consequent increase in insulin cost is making it unaffordable for a majority of diabetics in India.

Rise in Cost of Premium

Since diabetes is a long-term ailment, its claim probability is about 90% higher than other diseases. The probability of getting diabetes after the age of 45 increases by almost 20%, which increases by 50% once the same person crosses the 50-year mark. Interestingly, men are generally more affected than women.

Given the rise in the number of diabetes cases and claims, it is better to buy a comprehensive health insurance plan early on. A healthy person can easily buy a health insurance with a premium ranging between ` 7,000 to ` 9,000, whereas the premium ranges between ` 18,000 to 20,000 for a diabetic.

As a matter of fact, you must be aware of the consequences of diabetes and its impact on several body organs resulting in amputation, retinopathy, bypass surgery etc. Rising treatment cost can further pose a serious financial burden, therefore you must opt for a comprehensive health insurance plan as soon as possible.

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