Insurance plan for diabetics: A costly, bitter pill to swallow

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₹5-10 lakh. Even regular daily treatments are very expensive. Prashanth Manikananda (49) from Thalakkad, Kerala, has been suffering from type 1 diabetes—a chronic condition in which the pancreas produces little or no insulin—for many years now.

He takes insulin injections thrice a day and that costs him ₹4,200 a month, or a whopping ₹50,400 a year. Manikananda has registered with BeatO, which helps him manage his diabetes daily via in-app doctor consultations and health coaches. It is an additional expense of ₹6,000 annually.

According to Dr M.P. Mishra, professor & head, department of pathology at Naraina Medical College & Research Centre in Kanpur, the out-patient department (OPD) expenses in a hospital for diabetics could be even higher. “People suffering from type 1 or type 2 diabetes may have to spend ₹5,000-15,000 a month on medication, including insulin injections, alone.

However, this is in cases where there are no complications. Else, the expenses will be higher," he says. With the costs of medication and hospitalization on the rise over the years, experts say it is better for diabetics to have a good insurance policy in place.

While regular insurance policies in India cover diabetes-related complications with a waiting period of 2-4 years, that doesn’t include OPD expenses. Moreover, insurers are wary of policy proposals from diabetic patients. “The average hbA1c (a type of blood test to monitor sugar levels) reading in diabetics is 7-8%.

Insurers tend to cover those with a level that is less than 7%. Even if they do cover others, the premium could easily be 50-60% higher," says Chopra. To be sure, a few insurers have curated diabetic-specific plans to cater to this segment.