If you have diabetes and tried getting insurance several years ago, you’d have been rejected because of your condition and higher risk of developing chronic diseases. Like many others in the same boat, you might’ve felt increasingly financially burdened over time – due to medical inflation and possibly even diabetes complications creeping in along the way – especially if you’ve had the condition for many years.
Dealing with mounting healthcare expenses and debt without any insurance can make some patients feel pressured to stop or skip their pills and insulin shots. Others may go for lower-cost medicine brands sought online or traditional remedies without first seeking their doctor’s advice. Not only can such actions be potentially life-threatening, they could actually pull you deeper into diabetic debt – and make it harder to get out of it. Definitely not the best decision for your finances or health, if you ask us.
Insurance as a means of managing the cost of diabetes
Of late, however, insurers have narrowed the protection gap among people with diabetes with insurance plans that are more inclusive. For people with diabetes, this is sweet news. Now, you have options when it comes to getting protection. More importantly, a diabetes diagnosis is no longer seen as a matter of life or debt.
What to consider when buying a plan
If you have diabetes, here’s what you should look out for when choosing a critical illness plan:
- Coverage for diabetic complications
How common are diabetic complications, you ask? The longer you have diabetes and the less controlled your diabetes is, the higher your risk of developing complications. In Singapore, an average of 1,200 people with diabetes undergo amputations annually1.
If there’s a specific diabetic complication you’re concerned about, check with your financial adviser if the critical illness plan covers it. For instance, Aviva’s MyCoreCI Plan provides additional 20% of the sum assured upon diagnosis of any one of the four diabetic conditions covered, up to S$25,000 per condition.
- Coverage for specific critical illnesses
People with diabetes are at greater risk of certain critical illnesses (CIs) such as heart disease, kidney failure and blindness, you’ll want to ensure your protection plan adequately covers you for such CIs. With the lump-sum payout from a CI plan, you won’t have to touch your savings to manage the costs associated with having a CI. Should you wish to take a break from work to recover from a CI, for instance, the cash could help with day-to-day expenses, daily living aids such as a wheelchair or even hiring a helper to care for you and/or your family.
Aviva’s MyCoreCI Plan provides coverage for 14 CIs including major cancers, heart attack of specified severity, stroke, blindness, kidney failure and coronary artery bypass surgery. So, you can be assured that even if your health deteriorates or results in income loss, your family will still be financially looked after.
- Hassle-free coverage
When you’re already seeing a doctor every quarter for your diabetes, going for regular eye screenings to detect early vision loss and monitoring your blood glucose levels almost daily, the thought of yet another medical check-up for insurance coverage can be off-putting. What if we tell you that you don’t have to go for a medical check-up to purchase a critical illness plan?
With Aviva’s MyCoreCI Plan, for instance, you just have to answer 6 health-related questions with no medical check-up needed unless your application requires further underwriting.
It’s not the end of the world
Having diabetes doesn’t mean “it’s all downhill from here”. If well managed with regular health checks, medication, healthy eating patterns and exercise, it doesn’t get in the way of your future dreams and goals.
Humans being humans, we can all do with a little encouragement to stay on the right track when it comes to keeping our health in check. It could come in the form of a running buddy, a nutritionist, a colleague to remind us to choose brown rice over white rice at lunch, or an insurer. Yes, you read that right!
Aviva’s MyCoreCI Plan motivates people with diabetes to take charge of their health. If no claims are made on the plan by the end of the policy term, you’ll get back 20% of your total premiums paid!
1 National Day Rally: 1 in 9 Singaporeans has diabetes; problem ‘very serious’, says PM Lee, Channel NewsAsia, 20 August 2017. https://www.channelnewsasia.com/news/topics/nd2017/national-day-rally-1-in-9-singaporeans-has-diabetes-problem-very-9140176
Updated on: May 2020