Insurance for People with Diabetes – What are Your Options?
What is Diabetes All About?
In Singapore, diabetes is a serious growing health crisis, with over 400,000 Singaporeans living with the disease. 1 in 3 Singaporeans has a lifetime risk of getting diabetes and the number of those with diabetes is projected to reach 1 million by 2050.
Diabetes is a condition in which there is a high level of sugar in the blood. There are 3 types of diabetes, Type 1 and Type 2, with Type 2 being the most common type of diabetes and gestational diabetes (happens during pregnancy).
Type 1 diabetes, the dominant predisposing factor is genetic. People with Type 1 diabetes need insulin injections to control their blood sugar level. It usually occurs in young people.
In Type 2 diabetes, the body either becomes resistant to insulin, resulting in an abnormally high level of sugar in your blood or your pancreas does not produce enough insulin for the cells in your body.
Gestational diabetes mellitus (GDM) is usually a temporary form of diabetes that occurs during pregnancy. Owing to hormonal changes, the body may not produce enough insulin, the substance which regulates the sugar levels in your body. This results in sugar levels in your body increasing.
Why Do I Still Need Coverage When I have Diabetes?
Based on figures from the National Registry of Diseases, in 2014, about
Quick Glance: What are The Costs Involved?
Kidneys remove toxic and waste products and excess water from the body. When they fail, this function has to be done through dialysis – either haemodialysis or peritoneal dialysis (PD).
Over 1,500 amputations per year due to complications arising from diabetes, roughly 4 per day. A recent study also reported that the mean total direct costs per year of minor and major amputations were SGD $5161 and SGD $9695, respectively.
How Should I Get Coverage?
AIA has created a ground-breaking plan for pre-diabetes and Type 2 Diabetics aged 30 to 65 years old. The plan provides much needed insurance protection for diabetic patients whom previously may not be able to get any critical illness plan.
The plan covers for key diabetes-related conditions: blindness, coronary artery bypass surgery, heart attack, kidney failure and stroke.
AIA also provide 20% additional pay-out of your coverage amount upon limb amputation due to a diabetes-related complication.
The plan also allows an optional Cancer Cover for extra peace of mind. It pays out 20% of your coverage amount upon diagnosis of early or intermediate stage cancer, and a further 100% upon diagnosis of major cancer.
It’s my LIFE (style)…
Most people with diabetes do live a full life.
Having an insurance plan that provides critical illness coverage is important for people with diabetes as it can help to provide and treat any further complications.
While critical illness coverage for diabetic patients may be a bit more challenging to obtain, it is not impossible, provided you are prepared to provide information of your overall health conditions.
Want to know of an alternative planning which can provide the option for comprehensive cancer coverage?
And to find out if you are eligible for further coverage and which insurance planning suits you more, do download our Guide to Insurance Planning for Diabetics in Singapore.
(NOTE: Get our Guide to Insurance Planning for Diabetics in Singapore. Get your guide Here)
It costs money to stay healthy, but it’s even more expensive to get sick…
Personally, I am not diabetic but unfortunately, I have seen first-hand, close family members who suffered from the complications diabetes can bring. Everyone that I’ve spoken to who have diabetes, have almost without exception taken steps to manage their condition to the best of their ability for who wants to be faced with the problems of blindness, amputation or lifelong kidney dialysis?
Yet, despite their best efforts, some still inevitably develop the serious complications.
If you are unsure if you can afford such a plan, book a complimentary discussion with me here.
~ The best 6 doctors anywhere, and no one can deny,
are sunshine, water, rest, air, exercise and diet! ~
Good luck, stay healthy and start making positive changes today!
Article by Yan Kai Yun, ChFC