Type 2 Diabetes & Health Insurance: What You Absolutely Need To Know In 2019
Type 2 diabetes is the fastest growing chronic condition in Australia, affecting over 1 million people, with an additional 100,000 cases diagnosed yearly. Without proper health cover, the financial burden for diabetics can add up quickly.
A study from Diabetes Australia estimated that people with diabetes can have additional healthcare costs of over $9,000 yearly — this comes from things such as insulin, pumps, glucose monitors, doctors’ visits, and more. These costs are often split between the government, your health insurance policy, and money straight out of your pocket.
This is why it’s so important to have an insurance policy that covers as many of these costs as possible, especially if you’re over the age of 40 as this is when you face the highest risk of complications and emergencies.
Most diabetics understand the importance of regular checkups with their GP. It’s just as important to regularly check up on your health insurance policy to ensure it continues to meet your needs. With our free comparison service, it’s easier than ever to compare your health cover and see how much you can save – all at no cost to you.
Here’s How You Do It:
Step 1: Select your current life stage below.
Step 2: Once you select your preferred coverage options, you will have the opportunity to compare quotes from multiple health funds.
Financial costs aside, there are over 1 million hospitalisations each year due to complications associated with the disease. This risk increases dramatically as you get older. According to a study conducted by the Australian Institute of Health and Welfare, 91% of all cases requiring hospitalisation or insulin treatment occur after age 40. After reaching your 50s, the risk is even greater – 87% of hospitalisations for type 2 diabetes occur at age 55 or older.
The older you get, the more you need to focus on managing your condition, so ensuring you have a health insurance policy that continues to meet your changing needs is of vital importance.
Living with Diabetes – The Importance of Having Comprehensive Coverage
Type 2 diabetes can have a serious impact on multiple aspects of your health. For example, 30% of Australians have reported some form of vision problems associated with the disease, so having a policy with the correct optical extras should be a strong consideration. As there are multiple types of optical coverage, we recommend speaking to one of our team members about your exact situation to get a better idea of what kind of coverage you need.
The experts at HealthInsuranceComparison.com.au understand that everyone’s healthcare needs are different, and will work with you to help you find a policy that meets the needs of your specific health concerns and budget. This is why so many Aussies are flocking to this service for health insurance policy checkups – not only does it give you the freedom to choose from multiple health insurance brands, it allows you to compare them side by side, covering options and pricing all at once.
The good news is that having type 2 diabetes in itself doesn’t raise the cost of your cover (health insurance in Australia is community rated, meaning insurers can’t charge people different amounts based on their health or age), but the complications that come with it can add up to a lot of needless anxiety and wasted money if you don’t have the right hospital and extras cover that meets your particular needs.
Choosing the Health Cover That’s Right For You
Some health insurance policies cover the necessities – such as insulin pumps and glucose monitors, while others only include them if you meet certain requirements, and others require you to complete loads of paperwork. Some of these policies will even replace damaged pumps and monitors, while others don’t. All insurers require previously uninsured people to serve waiting periods before benefits can be paid.
What you need is a team of expert advisers that have years of experience, and can help you through the process of comparing and choosing the health fund and policy that’s right for you. You can compare your current cover to similar policies and see exactly what you need and how much you will save. And the best part is it’s absolutely free — and only takes a few minutes of your time!
In 2018, our experts helped people just like you save an average of $356.70* off their yearly premium. Join thousands of other Aussies who have used HealthInsuranceComparison.com.au to get the coverage they need, and keep their money in their own pocket where it belongs.
Living with type 2 diabetes can be stressful, but it is entirely manageable with the right lifestyle and working with the right healthcare professionals. If you have diabetes or feel like you may be at risk, it’s important to get started early, as it only gets worse with age if not properly managed. Having the appropriate health insurance policy can help you keep your condition — and your costs — under control.
 Diabetes Australia, https://www.diabetesaustralia.com.au/diabetes-in-australia
 Diabetes Australia, https://static.diabetesaustralia.com.au/s/fileassets/diabetes-australia/e7282521-472b-4313-b18e-be84c3d5d907.pdf
 Australian Institute of Health and Welfare, https://www.aihw.gov.au/reports/diabetes/diabetes-snapshot/contents/how-many-australians-have-diabetes/type-2-diabetes
 Australian Institute of Health and Welfare, https://www.aihw.gov.au/reports/diabetes/diabetes/contents/hospital-care-for-diabetes/type-2-diabetes
 Diabetes Australia, http://static.diabetesaustralia.com.au/s/fileassets/diabetes-australia/056496c5-3e1f-40d7-8875-bf085209ce8b.pdf
 Medtronic, https://www.medtronic-diabetes.com.au/community/blog/2014/07/obtaining-insulin-pump-therapy
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Step 1: Select your state below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.
This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.