Last Updated on November 5, 2024
Finding affordable health insurance plans for diabetics can seem difficult or even impossible at times. Much like you might find when looking for life insurance as a diabetic, many health insurance companies will not accept anyone diagnosed with diabetes, and the companies that do have outrageous monthly premiums, but that could soon change.
Next year Aetna will be launching their new insurance plans specifically designed for diabetics. The new “Leap Diabetes Plan” will offer several excellent health plans that might save diabetics thousands of dollars on their insurance or it might not. As of now, there isn’t much data that shows if the plans will be drastically cheaper than any other standard health insurance plan, but Aetna said these plans will have personal customer service and simpler to use.
Aetna’s Leap Diabetes Plan will have a $10 copay for diabetes specialists visit like endocrinologist, dietician, and eye doctors. The plan may not save you money on monthly premiums, but it will offer $50 copay for a 30 day supply of preferred brand drugs and $10 copay for a 90 day supply of generic drugs.
In the past, getting health insurance for a diabetic was impossible. The majority of health insurance companies would reject anyone diagnosed with diabetes. As we conduct more research and awareness of diabetes reaches the masses, more insurance companies are offering lower (still much higher than average) rates for diabetics.
The average diabetic paid almost $15,000 on health insurance last year. That is $10,000 higher than the average non-diabetic, which translates to over $800 more a month (for comparison, the median cost to rent an apartment in the United States is $769). Paying for life insurance puts a serious strain on any diabetics’ budget.
So what determines your monthly premiums as a diabetic? There are several different factors a health insurance company will consider when giving you a quote. The type of diabetes (type 1 or type 2) you have will be a big factor in the price that you pay. Life insurers will also look at how long you have been diagnosed with diabetes and how well controlled it is.
Type 1 diabetics, for instance, will typically pay more for health insurance than type 2 diabetics. While type 1 can live healthy “normal” lives, they still must rely on medications and insulin pumps. With most insurance companies, a type 1 diabetic will receive a substandard rating.
Because type 2 can be controlled and managed, type 2 diabetics can usually receive better rates than type 1 diabetics. Some type 2 diabetics can manage their diabetes with diet, exercise, and minimal medications. Depending on how long you’ve been diagnosed and how well managed your diabetes is, you could be eligible to receive standard ratings.
Only time will tell if Aetna’s new diabetic health plans will be right for you. If you’re looking for health insurance and you don’t know where to start, keep reading!
Receiving The Best Health Insurance Rates
The search for the best health insurance premiums can become frustrating, but there are a few things you should do to make sure you get the lowest rate possible. Compare premiums, deductibles, and coverage with several different insurance companies before you decide on one.
Find a health insurance agent that has experience working with high-risk applicants. Some agents have valuable knowledge and experience in getting diabetics the coverage and premiums that they need. When you contact a health insurance company ask them if they have any agent that specialize in diabetic applicants.
If you can’t find any agent that has experience working with diabetics, there are companies that can compare several companies and give you the best options. Many of these companies will deliver your best options directly to your computer, saving you time and frustration.
