Expert advice

Nov 14, 2014,16.52 IST

How we can deal with diabetes along with financial goals

Lovaii Navlakhi
International Money Matters

India has seen a drastic economic, demographic and lifestyle change in the last decade. All good things come with its set of responsibilities and have their repercussions if not managed properly.

Rapid urbanization brought along stress, pressure and anxiety and to top it up there has been an influx of fast food culture along the way. Today, sedentary lifestyles with an unbalanced diet are the two main factors that can be attributed to this surge.  

As per the recent study, there has been a quantum leap in the prevalence of diabetes in Chennai and Delhi, if this rate of occurrence continues; India will soon be the diabetes capital of the world!

Diabetes considered more of a lifestyle disorder than a disease, if not managed properly brings along other complications as over a period of time, it has an impact on heart, blood vessels, eyes, kidneys, and nerves.

As per the recent WHO Report, 347 million people worldwide have diabetes and more than 80% of diabetes deaths occur in low- and middle-income countries. It has also been projected that diabetes will be the 7th leading cause of death in 2030.

What is Diabetes?
Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it produces.

Type 1 Diabetes
Type 1 diabetes is characterized by deficient insulin production and requires daily administration of insulin. The cause of type 1 diabetes is not known and it is not preventable with current knowledge.

Type 2 Diabetes
Type 2 diabetes results from the body’s ineffective use of insulin. Type 2 diabetes comprises 90% of people with diabetes around the world and is largely the result of excess body weight and physical inactivity.

When one takes health insurance after he gets diabetes, there may be certain exclusions due to this. These may/ may not be covered after a few years, this needs to be checked when the policy is being taken.

A few points on how we can deal with this:
-    Better lifestyle is definitely a must, today there are health insurance companies that not only provide insurance cover but also support on basic wellness of a person
-    Health insurance- the sooner you take the better it is; irrespective of exclusions or not
-    Life insurance is another must, you may get rated up; but you must still take some amount of cover.
-    Setting a corpus fund- Set up a medical corpus so that in case you do need the funds for any treatments etc and the health insurance policy benefits are not available- this fund can be used and not necessarily impacting other goals.

India is headed to be the diabetic capital of the world, let’s not contribute to that and do our bit to deal with it in a better way.

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