Decoding Insurance

What are wellness benefits in Health Insurance Plans?

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We all work tirelessly around the clock everyday to achieve financial stability in our lives. However, as the famous saying goes, “Without health there is no wealth.” In today's world, maintaining one's health, wellbeing and immunity is essential. Furthermore, it has become even more crucial over the last two years as a result of the Covid-19 outbreak. This in turn, has encouraged more people to start taking their health seriously and invest in a comprehensive health insurance plan.  A health insurance  plan  acts as a blanket of financial protection in case of an emergency. The last thing you want to think about during a medical emergency is the hospital bills you'll have to incur. Thus, having a health plan by your side will  keep stress at bay. 

Aside from having a health plan, the basic mantra for one's wellness should be taking care of their health by following a regular exercise regimen, eating nutritious food, and maintaining a healthy lifestyle. And, what if we told you that living a healthy lifestyle can lead to actual wealth? Yes, you heard it right!

According to a circular issued by the Insurance Regulatory and Development Authority of India (IRDAI) under the preventive and wellness feature of health insurance, it is mandatory for all general and specialized health insurers to offer wellness benefits to customers who are eligible for reward points.

Let’s understand what are wellness benefits? 

A policyholder who stays fit and healthy throughout the policy year accumulates wellness benefits. Insurers can monitor how well you manage your health by using various smartphone apps that include tracking features such as steps taken per day, sleep patterns, and so on. Aside from that, they can look into whether you follow a specific health regimen, such as practicing yoga or running marathons. The criteria for earning wellness points vary by insurer. These benefits provide the customer with a monetary incentive to take better care of their health. It could be in the form of a reduced premium, a full premium waiver, a higher sum assured, vouchers, or free services at the time of renewal.

Prevention is better than cure

The idea that prevention is better than cure is not new. It is always important to focus on what is important to individuals in order to promote better health and well-being and prevent illness. A core principle of enhancing the population's health is the promotion of healthy lifestyles and the prevention of illness.

The overall goal of wellness programmes is to create a risk pool that protects customers from diseases and disabilities. Moreover, insurers will benefit from a "win-win" situation because fitter customers mean fewer claims. Additionally, because most insurance providers base premiums on the fitness of the policyholder, you will pay a lower premium than an unfit person. 

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