Unlocking The Potential Of Wellness Benefits In Health Insurance Plans

As health issues are becoming increasingly common among people of all age groups, taking good care of one's well-being is crucial. While adopting healthy lifestyle habits is key, it is equally important to have health insurance coverage and opt for regular health screenings for early diagnosis and timely treatment. A comprehensive health insurance plan offers various benefits, one important one being wellness rewards for maintaining a healthy lifestyle. Let’s understand how wellness benefits in health insurance can work for you.

Understanding Wellness Benefits In Health Insurance

Wellness benefits in health insurance are incentives or rewards provided by insurance companies to encourage policyholders to adopt healthy lifestyle habits and prioritise their overall well-being. These benefits are designed to promote healthier living and preventive care, which can ultimately reduce the long-term burden on the healthcare system. Many insurance companies include wellness benefits as part of their health insurance plans to motivate policyholders to inculcate healthy habits.

Under the guidelines set by the IRDAI, insurers can offer incentives to policyholders who meet specific wellness criteria.

The following are the key features of wellness benefits in health insurance:

Incentivises healthy living

Many health insurance plans include wellness benefits in the form of rewards to encourage policyholders to prioritise their health.

Progress monitoring

The health insurance provider may track the policyholder’s progress through mobile apps or digital devices. This is done to motivate policyholders to consistently engage in wellness activities.

Reward points for healthy living

Policyholders can earn reward points for adopting and maintaining healthy lifestyle habits. They can redeem the earned reward points for discounts on policy premiums, concessions on medical and pharmacy bills, and more.

Policyholders can refer to their health insurance policy documents to understand the indicators of a healthy lifestyle that qualify for reward points.

Proposed Guidelines On Wellness Benefits

Adopting healthy lifestyle habits is crucial in promoting health and reducing medical expenses. With this in mind, the IRDAI has mandated the inclusion of wellness features in health insurance plans to promote health and fitness among policyholders. Its guidelines state that under wellness, insurance providers can offer services similar to those offered by network hospitals and other empanelled service providers. These services may include:

1. Health check-ups or diagnostic services
2. OPD consultations and treatments
3. Cost of medicines

In addition to these, insurance providers may also offer the following wellness benefits to policyholders:

1. Redeemable vouchers: This is a valuable benefit offered by insurers, where policyholders earn vouchers as rewards for maintaining a healthy lifestyle. They can redeem these vouchers for various health products or services, such as discounts on gym membership, yoga centres, medical consultations, health examinations, health supplements, and more.

1. Discount on policy premiums: Insurance providers also offer reduced premiums to policyholders who maintain a healthy lifestyle. This discount acts as a reward for adopting healthy habits as well as an incentive to continue them. Since healthier individuals are less likely to file claims, this helps reduce the financial burden of insurance providers, benefiting both the policyholder and the insurer.

1. Increased sum insured: Some insurers may also offer policyholders higher coverage as a reward for maintaining a healthy lifestyle. By exercising and adopting preventive health measures, policyholders become eligible for an increased sum insured. This benefit can provide them with additional financial protection, especially during expensive medical procedures.

1. A personal wellness coach: Insurance providers may also include wellness coach services as part of their wellness benefits. The coach helps policyholders set and achieve health goals, such as weight management, fitness, stress reduction and improved nutrition. They can create customised diet plans and exercise routines tailored to individual needs, ensuring maximum health benefits.

Wellness Benefits – Exclusions

The IRDAI guidelines specify that insurance providers cannot offer discounts on third-party services or merchandise. For example, they cannot provide a discount on a gym or health club membership fee just because they have a partnership with them.

Conclusion

The inclusion of wellness benefits in health insurance plans is a smart way to encourage policyholders to adopt healthy lifestyle habits. Insurers offer various rewards under this benefit, such as increased coverage, discounts on policy premiums, redeemable vouchers and easy access to wellness services. These rewards not only incentivise healthy living but also ensure improved health outcomes and enhanced financial security for policyholders.

In addition to health insurance, it is also wise to stay covered under a critical illness insurance policy for those uncertain times. If you get diagnosed with a life-threatening condition, the insurer will provide a lump sum to help you cover your medical bills and other day-to-day expenses. This plan offers much-needed financial relief during stressful situations.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.