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Beyond Hospital Bills: How Health Insurance Plans Are Promoting Overall Wellness?

Moneymagpie Team 12th Apr 2024 No Comments

Reading Time: 3 minutes

Health is among the most incredible forms of wealth in the true sense. No matter how much money you have, you cannot enjoy the comforts that money can purchase if your health is not in excellent shape. Despite this, our health has taken a back step in today’s busy world of making money. To break out of this new normal, health insurance plans in India give wellness benefits. Read on to learn more.

Why Does Health Insurance Offer Wellness Benefits?

Several health insurance companies now include wellness benefits in their health policies. It offers incentives to customers who live a healthy lifestyle. As a result, they urge policyholders to monitor what they eat, how much they sleep, and how fit they are.

In fact, the Insurance Regulatory and Developmental Authority of India has issued new rules directing insurance firms to include preventive health and wellness benefits in health insurance policies to promote fitness and good living. The regulatory authority has permitted insurers to offer these wellness benefits as built-in and optional/add-on coverage.

The various types of wellness benefits in health insurance are listed below:

Policy Premium & Renewal Discounts

Health points earned via wellness programmes can be used for your health insurance premium. When you renew your medical plan, your insurance premiums are generally changed. Insurers renew your premium based on your record during the insurance period. If you wish to minimise your renewable premium, you can use reward points acquired via wellness programmes to receive a lower rate.

Second Medical Opinion

You can seek a second medical opinion on a diagnosis to make the best decision for your health. Some medical insurance plans cover the cost of a second consultation. To use this benefit, you must notify the insurer of your plan to seek a second opinion and fill out a particular form. This service allows you to assess the severity of your medical problem and take appropriate actions towards treatment and recovery.

A Personal Wellness Coach

Monitoring your diet and exercising regularly impacts your general well-being. While plenty of material is available online to help you on your health journey, exercise is not a ‘one size fits all’ strategy. You must tailor your food and workout programme to meet your body’s needs. This is where a personal wellness coach may assist you. Since they are considered preventative care professionals, many insurers cover wellness coach services in their wellness programmes.

Discounted Health Examinations

Preventive health care includes medical checkups, health screenings, and vaccines. These capabilities allow you to monitor your health and detect problems or diseases early. Detecting diseases in their early stages allows for remedial intervention before the sickness worsens. To that purpose, insurers support you by offering inexpensive health checkups and tests. You may check this benefit by reviewing your insurer’s wellness programme.

Membership Vouchers for Fitness Clubs

The IRDAI’s wellness benefits include health maintenance as a critical component. To maintain your health and optimum shape, you may choose to join fitness clubs, including gyms, sports clubs, yoga studios, and other fitness facilities. To assist you on your trip, several health insurance companies issue membership coupons or reward points that may be used to minimise joining expenses. Consistent participation in any of your chosen fitness clubs can improve your health.

Summing It Up

Preventive health and wellness benefits encourage policyholders to have a healthier lifestyle. This is why India’s Insurance Regulatory Developmental Authority has urged health insurance carriers to include various wellness features in their plans. So, verify your insurance contract and review the wellness benefits your insurer provides. Remember to instil good lifestyle behaviours and gain as many points as possible to maximise your opportunities.

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

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Jasmine Birtles

Your money-making expert. Financial journalist, TV and radio personality.

Jasmine Birtles

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