You might be aware that health and wealth ride in the same boat. It might fascinate you to know that health also impacts your health insurance. Yes, health insurance companies can reward you for maintaining good health.
Here’s how:
Rewarded for staying healthy
Is staying healthy a form of preventive healthcare? Think closely. A healthy body can be free from various lifestyle disorders and illnesses. This can be a win-win policy for both you and your insurer.
With this idea, health insurance companies are offering rewards for staying healthy. Recently, in September 2020, the Insurance Regulatory and Development Authority of India (IRDAI) announced newer guidelines for wellness rewards for policyholders to maintain good health.
Here are a few common questions you may have about wellness rewards in health insurance:
What are these rewards?
As per the new IRDAI guidelines, these rewards can be in the form of points, redeemable vouchers for purchasing wellness products, coupons for specific wellness programs or centres like yoga, gymnasiums, fitness and sports centres and more.
These products and rewards offered have to be from the list of incorporated products that have followed the Product Filing Guidelines by IRDAI.
Apart from these, you can also get discounts on your health insurance premium, or complementary addition to your sum insured, coverage of specific non-medical expenses. This would be based on your wellness policy regime at the time of renewal.
How are the rewards offered?
These wellness rewards are generally offered in the form of wellness points. These wellness rewards or features are also offered in the form of add-on cover or as optional in your policy.
Please note that there is no additional cost to value addition in health insurance offered under this wellness program.
What is not included?
As per the IRDAI guidelines, third party services or merchandise discounts will not be a part of the wellness rewards. Meaning, your health insurance provider cannot offer you a promotional discount for a sports club just because of its tie-up with the same.
Also, any reward that is not incorporated as per the Product Filing Guidelines by the IRDAI cannot be included.
Is there any eligibility criteria?
There are no eligibility criteria as such for the wellness program in health insurance. You can benefit if you are insured under any health insurance cover. This automatically makes you eligible for earning wellness points.
What kind of activities can help you accumulate wellness points in health insurance?
Generally, these activities can include specific diagnostic tests, including a lipid profile, heart-related screening, medical risk assessment and other such test reports.
Wellness activities can also include certain memberships (such as yoga), participation in specific sporting events or fitness events, a self-declaration of quitting addictions (such as tobacco), health and fitness quizzes and more.
How do wellness points work?
For most health insurance companies, you need to undertake specific wellness activities and submit documentary proof within a specified period.
Your wellness points can also be carried forward up to a specific period specified by your insurer. These points are generally subject to a maximum limit that may be different for different health insurance providers. This maximum limit is also different for personal health insurance and family floater plans.
What are the expenses against which you can redeem your wellness points?
Depending on the wellness policy guideline of your health insurance provider, you can redeem your points on the following:
- Consultation charges
- Drugs and medicines
- Dental expenses
- Diagnostic care
- Wellness and preventive care
Apart from these, you can reimburse your points against any other expenses not covered under your health insurance.
If health is wealth, then health insurance is about being rewarded for staying healthy
To conclude, if you are focused on your health as much as your wealth, you will be rewarded by your health insurance provider.
Therefore, to get optimum benefits from your health insurance policy, staying healthy is the key.
Read Benefits of buying health Insurance