How Do You Get A Wellness Discount While Buying Health Insurance?

Here's another positive shift – people are increasingly using their wellness points during health insurance renewal to enjoy discounts on their premiums. This also reflects how there is a drastic shift in the mindset of people today.

But is there a reason?

How the pandemic was a gamechanger

There are many who attribute this shift to the pandemic. A global health crisis like the COVID-19 went on to show how your health is more critical than anything. People chose to slow down and take care of their bodies and minds, giving these areas far more priority than they ever did. Immunity was the buzzword and several home remedies were discussed to boost strength and stamina. Fortunately, this is here to stay.

Moving back to health insurance, how does one make use of this shift through wellness points, and what is the best way to use them?

What are wellness points?

Before we understand what wellness points are, you will be amazed to know that the average discount that a customer receives on renewal of their health insurance policy through wellness points is 15%, while the maximum is 100%. This is a benefit they receive on their premium.

The wellness discount is calculated, taking into consideration parameters like blood sugar levels, cholesterol, hemoglobin, blood pressure, and step count, among others. For instance, if you maintain a healthy lifestyle and follow an exercise regime, you can receive a discount of 10% through wellness.

How does it work?

There are several insurers today that offer these benefits. As a policyholder, if wellness benefits are available to you, you can either register for various parameters on single or multiple apps. It also includes filling in online health assessment forms or enrolling in disease management programmes. Your yoga or gym membership is also going to get you higher points.

What's more, insurance companies are now partnering several health apps that help to monitor the policyholder's health. The best part is your motivation to lead a healthy lifestyle can earn you benefits like no other!

In fact, as per statistics revealed by the International Data Corporation (IDC), the wearables market in India has grown by leaps and bounds – registering a record 144.3% year on year in 2020.

How did these benefits get introduced?

Interestingly, the Insurance Regulatory and Development Authority of India (IRDAI) introduced guidelines on preventive and wellness features, wherein insurance companies can offer incentives to policyholders who meet certain wellness criteria.

It was in 2019 that the Fit India movement was launched; within a year, these wellness benefits were introduced by insurance companies to advocate a healthy lifestyle.

Why is it so? When an individual is not inherently healthy, they are more prone to illnesses. This means the claims will go up for health insurance companies, and they have to settle them. By introducing wellness benefits, the idea is to motivate policyholders to build a healthy lifestyle, and at the same time, reduce their claims. All in all, it benefits both parties

The last word

Isn't this simply amazing? If you are still feeling lazy about starting that healthy diet or going for that run or jog, it's time to take the leap now. Don't forget to build a healthy lifestyle and at the same time, check with your insurer about the policy terms. You must also renew your policy on time, so that you don't have to bear medical expenses from your own pocket.

At the end of the day, you can prepare yourself beforehand and take the requisite steps!