Health Insurance Rewards For Staying Fit
Most of our lives in recent times has become extremely fast-paced and sedentary. Additionally, with the cost of medical care skyrocketing, keeping in good shape and having effective health insurance is more important than ever before. Recently, the Insurance Regulatory and Development Authority of India also came out with guidelines on wellness and preventive features as a way to motivate policyholders to improve and maintain their overall health. Insurance companies now offer reward points for remaining fit. But how does this all work? Read this article to find out.
What are the IRDAI Guidelines for Health Rewards?
The following are the guidelines that the IRDAI has prescribed to insurance companies to provide their policyholders:
- Preventative Healthcare: The new IRDAI emphasizes the importance of preventative care and offers coverage for it. This usually comes with providing coverage for outpatient costs, such as doctor’s visits, pharmaceuticals, diagnostic tests, and health check-ups, allowing policyholders to keep a check on the condition of their health.
- Wellness Program Benefits: Health insurance companies offer vouchers for wellness programs such as gym memberships or coupons for health supplements. If taken up by the individual a premium discount is also often offered at the time of renewal.
- Extended Coverage: The IRDAI guidelines have also urged insurance companies to offer more coverage for inpatient hospitalisation. A number of things that were out-of-pocket expenses for policyholders will be offered as a part of the wellness program.
What is the Objective of Such Guidelines?
The IRDAI guidelines are not mandatory, they are an advisory from the body that can be molded by the insurance companies. Each insurance company provides rewards in a different manner. However, the objective of the program is the same. The first objective is to promote the idea of healthy living to society at large. The wellness benefits the companies offer will be available either as part of the policy itself or as an add-on. The second objective is to improve the claim experience for the companies. Customers that work towards their health, in the long run, prove to make fewer claims for health insurance. Overall, staying healthy is a win for both the insured and the insurer.
In a nutshell, as an initiative to promote individual fitness, overall health, and preventive healthcare the IRDAI has created certain guidelines. These guidelines prescribe certain wellness benefits or vouchers that help this initiative further. In the long run, policyholders with better health is a win-win for both the health insurance companies and customers. Make sure to check out if your health insurance plan is offering such benefits. Click here to check and compare health insurance plans.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.