More recently, people have become increasingly aware of their health and overall well-being. From maintaining a healthy work life balance, to making informed choices to ensure appropriate nutrition in their meals or establishing a routine that enables adequate sleep & regular workouts, people have started prioritizing their health. Consequently, their demands are also changing, aligning with their health focused needs. They now seek good health and wellness solutions in almost everything, including their health insurance.
Aligned with the thought, Insurers like Care Health Insurance are continually striving to provide innovative and comprehensive coverage options for their customers. One such development that has gained significant traction over the past couple of years is the incorporation of wellness benefits in health insurance plans. This emerging trend has captured the attention of both insurers and policyholders alike, reshaping the way we think about comprehensive health coverage.
Shifting Focus to Preventive Care
Traditionally, Health Insurance policies generally covered medical expenses that occurred due to treatment of a health condition. However, inclusion of wellness benefits where you accumulate a certain number of active days, also called ‘Healthy Days’, that you have had in a policy year by keeping a record of step counts, and avail exciting discounts on your renewal premium, have received an overwhelming response in the industry. Health Insurance products have made this paradigm shift towards preventive healthcare. Wellness benefits like maintaining ‘Healthy Days’ encourage policyholders to take charge of their own well-being. Other incentives that have made their way into preventive healthcare management are regular health check-ups, access to fitness centers, wellness coaching and nutrition counseling to maintain a healthy lifestyle.
Simultaneously, many corporates/ small & medium enterprises offer health insurance plans with wellness benefits as part of their employee benefits package as well. This not only helps attract and retain talent but also contributes to a healthier and more engaged workforce.
Customized Coverage & Incentive Options
Another reason behind wellness benefit popularity is the customization they offer. Policyholders can select wellness options that align with their specific health needs and goals. This flexibility allows individuals to tailor their health coverage to their unique needs and circumstances, creating a sense of empowerment and ownership over their healthcare.
One of the other reasons for the traction around wellness benefits is the financial incentives they provide. ‘Earn and Burn’ wellness program is another initiative by Care Health Insurance that rewards members with wellness points for taking care of their health. Policyholders can redeem reward points to pay up to 10% renewal premium where 1 reward point = INR 0.25, by submitting fitness activity reports on Care Health – Customer App. Preventive health check-up reports, proof of certified participation in marathon/ cyclothon, yoga/ weight management program, daily step count sync report from wearable app are some of the reports needed to earn reward points.
Conclusion
Increasing popularity of wellness benefits in health insurance is not just a passing trend; it’s a response to the changing landscape of healthcare. By focusing on proactive wellness, providing financial incentives, and customized plans to focus on individual needs, these benefits are reshaping the way we approach Health Insurance. They offer a win-win situation for both insurers and policyholders, promoting healthier lives and reducing long-term healthcare expenses. As the exposure around wellness benefits continues to grow, it’s safe to say that they are here to stay, and their impact on the industry and individual well-being will only become more significant in the years to come.