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Wellness features in health insurance make sense

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Insurance companies have started offering additional benefits with their policies. Cigna TTK Health Insurance recently launched a ProHealth Plan that helps individuals deal with problems such as stress, overweight, smoking and irregular sleeping.
It also offers an optional ‘health coach’ programme for those with pre-existing diabetes and hypertension. A qualified dietician sets goals for the insured, such as keeping sugar levels in check, weight loss and maintaining blood pressure. “On achieving each goal, an individual accumulates points that can be used to reduce premiums or enroll in other health-related programme,” says Jyoti Punja, chief distribution officer.
Similarly, Apollo Munich Health Insurance offers an Optima Restore plan, wherein policyholders can get many benefits, such as customised diet and exercise plan and online health assessment. Bajaj Allianz General Insurance has tied up with about 40 service providers to provide a chat with doctor, chat with specialists for second opinion, personalised diet charts and discounts on gym membership with all its health products, according to Abhijeet Ghosh, head — health administration team.
“Insurance companies have been looking at different ways to reduce risks in their portfolios, as the insurance regulator no longer allows them to terminate a policy mid-way. They are introducing wellness and disease management features to ensure that their policyholders are healthy and claims reduce in the long term,” says Ramani Vaidyanathan, vice-president — health insurance at Policybazaar.com.
In fact, after the regulation change, insurance companies have been very cautious of individuals with pre-existing chronic diseases, and it’s very difficult for such patients to get a regular health insurance. Some insurers have started launching plans exclusively for such individuals and incentivise them to keep their disease in check.
Companies offering wellness and disease management have also kept their premiums competitive. For a 40-year-old man opting for a Rs 5 lakh cover, the premium for Apollo Munich’s Optima Restore comes to Rs 8,415. The same cover from other insurers, which don’t offer a wellness programme, ranges between Rs 7,800 and Rs 8,400. Cigna TTK, on the other hand, charges a premium of Rs 7,924 for a 40-year-old opting for Rs 5.5 lakh insurance under ProHealth Protect Plan. If someone with the same profile has diabetes, he will need to shell out Rs 9,112 for premiums.
It’s worth opting for an insurance cover from someone offering disease management for a pre-existing ailment. “If you go for disease management on your own, it can cost around Rs 7,000-Rs 8,000 for a three months. These companies offer it at no extra cost. In addition, if a person maintains good health, he also gets discount on premium for the next year,” says Mahavir Chopra, director health, life and strategic initiatives at Coverfox.com

Experts say before opting for a plan with wellness benefits or disease management, do go through the features on offer. Opt for them only if there’s real benefit. Many insurers only provide a discount and nothing more. Don’t fall for such gimmicks.
BusinessStandard New Delhi, 1st June 2016

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