World Health Organization (WHO), the UN body responsible for public health globally, observes ‘World Health Day’ on April 7 every year, the day it was founded in Geneva, Switzerland, in 1948.
The theme for this year’s World Health Day is ‘Health for All’, and for good reason too. In this fast-paced lifestyle of today, this day comes as a good reminder not to ignore health. When your health is down, it will invariably drain your wealth too. Also, the Covid-19 pandemic showed the world the importance of immunity and overall health, and how day-to-day habits, which if you do not pay attention to, can considerably affect your health and finances.
But don’t worry. There are ample ways to save on your health expenses, and inculcate healthy habits, and through your health policy itself. Here’s how to make the most of your health policy this day.
Buy Health Insurance: Health insurance is the first thing you should get to save yourself from unexpected medical expenses. Despite being in good health, in case one has to visit the doctors, or gets hospitalised, the costly treatment these days can make a hole in your pocket.
Getting health insurance at a young age can save you a considerable sum of money because the premiums are low at a younger age.
But that’s not all. Maintaining good health will fetch you additional benefits on your health policy, too.
In September 2020, the Insurance Regulatory and Development Authority of India (Irdai), issued guidelines for including wellness and preventive features in health insurance plans by the insurers. These wellness benefits come in various forms and are offered to the policyholder as an incentive to stay fit.
Personal Coach: Some insurers provide wellness coach services where they offer personalised guidance, such as a diet chart, and exercise regime, and based on your health, also suggest measures.
If you follow the regime and stay healthy, you get reward points. With this additional service on your policy, you need not go to a gym, or seek help from a dietician. This way, you also save on money.
Reward Points: Some health insurance companies offer reward points for maintaining the health criteria of your plan. You may use these points to get discounts on medical check-ups and related bills in the insurance companies’ network group of hospitals and facilities, and save money.
Discounted Premium: Besides getting the perks for staying fit, some insurers offer monetary benefits in terms of premiums. If you do not make a claim in a year, they reduce the premium. This is a direct cash benefit to the policyholder if they renew the policy from the same company.
Higher Sum Assured: Another wellness benefit is the higher sum assured for the policyholder who does not make the claim in a year. Every year, the premium amount remains the same, but the sum
assured increases if no claim is made. This works as a motivator for the insured to renew the policy. Over the years, it helps in saving lots of money on premiums for a higher sum assured.
Saving money on health insurance is important, but staying in good health should be the aim for the simple reason of not getting into the hassles of visiting doctors, and spending thousands of rupees on medication.
These measures could include exercising regularly, paying attention to dietary habits, ensuring necessary water intake, and keeping around the health conscious and fit to remain in good health and thus save a fortune in the long run.
Health is wealth, and April 7, 2023, the 75th anniversary of the WHO might just be a good way to start your personal health journey.