Health and Wellness Insurance

Living a healthy, active lifestyle pays off. Especially when it comes to private medical insurance rewards.

Taking out a plan which monitors your lifestyle choices can help some of us lower our insurance premiums.

Find out more about how Health and Wellness Insurance works.

What is Health and Wellness Insurance?

When taking out a private medical insurance plan, some insurers will offer rewards to customers who agree to monitor their health and lifestyle and make improvements.

For more information on how Private Medical insurance works, read our guide to the many different types here and the FAQs article here.

How Can I be Rewarded by my Insurer for Improving my Health?

There are a number of different rewards on offer in the UK private health insurance market. These may include:

  • Discounts on premiums
  • Discounts on premiums for those who want to convert Term Life Insurance to Whole of Life Cover
  • Annual Cashback
  • Discounts on gym membership and health club memberships
  • Discounts in high street shops, including money off sports shoes, bikes etc.

How Is My Wellness Monitored by Insurers?

For those who choose to take out a wellness deal on their health insurance, providers have a number of different methods to track your progress.

  • Activity Trackers – Via a smartphone or with other technologies, you can track your daily footstep count and submit the details to your participating insurance provider.
  • Events – Some insurers run regular exercise events where policyholders can meet to improve their fitness together. Taking part in these fun-runs, for instance, can give you ‘points’ towards your progress.
  • Health Checks – Some insurers will do regular (say, annual) health checks on its members, the results of which can be used to recalculate insurance premiums for healthier participants. You may be checked for your blood pressure, BMI and cholesterol levels and other indicators of overall health.

Let’s Look at a Wellness Program Health Insurance Example;

Jenny is 30 and has taken out a private medical plan that offers her incentives for maintaining a healthy lifestyle. By collecting enough ‘lifestyle points’ in the space of one year, she can lower her premiums by a maximum of 40%.

Jenny likes to jog in her local park and agrees to wear a monitor when she goes out for a run. She also agrees to an annual health check to track her progress. She has also taken up the 60% membership discount offer in her local participating gym.

Jenny’s plan offers her basic rather than comprehensive cover, but she is happy with her policy and the new discounts applied to her premiums.

What are the Benefits of Wellness Monitoring in Health Insurance?

  • Discounts on Premiums – Discounts on premiums of up to 40%, in some cases, can make a huge difference to your monthly budget. If you are confident that you can maintain a fit and active lifestyle, you could ‘up’ your levels of private medical coverage, with the money you saved in your conventional plan.
  • Discounts Elsewhere – Joining as a regular member of a gym could cost you around £30 a month, maybe less, maybe more, depending on where you live. With some insurers, you can get heavily subsidised or in some cases, free gym membership. For some people, money can be a huge barrier to exercising. Therefore, help with these costs can act as a motivational force to get healthier.
  • Improving your Health – It goes without saying that monitoring your health and lifestyle closely can have a positive impact on your wellbeing. You may find that the financial incentive to look after yourself is inspiring enough to make you go the extra mile and find new ways to stay active.
  • Family Impact – By working with an insurer to improve your health, you may find that the positive effects trickle down and inspire your children, partner, friends, and other family members to get fit too.
  • Discounts Applied Regardless of Claims – Even if you have yet to make a claim on your private health policy, many providers will apply your discounts earned through their wellness program.
  • Specialist Advice – Many insurers will provide resources to help their customers learn how to lead a healthier lifestyle. For many, information on nutrition and fitness may be just what they need to make improvements to their wellbeing.

What are the Pitfalls of Wellbeing Programs in Private Healthcare Insurance?

  • Premium Rises – Your premiums may rise, even if you were to take part in a wellness plan. As you get older, or your health deteriorates, you may be more likely to claim on your insurance.
  • Continued Claims – Looking after your health, eating well and exercising regularly may not prevent you from making a claim on your private health insurance. In fact, it may have no preventative impact on possible future health difficulties.
  • Pre-Existing Health Conditions – You may have a pre-existing condition that cannot be covered by your plan. This condition, or other disabilities, may prevent you from participating in a wellness scheme and accessing the discounts available to other customers.
  • Internet Access – Some programs monitoring health require you to access an online portal regularly to input data, or buy a wearable monitor of some description. For those who find it difficult to access the internet and use technology, some of these wellness plans can be off-putting.

What are The Alternatives to Wellbeing Programs in Health Insurance?

  • Health Cash Plans – These health insurance products allow you to claim back money from private medical treatments and appointments, to help lower the cost of healthcare. If you did not want to pay for a core insurance product because you don’t know if you will claim enough to make it worth your while, this option may offer you savings where you need them. Find out more about Health Cash Plans here.

If you would like to find out more about wellbeing programs within the private medical insurance market, get in touch with an independent private medical insurance broker. They can offer you a free, no-obligation quote to suit your requirements.

Quick friendly service. I was quite confused about what my family and I required but the policy options were quickly clarified and I got a great price and top service. Emily Thompson, Bath

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