How Yoga Helps You To Lower Your Medical Insurance Cost?

To say that yoga has taken the world by storm would be an understatement. Statistically speaking, an estimated 300 million people around the world practice yoga. ^[1] With growing awareness of yoga’s benefits and an increased interest in wellness practices, the number is likely to increase. The benefits of yoga are indeed exceptional and extensive, ranging from physical wellness to mental betterment and even spiritual growth. Yoga can improve strength, heal back pain, improve mood and energy levels, benefit heart health, help you sleep better, and much more. ^[2] However, did you know that it can bring you some financial benefits as well, mainly in the form of reduced health insurance premiums? Wondering how that can be so? Let us explain.

How Does Practising Yoga Reduce Your Health Insurance Premium?

To understand this, let’s first learn a bit about how health insurance premiums are generally calculated:

1. There are a few factors which are taken into consideration by most insurers during the premium calculation. Most of these factors assess the risk profile of the individual. One such factor is the health of the individual looking to insure their health.
2. The current health condition of the person as well as their medical history is considered. A person who is healthy might be quoted a lower health insurance premium because the chances of them raising a claim are low.
3. On the other hand, a person who has been hospitalised multiple times previously and has a higher risk of illnesses may be quoted a higher premium. This is because the chances of them raising a claim are also greater.
4. People who are older often end up paying higher premiums than their younger counterparts for this very reason. Older people are more susceptible to illnesses and hence, they are more likely to raise claims. That is why, tools such as the health insurance premium calculator, too, require you to enter your age to give you the premium estimate.
5. People who practice yoga regularly are likely to be healthier than people who don’t. Due to the numerous health benefits of yoga, its practitioners may have a better and healthier lifestyle than others. Hence, an insurance company may quote a lower premium to individuals who practise yoga.

Practising Yoga Can Help with Your Health Insurance in Other Ways

Along with reducing your health insurance premium, practising yoga can help you with other financial aspects of your health insurance plan:

-  Higher chances of a cumulative bonus *

It is a kind of bonus given to policyholders who do not raise claims within a policy period. Essentially, your sum assured increases by a certain percentage for each claim-free year with this bonus. If you practice yoga, you likely have better health. When you can avoid major health issues due to yoga, you need not need raise claims as well. This means that you have better chances of receiving cumulative bonuses and enjoying more health insurance coverage at the same price.

-  Wellness rewards ^#

Insurance companies these days offer rewards and points to their policyholders if they live a healthier lifestyle. These rewards may usually be in the form of savings on your premium or other financial benefits if you are eligible. If you are a regular yoga practitioner, you are likely to be eligible for these rewards and get to reap their benefits.

Other Ways to Reduce Your Health Insurance Premiums 

While practising yoga is beneficial in many regards, there are other ways you can lower your health insurance costs. These include:

-  Buying health insurance early 

As mentioned earlier, older people tend to pay higher premiums for their health insurance policies. If you buy health insurance early, not only do you get the benefit of lower health insurance premiums but also get to enjoy coverage for a longer period.

-  Avoiding vices 

Practising yoga may not bring any benefits, health-wise or financially if you indulge in unhealthy practices such as smoking or heavy drinking. These habits have been known to be the cause of dangerous illnesses, such as cancer, liver issues, heart problems, and so on. Hence, if you wish to have lower health insurance costs, you should eliminate such unhealthy lifestyle practices.

-  Avoiding coverage you don’t require

When customising your health insurance plan, ensure to choose a plan that suits your needs within your budget. Avoid opting for additional riders or coverage aspects that may seem tempting at the time but may not be useful in the long run. In conclusion, practising yoga can be quite beneficial in many regards. It can help improve your health in many ways and thus, reduce your health insurance premium costs. There are other ways of reducing those costs as well. You may want to consult an agent or an advisor for more details on the topic.   * Standard T&C Apply # All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.