welUp vs. Health Insurance: A Comprehensive Comparison

They are looking for inclusive wellness services that incorporate dental and cosmetic treatments, mental health programs, preventive care, and support for elective healthcare procedures.

According to IRDAI Health Insurance Updates, 2024, India is experiencing a health coverage gap of around 73%, with over 40 crore people not covered.

This illustrates the need for more uncomplicated health and well-being services and a greater understanding of health developments. However, growth rates have drastically dropped to about 10% from the previous 20%, even while traditional health insurance premiums have surged, with data topping ₹1 lakh crore in just ten months of the current fiscal year.

This situation makes it very evident that fresh thinking is required.

welUp is a modern comprehensive healthcare plan that matches the needs of modern employees with features like a ₹5 lakh credit limit available on zero-cost EMIs and an annual benefit package valued over ₹25,000.

In this blog, we compare standard healthcare insurance with welUp in detail, looking at the main differences, benefits, and lasting impacts on employers and employees.

The Health Insurance Landscape

For many years, health insurance has been the primary approach for preventing expensive medical emergencies. Typically, this model focuses on measuring critical medical incidents or events, such as significant treatments, operations, and hospital stays. 

While millions of people have taken advantage of this model in managing unpredictable medical costs, it is mostly reactive instead of proactive. Employees have protection against catastrophic events that happen with insurance, but they often lack when it comes to resources for regularly maintaining good health.

The increasing cost of standard health insurance for people as well as corporations is one of the most critical issues.

According to recent data, the number of insured people is decreasing even though premiums have increased significantly, more than ₹1 lakh crore in the first 10 months of the current fiscal year (Business Standard's Report, 2024).

Premiums are continuously rising as a result of growing healthcare expenses and medical inflation. Due to complaints involving diseases brought about by air pollution, insurers in metropolitan areas such as New Delhi are even considering a 10% to 15% hike in premiums ( Source: The Economic Times, 2023). This development puts a large segment of the population at risk of financial loss in case of a medical emergency, besides making health insurance more challenging for many.

Mainly, standard health insurance schemes focus on covering the expenses of expensive medical treatments and hospital stays. The preventive care available is still limited and does not provide services for general health issues, let alone general health services such as dental checkups, counselling for mental health issues, and aesthetic surgery. 

The process of making a claim can also be complicated, including a network of approved hospitals and plenty of documentation, which delays care and places an extra administrative burden on employers and employees.

Introducing welUp: The Next Generation Employee Wellness

After identifying the shortcomings of traditional insurance, SaveIN launched welUp, a platform for employee wellness that covers all medical requirements. welUp is about building an ecosystem that supports employee health every day, not just about reducing the financial burden of hospital costs.

The platform offers a range of services that go beyond typical insurance's reactive approach and is made to be more accessible and inclusive.

Key Features and Benefits

• Unlimited consultations: Unlike standard insurance (which has a total number of consultations each year), welUp provides an unlimited number of consultations through licensed health professionals across homeopathy, allopathy, and ayurveda.
• Regular and Preventive Health Check-Ups: welUp provides free yearly full-body health examinations as part of its emphasis on preventive treatment. By assisting in the early identification of possible health problems, this strategy lowers the risk of developing serious illnesses that eventually necessitate hospitalisation.
• Dental and Cosmetic Care: welUp provides free dental examinations, cleanings, and cosmetology treatments since we understand that looks and oral health also have a big impact on our overall health. Traditional health plans tend to overlook these services.
• Mental Health Services: welUp offers free mental health consultations with licensed psychologists. By taking a proactive stance, mental health concerns are addressed before they become more significant.
• Financial Flexibility: One of the standout features of welUp is its innovative financial model. Through free EMIs, employees can obtain a credit limit of up to ₹5 lakhs, which covers more than 200+ healthcare services. Employees may now more easily and affordably access advanced medical services like IVF treatments, cosmetic procedures, and specialised dentistry work due to this facility.
• Extensive Healthcare Network: welUp collaborates with more than  7,000+ reputable medical facilities in more than 100+ cities. No matter where they work, employees will always have easy access to high-quality healthcare services through this extensive network.

The Employer’s Advantage

The advantages of implementing welUp for organisations go beyond enhancing employee wellness. Employers can lower absenteeism, boost productivity, and enhance staff retention by offering a full wellness program that addresses preventive and reactive healthcare requirements.

Moreover, the cost-effective business model of the platform ensures that businesses can participate in employee well-being without severely affecting their bottom line by offering an annual benefit package worth the cost of a coffee.

Employers have a huge opportunity by moving away from typical insurance and adopting a holistic wellness platform like welUp. Improved productivity and fewer sick days indicate a healthier workforce. Benefitting from an employee's wellness means employers will access top talent that is attracted to improving their health and lives. 

Providing an employee wellness program that decreases long-term health care expenses while increasing worker satisfaction can be a powerful attribute in an environment with competing companies for the same employees. 

A proactive approach to preventive measures and decreased absenteeism results in organizational savings and productivity, and it helps the organization become a better functioning organization, or in other words, improved organizational performance.

Health Insurance vs. welUp

To better comprehend the differences between welUp and traditional insurance, let's break down the comparison into a few key elements:

Level up with welUp

With the launch of welUp, organisations' perspectives on employee healthcare have undergone a significant change. welUp is filling the void created by conventional insurance models by combining technology with a wide range of health services. The platform was designed to enhance ongoing health management through regular consultations, preventive care, and mental health services, in addition to covering costs for expensive health care.

To conclude, platforms like welUp are enabling a new world of employee health care that is proactive, inclusive, and designed to fit the needs of today's workforce, while old health insurance models continue to be an important tool to manage costly medical catastrophes.

Complete wellness solutions such as welUp are the right strategic way to invest and can have profound benefits to employers and employees in the future as organizations navigate increasing costs for health care expenses and changing employee expectations.