The world now offers access to more data about our health than it has in the past, allowing us to build more personalized health and life insurance plans. The technology of wearables and remote monitoring has significantly advanced in recent years.
Wearable fitness devices have the potential to not only get you moving but also save your life. Wearable fitness devices enable you to set goals for increasing the number of steps you take each day, track your workouts, and give you valuable knowledge about your sleep.
Studies have shown that individuals who employ fitness trackers (devices that systematically record your movements such as a pedometer, wearable device, or smartphone application) can walk greater than half a mile each day, especially if they set a target.
Some life insurance providers might offer you a discount on your insurance policy if you wear a fitness tracker, whether you take a whole life insurance policy or a term life insurance policy. Exercise trackers encourage you to exercise by counting steps.
Using fitness trackers can lead to greater engagement and awareness of behaviors, which is the first step in making meaningful, sustained lifestyle changes. By offering incentives on devices to employees of physically demanding jobs, insurers are promoting prevention.
Why Insurance Companies Give Discounts with Fitness Trackers
In recent years wearable technology has gained acceptance for its ability to help people improve their health. Using this information together with information provided to insurers, insurance companies can gain a comprehensive insight into the habits of their clients. This can include eating habits, exercise, or sleep-related information.
Insurance companies hope you live for as long as possible so that they can continue collecting their monthly premiums. An increased physical activity level contributes to heart health and diabetes prevention, which will reduce insurers’ risk on a long-term basis.
There are many health insurance plans that provide discounts for these items and other health and wellness benefits. Several life insurance plans are available on the market, and many of them include fitness tracker discounts or free devices.
Insurance Companies That Offer Fitness Tracker Discounts
Aetna offers a wellness program called Attain by Aetna, which involves its members taking part in an activity that earns them points toward free merchandise. To further enhance members’ wellbeing, the program also offers members discounts on fitness and lifestyle products and special rates on such products.
Blue Cross Blue Shield partners with Fitbit, one of the largest health insurance providers in the United States, to offer its members special rates on Fitbit devices. The promotion was part of the Blue365 campaign and is available to policyholders for a 20% discount on a device and free shipping.
Cigna offers discounts on Garmin activity trackers and smartwatches through its Healthy Rewards program. The program offers its members discounts on weight-management programs, Lasik vision correction, alternative medicine, vitamins, and health and wellness product discounts.
John Hancock is one of the largest and most established life insurance companies in North America. In 2018, the company announced that it would develop interactive policies for tracking fitness and health information. Wearable devices and smartphones can perform this function, with the permission and cooperation of each individual insured.
Customers can earn discounts at John Hancock by taking online nutrition classes, visiting a physician, wearing a tracker, and, of course, meeting predetermined fitness goals. Activation credits are earned whether participants use their own fitness trackers or ones provided by the insurance provider.
The John Hancock Vitality program allows users to receive a free Fitbit or Amazon Halo device for committing to the program for three years. The Amazon Halo service uses a smartphone application to assess the wearer’s behaviors. The Halo App will measure activity, heart rates, and sleep metrics to promote healthier habits.
You can link your Halo account with Vitality accounts to earn points for completing a variety of healthy activities. Vitality customers can also earn Amazon gift cards or Prime memberships from their usage.
How Fitness Trackers Save Money on Insurance Costs
Fitness trackers can not only reduce healthcare costs but can also assist in the detection and treatment of medical conditions. Health and life insurance companies use the information provided by fitness trackers to improve business decisions. Following your fitness goals can lead to a healthier lifestyle for both you and your wallet.
Health insurance with fitness coverage in its policy uses an activity tracker to help insurance companies understand how well you manage your health. Obesity is one of the primary causes of cancer, so keeping a healthy weight by getting adequate exercise and following a healthy diet is one method you can take to keep your insurance rates low.
Life insurance providers may pay attention to your average number of steps, heart rate, and blood pressure since these numbers show physical activity, which leads to lower insurance premiums. Because of its sleep tracking features, combined with measures of steps taken, calories burned, and distance traveled, a fitness tracker provides a comprehensive picture of your health.
To promote healthy living, some fitness insurance programs might offer discounted gym memberships, yoga, and aerobic classes during work hours, and walking sessions around lunchtime. Larger corporations can also offer in-house fitness facilities along with fitness trackers to promote good health among their employees.
Why You Need a Fitness Tracker
The U.S. Surgeon General recommends 10,000 steps per day as the recommended total number of steps to improve several health outcomes, including decreased risk of heart disease, obesity, and diabetes. Most fitness trackers rely on these numbers to motivate people for long periods of time.
Based on the eligibility requirements, you can connect the wearable device with the online insurer’s online app and register it. A fitness tracker will not only calculate the daily step count but also determine the number of steps taken at specific intervals throughout the day, allowing you to know whether you have met the recommended 10,000 step level.
Insurance companies like United Healthcare provide incentives valued at $1,500 (which can cover medical costs), discounts on hotels, and a 15% discount on both life and universal life insurance policies.
Insurance companies recognize fitness trackers as advancements toward controlling the costs of healthcare while helping to promote good health. By providing adequate incentives to users, it may be possible to motivate them toward completing a physical activity and getting a better life quality.
Vhanessa Hair writes and researches about life insurance discounts, insurance policies, and more for the insurance comparison site, InsuranceProviders.com. She is passionate about living a healthy lifestyle.
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