Originally posted by United Benefit Advisors (UBA).
The latest craze in wearable technology is a device — usually a bracelet — that tracks a person’s fitness. Often smaller than a watch, fitness tracking bracelets do so much more due to the technology inside them. These devices and their associated mobile apps are more than just basic pedometers, they track what people eat, how well they sleep, their progress in workouts, heart rate, body temperature, and more. Then, once the data is collected, the wearer gets tips on how to improve every aspect of their health. It’s like having a fitness coach who follows them around.
BP committed to purchasing the device, but compared to the amount the company potentially saved on insurance claims, it was an investment in an employee that paid off and a great example of how companies are using new tactics to fight rising insurance premiums. Insurance companies are also jumping on the bandwagon and creating programs that incorporate wearable gadgets into their policies. The goal is to get people to become more aware of the choice they make concerning their health and to then make the right decisions. By doing so, the payoff is two-fold — better health and cheaper health care costs. As part of the Patient Protection and Affordable Care Act (PPACA), companies can reward employees for healthy behavior with incentives of up to 30% (and in some cases 50%) of premium.