February 11, 2020
We all know that there are thousands of apps available for download to our phones, tablets, computers, and watches. Many of them are extremely useful, and just as many are totally useless. I think our medical insurance companies should have apps that allow them to track our physical activity. Clearly, the technology is already available. Why is this a good idea? Physical activity leads to healthier lives, and, presumably, fewer claims.
Exercise has been proven to be an antidote to the aging process. Exercise improves heart health, respiratory health, mental health, and cognition. People who exercise are less prone to accidents and disease. Their rates of obesity and diabetes decline, and their need for prescription drugs goes down. The benefits go on and on. Then why should an active person pay the same rates for insurance as an overweight, sedentary, chain-smoker?
People react to financial incentives. That is where the app comes in. Insurance companies could monitor your activity via the app, and make periodic adjustments to your insurance premiums accordingly. It is the same way that auto insurers reward safe drivers. Factors including Body Mass Index and smoking could be included as well. An annual physical could corroborate the results. If people saw major reductions in their premiums, it just might get them to move more, eat better, and generally take better care of themselves. Exercise and feeling better should be their own rewards, but sometimes it takes cold, hard cash.