Earning a discount on your health or life insurance premiums may soon be as easy as putting one foot in front of the other. Some employers are handing out or subsidizing the cost of fitness bands and rewarding employees who meet goals for activity—such as averaging 10,000 steps a day—with insurance discounts, gift cards and other prizes.
The programs promise to benefit everyone. Employees walk their way to better health. Employers get active, more productive workers and may see lower health care costs. Insurers get healthier policyholders who make fewer claims. “Incentives line up so nicely for employees, employers and insurance companies that I can’t see this trend slowing down,” says Dan Ledger, a consultant with Endeavour Partners.
Details vary, but most programs encourage participants to average a certain number of steps per day and usually require them to requalify each year. At Houston Methodist hospital, employees earn entries for prize drawings and are eligible to receive up to $520 off their 2016 health insurance premiums. “This program has helped motivate me,” says Vivian Robinson, who coordinates grants for the hospital and aims to take 10,000 steps a day.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Insurers are also getting in on the act. John Hancock has begun a program that rewards eligible policyholders with up to 15% off their life insurance premiums based on the number of steps they take and other healthy behaviors, such as getting an annual flu shot.
Many fitness bands also collect data such as your heart rate and sleep patterns. Before enrolling in a program, ask what type of data is collected and if you’re able to, say, report your step count but not your sleep habits.
-
If You'd Put $1,000 Into Berkshire Hathaway Stock 20 Years Ago, Here's What You'd Have TodayBerkshire Hathaway is a long-time market beater, but the easy money in BRK.B has already been made.
-
New SALT Cap Deduction: Unlock Massive Tax Savings with Non-Grantor TrustsThe One Big Beautiful Bill Act's increase of the state and local tax (SALT) deduction cap creates an opportunity to use multiple non-grantor trusts to maximize deductions and enhance estate planning.
-
Amazon Resale: Where Amazon Prime Returns Become Your Online BargainsFeature Amazon Resale products may have some imperfections, but that often leads to wildly discounted prices.
-
Roth IRA Contribution Limits for 2025Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
-
Four Tips for Renting Out Your Home on Airbnbreal estate Here's what you should know before listing your home on Airbnb.
-
Five Ways to a Cheap Last-Minute VacationTravel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
-
How Much Life Insurance Do You Need?insurance When assessing how much life insurance you need, take a systematic approach instead of relying on rules of thumb.
-
When Is Amazon Prime Day? Everything We Know, Plus the Best Deals on Apple, Samsung and MoreAmazon Prime Amazon Prime Day is four days this year. Here are the key details you need to know, plus some of our favorite deals to shop during the sale.
-
How to Shop for Life Insurance in 3 Easy Stepsinsurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
-
Five Ways to Shop for a Low Mortgage RateBecoming a Homeowner Mortgage rates are high this year, but you can still find an affordable loan with these tips.
