How Using a Fitness Band Can Save You Money
Using a fitness band to monitor your activity could cut insurance costs.
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.
-
Seven Steps Couples Should Take Before Blending Their Finances
Getting on the same page now can ensure you remain successful throughout your relationship.
By Kiplinger Advisor Collective Published
-
Charitable Remainder Trust: The Stretch IRA Alternative
The SECURE Act killed the stretch IRA, but a properly constructed charitable remainder trust can deliver similar benefits, with some caveats.
By Brandon Mather, CFP®, CEPA, ChFEBC® Published
-
403(b) Contribution Limits for 2024
retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
By Jackie Stewart Published
-
Roth IRA Contribution Limits for 2024
Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
By Jackie Stewart Published
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
By Miriam Cross Published
-
Five Ways to a Cheap Last-Minute Vacation
Travel Procrastinator? No matter. You can pull off a fun and memorable getaway on a moment's notice — without breaking the bank.
By Vaishali Varu Last updated
-
How Much Life Insurance Do You Need?
insurance Instead of relying on rules of thumb, you’re better off taking a systematic approach to figuring your life-insurance needs.
By Kimberly Lankford Published
-
When Is Amazon Prime Day?
Amazon Prime In 2023 Amazon had two Prime Day events — one in July and another, called Big Deal Days, in October. We expect 2024 to follow the same schedule.
By Bob Niedt Last updated
-
How to Shop for Life Insurance in 3 Easy Steps
insurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
By Kaitlin Pitsker Published
-
5 Ways to Shop for a Low Mortgage Rate
Becoming a Homeowner Rates are high this year, but you can still find an affordable loan.
By Daniel Bortz Published