How Exercise Tracking Can Save You Money
Tracking your everyday habits, such as exercise and sleep is becoming quite the trend today. Many people wear exercise trackers on their wrist or hip to stay in tune with their bodies and to see how much progress they are making on a daily basis. While these trackers are meant to help you get fit, did you know that you could also save money on life and health insurance with regular use of them? With your permission, insurance companies will offer you the discount while monitoring your activities and habits. This simple task could end up saving you a significant amount of money in the long run.
How the Fitness Tracker Works
The fitness trackers have an accelerometer in them, which is a device that digitally tracks your body’s movements. The accelerometer readings are then used with an algorithm to determine the number of steps you take. The general assumption is that 10,000 steps per day equals 5 miles, which is the number determined by the U.S. General Surgeon to help anyone get healthy. It can also detect your sleep by monitoring your lack of movement as well as your decreased heart rate, allowing you to receive readings that rate your quality of sleep, which plays a large role in your overall health. If you are not sleeping right, you will not be doing your body any good.
Setting Goals Works
The most popular goal of any exercise tracker is to get a person fit and healthy. It has been proven that setting goals and tracking the progress serves as a great motivator for people to keep going. This is why you see exercise bands on so many people today. The more aware you are of the movements you make or don’t make per day, the more likely you are to shape up your habits and become a healthier person. As an added incentive, many insurance companies, including health and life insurance, have jumped on the bandwagon, offering discounts to people that use the bands regularly.
Insurance companies often offer discounts for a variety of reasons and consumers are ready to jump on those discounts. Some of them are advertised regularly, while others are more of a private matter, as is the case with exercise tracking. You will probably not find an insurance company that advertises the discount they offer for regular use of the band, but it could come up in conversation with an agent or be used as an incentive for your group policy at work. Insurance companies are recognizing that consumers love rewards and are much more willing to work towards them when it translates into saving money. In the end, the insurance company wins too as more people become fit and need to use their insurance benefits less often. Regularly walking 10,000 steps per day can lead to a decreased risk of a variety of chronic illnesses including cardiovascular disease and diabetes.
How Much Can You Save?
Just like every insurance policy differs when it comes to premiums and deductibles, so does the amount of money you can save by using an exercise tracker. Some companies, like John Hancock, are known to offer savings as much as 15 percent off of life insurance for the use of this accessory. Of course, every company is different and will offer different programs. The tradeoff, however, is that you will have to wear an exercise tracker of the company’s choice and allow them to monitor your progress. If you don’t use the tracker, you are going to lose your discount, much the same as you would lose your good driver discount on your car insurance if you were to get into a car accident.
How to Get the Discount
So how can you get this discount? Most insurance companies are not out there showing you that it is available – you have to ask for it. The most common way is to go through your employer as employer sponsored health insurance policies are the only policies offering this discount right now. Life insurance, on the other hand, is being offered to individuals, but again, you have to ask. Go to your human resources department or your manager and ask that they talk to your health insurance company about the possibility of issuing exercise trackers in exchange for lower insurance rates. It never hurts to ask and many insurance companies are already offering it so you don’t need to beg too hard in order to get it.
If you are in on the trend to track your own exercise habits and are willing to share your data with your insurance company, you stand to save a significant amount of money on your health and life insurance. These discounts will take a little legwork from you and your employer, but in the end, you and the rest of your co-workers could benefit. The largest benefit of tracking your exercise, however, is the enhanced health that you will experience. If you follow the general guideline of taking 10,000 steps per day, you will have walked 5 miles every day, which is what is designated as the best way to ensure optimal health and the right weight for your height. Staying cognizant about your health and wellness is the best way to ensure a longer, happier life and now one with more money in your pocket as a result of your insurance savings.
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