Lately I have been reading a lot of articles about wearable technology. This wearable technology such as, Fitbit or Jawbone Up tracks individuals; breathing, steps, heart rate, and even sense the beginning of stress or chronic illnesses. There has been a lot of talk about this wearable technology making its way into the healthcare market. Think about what this could mean for you. Already there are some business’s that are offering incentives to employees who’s data after 30 days or so comes back and shows improved health, or to employees who have been at risk for diabetes and high blood pressure but have taken actions to avoid it. These incentives are becoming more and more used throughout the corporate world being called “corporate- wellness programs”. What if your boss could track your health behavior and offered you lower premiums and other perks? Sound good, right? However, being punished for unhealthy behavior comes along with this, and some companies have even explored different retributions for unhealthy behavior.
Now lets look at this wearable technology in the healthcare industry. Through these devices, insurers could better determine risk profiles on insured workforces and cap the ever-rising costs. “A large portion of today’s $2.6 trillion health care bill is driven by behavior; in particular, bad-diet decisions that lead to obesity and diabetes.” If insurers use the data gathered by this technology, they could follow what businesses are beginning to do and offer lower premiums and reduce costs for subscribers who are taking action and/or are watching there health behavior. It’s a win-win. In addition, think about how insurance cost is now. Individual premiums usually increase annually, but what if they changed every 30 days or six months according to the data gathered by your wearable gadget? This could be a potential downside for some, but in my eyes I see a great way to save money and a very good incentive to keep healthy. But, with all seemingly good things, there runs a risk. Some say this could lead to a system where only the wealthiest people could afford the better technology could eventually have access to the lowest premiums. For this, I suggest maybe having the insurance companies being the ones who buy the technology and distribute it to their subscribers. They will, after all, want the most accurate data. Furthermore, with cyber security concerns on the rise, there is also a risk that the data while being transmitted to the insurance companies could be hacked and used against the subscribers by other markets. To this I say, everything digital is under risk of hackers, but ultimately it comes down to being aware, cautious, and ready for what may, or may not occur. This idea of wearable technology making it’s way into the healthcare and business world and could be just around the corner and from where we stand, it looks like it will benefit our nation as a whole. It has the potential to help fight bad health behaviors and decrease healthcare costs. What more could we ask for?
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