According to a recent report from Employee Benefit News, American consumers are split on whether or not they would share their biometric health data with insurance carriers in exchange for lower rates.
Troubadour Research & Consulting conducted a survey that found that 43% of Americans are ready to provide information to carriers, but 56% have serious concerns about how the data will be used both now and in the future. Many are concerned that insurance companies will use data to raise and lower rates, much the same as P&C insurers use dongles for drivers.
The study also found that age group may play a slight role in determining the level of concern for data sharing. While only 40% of the millennials surveyed expressed concern with how carriers would use the data, older generations averaged about 49% believe that insurers will use the data to raise rates. Common among all age groups is the concern for how hackers could access and use the data, with 30% of all survey participants expressing discomfort with the possibility of security issues.
Despite the concern with how the sharing of data could affect coverage rates, consumers acknowledge the benefits of using smart devices to track health. Still, the wearable device industry is still very new, so the coming years are sure to produce many innovative ways for the current technology to be used.
For those who are pursuing physical fitness goals, the devices are an easy way to track heart rate, sleep patterns, caloric intake and burn, and more. As a result of the current capabilities, smart watches and other wearable devices can be an effective tool when partnered with the right wellness programs.
If you are interested in helping your employees to lead healthier, more productive lives, check out the May issue of Live Well, Work Well.
If you would like to learn more about available wellness programs and implementation strategies, call your Taylor Insurance Services expert today. Don’t have a Taylor Agent? We’d love to get you connected to the Power of T. Call us today at (229) 247-6411. Our experts are ready to help you develop an employee benefits program that will effectively recruit and retain top-notch talent.
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