Oscar Update: Health Insurance Startup Embraces Wearable Fitness Technology
Back in July, we wrote a blog post on Oscar – a healthcare startup that describes itself as a “new kind of health insurance company that is using technology to make insurance simple, intuitive and human.” We can’t speak to every aspect of that promise, but we can say that they’re making good on the technology piece: earlier this month, Oscar began including free Misfit Flash fitness trackers with all of its membership plans. The trackers are sent to members as part of a new “fitness perk” that allows them to earn up to $240 (in Amazon gift cards) a year by meeting daily walking goals. Walk a pre-determined number of steps a day, earn $1 (up to $20 a month). The Misfit syncs with the Oscar app, which keeps a record of your activity and credits earned. (This isn’t the first time Oscar has incentivized its members for healthy behaviors – previously, it has given members $20 for getting flu shots and $60 for having preventative physicals. Oscar also offers gym membership reimbursements up to $400 per member and $200 per covered spouse, per year.)
Of course, we have to wonder if the next step in the Oscar app-Misfit partnership will be making the tracked data accessible to a member’s healthcare provider, not just to the member. After all, if a health insurance company like Oscar is using technology to lower health insurance costs – which is undoubtedly their ultimate goal here – bringing it full circle to include the full member journey (which includes working with doctors and other providers) makes logical sense.
The big question is: will the gamble pay off? Will Oscar save money by giving money to its members as a reward for their healthy activities? Will accessible (i.e., shared) data lower costs, as well? It’s something we – and health insurance companies – will be keeping a close eye on.
