A New York-based health insurance startup said it will offer members free Misfit wearable fitness trackers, along with $240 in Amazon gift cards a year to users who download the app and use it to track walking.
Beginning in January, Oscar Health Insurance said it would give members the wearable device, which retails for $50 to $60, as part of an attempt to bring down employee healthcare costs by encouraging more activity among the specific workforce.
The move reflects the shifting world of health insurance, in this instance taking more of an HR approach toward employees by providing incentive for wellness programs, rather than simply administer health plans. It’s also among the first insurers to incorporate data from wearables.
Similar to a FitBit, the Misfit Flash tracks how many steps are taken in a given day and establishes a baseline goal for the user. If and when the goal is met, the wearable re-calculates and sets a higher goal for the following day. Upon reaching the goal for 20 straight days, users receive $20 reward via Amazon gift cards that could reach $240 per year.
Oscar has raised $174 million in venture capital and is selling its products on the New York and New Jersey government insurance marketplaces, as well as directly to individuals, according to the New York Business Journal. It is valued at about $800 million. It’s headed by CEO Joshua Kushner
Through individual Misfit devices, Oscar members “will be able to track their own health and transmit this information seamlessly to their medical timelines on Oscar’s mobile app,” the company said. It’s available on IOS and Android plaftorms.
