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An insurance company wants to pay you to wear a fitness tracker

An insurance company wants to pay you to wear a fitness tracker
photo courtesy of shutterstock

How'd you like to receive some money from your health insurance company for a change? That's a silly question - of course you would. One insurer is now giving users the chance to do just that. But, there's a catch. In order to earn rewards from the company, clients have to wear a health tracker and prove they're committed to staying healthy.

Oscar is a small insurer that covers people in parts of New York and New Jersey. It sells itself as a new kind of health insurance company that embraces technology. It's making good on that claim by offering all customers a free Misfit health tracker that syncs to the Oscar app for Apple and Android phones. Clients who wear the trackers can earn $1 for every day they meet health goals. Once they earn $20, they can get a $20 Amazon gift cards.

"If I stay accident-free, my car insurer will lower my rates,” says Mario Schlosser, co-founder of Oscar. “Why don’t we give these rewards to people when they stay healthy?”

It sounds like a great deal for everyone. But, there are some privacy concerns, too.

Next page: Is it too good to be true?
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