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This Christmas, wearable tech such as the high-end Apple Watch, or the slightly more basic FitBit is likely to be on many wish lists, but how can these futuristic time pieces be linked to your health insurance over the next few years?

What is Wearable Technology? 

The wearable technology market, particularly that which monitors health and medical measurements is suggested to exceed £5.07bn by 2020*. For some, the likes of Jawbone or Fitbit are a way of measuring their steps and calorie intake to help maintain their healthy lifestyles, whereas for others, they are invaluable for disease management, such as diabetes or epilepsy.

Furthermore, it has been suggested that these devices may, at some point in the future, be available on prescription for those whose lives could be saved or health dramatically improved by the use of one of them.

 

Wearable Technology and Private Health Insurance

In America, where the market share is at its largest, companies are providing their employees with wearable health monitoring devices and offering rewards to those that make attempts to improve their health. In a country where employers tend to provide insurance policies, this seems to be an effective way of ensuring that this is being used correctly.

In England, of course, the Private Medical Insurance game is slightly different and it has already been suggested that data from these devices could be used to create bespoke policies for individuals. In a similar way to the black boxes in cars for drivers, this could affect your premium as you and your insurer will be more aware of any health abnormalities or possible risk factors.

It is safe to say that the development of this type of technology is likely to change the way we observe health and therefore the way in which insurance will be conducted in years to come.

For now though, why not see how Chase Templeton can find you the best deal on Private Medical Insurance?

*Mordor Intelligence 2015