An emerging trend in the healthcare industry is wearable technology, which is reshaping how Medicare brokers advise their clients. Major carriers are not adopting policies that incorporate wearable technology.
Just what exactly is wearable technology? These devices are commonly worn as bracelets or rings and can monitor or track major health concerns among Medicare beneficiaries. Activities such as sleep health, eating habits, exercise, and more disease precursors are all monitored by the individual (and the app) who pays attention to trends and spikes.
Rosamaria Marrujo, a board member of the Sacramento Association of Health Underwriters (SAHU), says, “These factors could theoretically bring down insurance premiums and therefore change how clients choose their Medicare policies.”
Regulations on wearable technology are underdeveloped relative to the expansion they are seeing. Despite a rising concern for public health due to possible privacy violations, the Food & Drug Administration (FDA) does not classify wearable technology as medical devices. In California, the Consumer Privacy Act went into effect in January 2020, allowing people to stop companies from selling their information upon request. With this implementation, a movement could be sparked, igniting stricter regulations for wearable technology in the health insurance market.
“Both the advancement in wearable tech and these new privacy chances are influencing how older clients are deciding on healthcare plans. The bottom line is, this trend is not stopping; it has already reached Medicare beneficiaries who have questions. The successful Medicare brokers will be able to anticipate this and explain the impact to their clients,” said Marrujo.
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Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.