John Hancock Insurance to provide Apple Watch subsidies
Despite criticism some wearables have been receiving in terms of accuracy, this insurer has embraced them.
John Hancock Insurance has now joined a number of other insurers that have embraced the use of wearable technology. Even though the devices have yet to be proven accurate or necessarily beneficial when it comes to helping people with health issues over the long term, insurers are taking interest.
In this case, the Canada-based insurance company is offering subsidies for the latest Apple Watch.
In this light, John Hancock Insurance has said it will help to pay for a portion of the final cost of an Apple Watch 2. Policyholders with the company will soon be able to take advantage of a subsidy program just announced by the insurer and financial group. There are a number of different subsidies available, depending on the policyholder’s coverage.
That said, the new subsidy program would mean that certain people with health plans through the company would be able to purchase the Apple Watch 2 for an out of pocket cost as low as $25.
The bets subsidies will be offered to John Hancock Insurance customers meeting certain criteria.
For instance, that lowest cost of $25 for the smartwatch would be available to customers who are members of the insurer’s Vitality program. Moreover, these individuals must also be active people. It is assumed that this is because they are the people who are most likely to use and benefit from the devices over the longer term. Activity is, after all, already a part of their regular habit.
People who are interested in taking advantage of a subsidy for an Apple Watch 2 will be able to sign up for it and will be issued the smartwatch as a part of their participation in the Vitality program. They will be able to use the activities tracked through the wearable technology – such as walking, running, swimming or cycling – toward to payment of the device.
Therefore, all participants will pay an upfront fee of $25 for the smartwatch. Then, the users who remain regularly active while wearing the device to track it will prove that their participation and will not need to pay any more than the initial amount. However, people who do not meet the minimum activity goals as described by the program will need to pay a monthly fee for the device that will be split among 24 following months.