Reduce Healthcare costs through more activity

One takes a healthcare insurance to make sure that the costs aren't too high once health costs are encountered. A great way to (potentially) save money. For the healthcare insurer, it's the other way around. The insurer let's one pay a monthly premium and hopes that person stays healthy and doesn't make any actual healthcare costs. Although the interests may look different among the insurer and the insurance taker, the main interest is the same; Staying away from any health related issue. 

Perspective of the insurer

The healthcare insurer aims to provide insurance to any person that wants to reduce the risk of high healthcare costs. The insurer asks for a monthly premium that will insure the insured from a high amount of healthcare costs when that occurs. The monthly premium amount depends on the deductible excess set by the insured.

The higher the deductible excess, the lower the monthly premium. The lower the deductible excess, the higher the monthly premium. This is done by the insurer to create a profitable situation in every health situation. The deductible excess will come into play once the insured makes their first healthcare expense. A part of the amount needs to be paid by the insured.

The most desirable situation for the insurer is if the insured makes no healthcare costs at all. This way the insurer receives the monthly premium without paying any healthcare costs to the health instance. 

Perspective of the insured

The by healthcare insured person aims to reduce the risk of paying a high amount of healthcare costs if a health related issue arises. The insured will pay a monthly premium to be insured whenever this happens. The insured chooses how high the premium as and how high the deductible excess is.

The deductible excess is the maximum amount paid whenever healthcare costs occur for the first time in a year. A person with a high deductible excess pays a lower monthly premium but will have to pay more when healthcare costs occur. Healthcare insurance is made obligatory in many countries to prevent people from not being able to pay healthcare costs when they arise unexpectedly. 

Advantage of a healthcare insurance system

The main advantage of the modern healthcare insurance system is that all people are insured because it's mandatory. This means that everybody is able to get healthcare when they need it. Another advantage is the freedom it gives to the insurance taker, by letting them to choose the premium and the deductible excess. The healthcare insurance system results in a medical file of every person which helps all relevant parties in making the correct healthcare decisions. 

Disadvantage of a healthcare insurance system

People take risk to pay a lower premium and have a higher deductible excess. This results in less health appointments and check ups because this forces them to pay the deductible excess. The main focus of the system should be to have as many people as possibly healthy. The healthcare insurance system has become a commercial industry. Although profitability is highly important, the health of the insured must stay the main focus.

How to lower healthcare costs?

To make sure that people stay as healthy as possible, and as a result, lower their healthcare costs, there are a couple of actions that can be taken. First of all, the power of data. Health data is very valuable for an individual and for medical instances. The data can decrease the risk of health issues. It is to be expected that an individual will have the goal to be healthy, but some stimulation can help an individual reach new levels when it comes to health.

The healthcare insurer can play a role in this. The healthcare insurer has the possibility to provide an all-round platform. Nutrition information and suggestions can be given, as well as mental health checks or questionnaires so people can stay or become happy and healthy. With an app or online platform, a healthcare insurer can activate users into exercise and healthy habits with things like challenges and rewards. WeFitter can be the ideal solution for those platforms.

WeFitter & Healthcare

With the WeFitter API, health data can be used to give an individual insights in their health data.  The API provides more than 250 wearable device connections, from Apple Health to Fitbit, and from Garmin to Samsung Health. Engagement, loyalty and activity can all be increased with the WeFitter Gamification engine.

In the unique WeFitter dashboard, challenges can be created to motivate people to move. These challenges can be adjusted to the needs of the platform and the users. Individual challenges, team challenges and global challenges, it's all possible. The gamification aspect is more than challenges with also a leaderboard, badges and more functionalities.

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