Fitness trackers reduce costs

Aetna will become the first major insurer to put the power of the Apple Watch into its customers’ hands this fall via a subsidy program.

For years we’ve heard about employers giving out free fitness trackers because the exercise they encourage can lower the cost an employer has to pay for health care.

In fact, one of Fitbit’s corporate customers lowered health care costs by 6 percent after the first year using the Fitbit with its employees, according to Bloomberg.

That’s led companies like Target, BP, Bank of America and Time Warner to get on board with the fitness tracker craze.

Aetna plans to subsidize a “significant portion” of the Apple Watch’s cost for its customers, and will also provide the watch for free to its own employees as part of the company’s wellness reimbursement program.

In addition to using the fitness bands and the Apple Watch, many companies have explored other alternate options to encourage a healthy lifestyle among their employees.

Some have signed on with Healthy Wage, which designs and organizes weight loss challenges and contests in which participants can win money for losing weight. The reality is this is a direct money maker for employers. As employees lose weight, medical costs and absenteeism go down and that boosts the company’s bottom line if they provide insurance.

But Healthy Wage isn’t the only player in the game. GymPact is another one. You join and create a contract with yourself, where you promise to pay a fee every day you skip the gym and you earn a reward every day you show up and exercise. This app is available for both Android and iPhone. Other similar options include Stickk and DietBet.