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They’ll Pay Me To Stay Healthy?

On Monday, Oscar, dubbed a “new kind of health insurance company,” unveiled a new initiative that will provide every Oscar member with a free Misfit fitness band.

What Does it do?

Kind of like Progressive’s “snap shot” Oscar wants to reward customers who stay healthy, and the company is ready to pay it’s members to use them.

“If I stay accident free, my car insurer will lower my rates,” says Mario Schlosser, co-founder of Oscar. “Why don’t we give these rewards to people when they stay healthy?”

The System:

Oscar’s algorithms basically determine how many steps each member should aim for in a given day, based on the individual’s health data. Each day a member surpasses that goal, they earn $1. When the person accrues $20, they may cash out in the form of an Amazon gift card.

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