Health Equity: Leverage Your Health Literacy For Better Insurance Rates
At Health IQ we’ve identified a new asset class we call “health equity.” Just as homeowners can build equity over time, focusing on diet, exercise, and improving one’s health literacy can build health equity. Our “Health Literacy in the 50 States” report shows those with high health literacy have better health outcomes over the long term.
Those with more health equity – and higher health literacy – will need less money for health expenses in retirement. They can also save more on their life insurance rates right now.
The average retiree will need $280,000 just to pay for medical expenses, according to one study in the Health Literacy report. Individuals aged 65 and older with high health literacy also have up to 20% fewer hospital visits than those with lower health literacy scores. The New York Times published a report that estimates exercise (even 30 minutes of walking at least 5x per week) results in an average $2500 of savings on healthcare costs and $400 on prescription medication costs per year.
The conventional way of purchasing life insurance takes only your age, current health, tobacco use, and family history into account when assessing your risk. Health IQ is the only company that combines your current health, health literacy, and active lifestyle to better predict your long-term health, securing clients rates up to 33% lower.
- Cyclists have a 45% lower risk of cancer
- Swimmers have a 41% lower risk of heart disease mortality
- Runners have 86% lower odds of becoming diabetic
Using a real Health IQ client example:
Eric was paying $76 a month for a 30-year term policy. Health IQ was able to get him the same coverage amount—with the same carrier—for $22 a month because he’s a runner, has race results, and an active Strava profile. Eric now saves $54 a month, $648 a year and $19,440 total for the length of his policy.
Though there are many factors that go into the rate a specific individual would qualify for, Eric’s case shows how health literacy can be used to secure a lower rate for term life insurance through Health IQ.
After years of researching how high health literacy and active lifestyle choices correlate with positive health outcomes, Health IQ worked to reward the effort of those investing in personal health equity with extra savings they deserve. Health IQ App users have completed over ten million health literacy quizzes, a key way users identify health knowledge gaps and improve their daily choices and actions to build more health equity.
With over $16 billion in client coverage in just three years, Health IQ is the fastest growing insurance agency in America, working with over thirty A and A+ rated carrier partners. Health IQ is insurance on a mission to reward your healthy lifestyle.
The financial and personal benefits gained from investing in personal health equity are substantial, right now and down the road. How much does your health equity save you?
Meet the Author
Zack Jenkins is a Health IQ Marketing Manager with a sports journalism degree from Pepperdine University and an endurance athlete, having completed 49 full distance marathons and 6 Ironman triathlons. When he isn't running or writing he can be found out and about with his camera.
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- Special rates for healthy lifestyles
- Savings increase the more coverage you buy