3 wearable money saving tips you should be aware of

Market research firm IDTechEx recently reported that 2019 saw the largest single year growth rate for wearable technology product revenue since 2015, when Apple first launched the Apple Watch.

Growth was driven by the true wireless headphones product sector, as part of hearables, which generated over $4 billion of new revenue relative to 2018.

Device categories such as smartwatches and continuous glucose monitoring (CGM) devices, grew by just under $4 billion and $1.3 billion respectively relative to 2018 values.

As COVID-19 continues to have a profound societal and economic impact, wearable products could provide a positive beacon for those struggling with their finances and even their health.

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For instance, when lockdown reduced the number of patients doctors were seeing, remote patient monitoring devices accelerated onto the market.

In fact, it is quite staggering to see the length and breadth of the rise of medical wearables with technology players such as Apple, Google, Samsung, Microsoft and many others leading the way.

There is an increasing prevalence of medical sensing metrics being deployed into traditionally consumer wearable products. Smartwatches containing ECG for atrial fibrillation, PPG for oxygen saturation and blood pressure monitoring.

In hearables, optical blood pressure is being discussed, along with familiar features including fall detection, core body temperature monitoring and other relevant medical metrics.

There is no doubt, your wearable device could save your life, but how can they save you money?

1. Monitor your vitals and stay healthy

Generally speaking, the healthier you are the less money you will spend on healthcare: less on medical bills and less on medicines.

In fact, digital health and artificial intelligence are expanding the capabilities of medical devices to the point where they can diagnose and monitor specific conditions with increasing independence from the doctor.

Better health and monitoring also places less stress on the healthcare system if your medical appointments are less frequent than they used to be.

Interestingly, some health insurers have also been actively rewarding people with lower premiums who can prove that they are healthy. This is a direct money saving function of a healthy lifestyle.

So, start monitoring your health and get fitter, faster, healthier and maybe even richer and then use the InfoChoice Budget Planner Calculator to put your health savings towards your next holiday or major purchase.

2. Become more productive

Feeling healthy may also make you more productive, which is a great thing if you’re self- employed as you’ll get more work done and may even pick up bigger and better contracts or sales. If not self-employed, greater productivity could also help your employer: better productivity in the office could lead to a pay rise. To highlight this point, in 2019 Amazon launched Amazon Care, a virtual and in-person healthcare offering for employees. Care is meant as a “first stop,” with the ability to handle things like colds, infections, minor injuries, preventative consultations, lab work, vaccinations, contraceptives and STI testing and general questions. It is where you would go before heading to the GP or a specialist.

3. Look after your elderly

With GPS tracking capabilities embedded into wearable, you can sleep more peacefully at night knowing that your parents or grandparents are being monitored.

Your ability to track your loved ones, means you could keep them at home longer and save on carer costs. Of course, unless you are a professional carer there may be certain elements of care that you should not take charge of. This is something you should discuss with a healthcare professional.

That said, the ability to track your loved ones and immediately locate them could not only keep them safe, but also save time for carers, saving you money.

More and more features are being introduced into digital health wearables, which are set to have a significant impact on the status quo for many of the product sectors already in existence.

These are not only life changing developments, but also life-saving ones.

Your health, fitness and wellness devices already use combinations of many different biometric readings to build a complete picture of your health. While they are not medical devices and should not be treated as such, they can be used as basic health tools that can save you time and money.

They can even save your life or point out that it’s time to see a doctor.

This update is not financial advice. This article is general news and information.

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