Technologies Change Health Insurance: The Most Innovative Ventures

The accumulation of medical data enables health insurance companies to move from the 100-year-old concept of reactive care to preventive medicine. The future points to simple, fast and highly personalized insurance plans based on information from the healthcare system and data from health sensors, wearables, and trackers. Here is the changing health insurance scene and its most innovative solutions! Health insurance systems are unsustainable partly due to costly chronic diseases According to OECD predictions, exceeding budgets on health spending remains an issue for OECD countries. Maintaining today’s healthcare systems and funding future medical advances will be difficult without major reforms. Public expenditure on health and long-term care in OECD countries is set to increase from around 6 percent of GDP today to almost 9 percent in 2030 and 14 percent by 2060. Moreover, in 2011 a study of the World Economic Forum estimated that the global economic impact of the five leading chronic diseases — cancer, diabetes, mental illness, heart disease, and respiratory disease — could reach $47 trillion over the next 20 years. The estimated cumulative output loss caused by the illnesses, which together already kill more than 36 million people a year and are predicted to kill tens of millions more in the future, represents around 4 percent of annual global GDP over the coming two decades, the study said. These are conditions mostly due to bad lifestyle choices: excessiv...
Source: The Medical Futurist - Category: Information Technology Authors: Tags: Future of Medicine Healthcare Design big data chronic illness digital digital health gc3 health data health insurance healthcare data technology trackers wearables Source Type: blogs