AIA attached a new deal to their iphone app. You receive an apple watch series 5, rrp $649, up front in exchange for achieving 24 months of active benefits ($520).
If you achieve all weekly targets for the month, aia will fully fund your watch. For 0 targets reached, you pay $27, 1, $22, 2, $17 and 3, $12.
You can choose a better model watch but have to pay the difference.
glad i am not alone
me too kingmoron
sorry I am not very good at typing this stuff up. I just loaded the app up this morning to check my tracking and this new deal was posted.
You firstly need to have an insurance policy from AIA or one of their brokers. This can vary a lot depending on your age, health and how much you want included but count on a minimum of around $200 a year if you are young and healthy. Then, you pay $11.50 a month to join their Vitality program which is a nudge theory way of them not having to pay you anything for health problems. How it works is that you get rewards for staying healthy which they check through Fitbit/Apple Watch steps, health check-ups, gym hours, having a dietitian monitor your diet, testifying that you don't smoke or drink and so on. But it's a bit of a double-edged sword, the more data they keep on you, the more they can modify their insurance policy and pay-outs for pre-existing or, in their view, preventable health problems. For example, if they knew that you had a good diet a year ago but think that your unhealthy eating and drinking in the last six months might have led to that heart attack, they may decide it was knowingly induced by you and that you shouldn't get a pay-out for treatment.
I think in time, this will inevitably lead to rewards for DNA testing, so that they can disqualify any hereditary susceptibility to diseases. And don't forget, if you later decide to switch to a health insurer who doesn't do this, part of the sign-on is disclosing all known health data (they won't pay out if they later find out you withheld something).
Bottom line folks, AIA are doing this for a reason. You need to decide whether it is worth paying their price.
“it was knowingly induced by you”
Good luck proving that in court lol
I agree, but you would be the one forking out for lawyers having to fight it and AIA would also point to the legal terms and conditions you signed (but never read like everyone else) which give them the discretion to make that call. They don't have to prove anything. You would be the one having to prove their guilt.
Yeah - same to kingmoron - I’m unsure how to get the watch as it doesn’t seem showing anywhere in the web and it required login to the app.
hmmmmmmmmm
You have to get a policy right?
Apart from insurance premium, you have to pay additional $10 every month to be part of AIA vitality program, that itself is $240 charges in 24 months. And then you exchange $520 from your active benefit
Updated my app and there's a new benefit on the Dashboard titled "Get Apple Watch. Get Active. Get rewarded". App is a bit buggy for me at the moment and I cannot seem to view it.
I had to look into this a bit further I suggest reading this: https://blog.seedly.sg/aia-vitality/ which shows the potential / hidden costs that may be involved.
personally buying the watch standalone sounds like a better idea.
Looks like you're trading your future weekly benefits ($5 vouchers that currently can be redeemed for Woolies, Boost etc.) for 24 months in order to get an Apple voucher of $649 upfront. The value of the 24 months vouchers you're trading away is $520 if you were to hit all weekly targets for 24 months.
If you miss 1 weekly target, you pay $12 that month,
If you miss 2 weekly target, you pay $17 that month,
And so on up until if you miss all weekly targets you pay $27 that month.
I don't really think this is that good - you are foregoing 24 months of $5 weekly vouchers, which is equivalent to $520 and not that much more than the cost of the watch.
You are also required to enter into a formal loan agreement which is a bit of a disincentive for me.
basically from what i read in the mobile if you achieve your daily steps (7.5k) and hit your targets every week you would be able to score a $5 voucher from certain stores or donate it charity.
They are substituting this offer towards payments on the watch. If you miss your targets you for that week (or weeks) you will have to pay the difference.
I think they're just trying to get people fit and on track.
Lock-in terms - 24 months.
Does the weekly target still go up when you hit it?
When I was in Vitality (due to Rest) they quickly became "impossible" to hit.
Yes, my target went up to 450, which was very difficult to hit (when there was 7500 steps required for 50 points), I missed for few weeks, and then they reset my target. But remember in this deal, If you miss 1 weekly target, you pay $12 that month, and If you miss 2 weekly target, you pay $17 that month, and so on …
No deal here, as said above there are a lot of risks associated with taking up this offer. It is also mostly cheaper to buy the watch outright.
I actually think its not a bad program provided (and this is really important) all the stars align. For example, you're looking for health insurance and you are also looking to join Anytime/ fitness first. Then you join the AIA vitality program, get a pretty solid discount on the gym and a free watch to meet what seem to be fairly modest weekly exercise requirements.
However, for this to work you would have to be pretty sold on their health insurance/ extras cover over what you currently have (if you currently have insurance). And that's where the problem lies for me. I just spent 20 minutes scouring their website and can't find any details on what their insurance policies cover and how good the extras are so I can't compare them to my current provider (Bupa) to determine if the plan is better. I'm assuming they are making me go through the whole formal quote process for this.
I don't know, there might actually be something to this, I like the concept in theory. I don't think its worth a negative vote. But needs more info to qualify for a positive vote.
Maybe I'll go through the quote process and report back if I have time.
I am also wondering whether this is a better health insurance product for me but the effort involved in figuring that out is daunting
Actually, little update, you can pretty easily see their plans and get all the info for the comparison by clicking the quote button and just entering your age etc. They don't even ask for your email address, which is pretty cool in this day and age.
The insurance plans seem about on par with the market from what I can see (I've moved the hospital cover to silver because bronze has a lot of exceptions). The only major wildcard is the hospital excess is very high, but it is completely waived if you can maintain AIA SILVER STATUS (and have the insurance over 6 months). I have no idea if this is a hard ask or not…?
Honestly, I think the whole thing might be worth a compare after work when I have time.
carlscott1982, have a look at my post above. You just need to be aware that the data they gather feeds back into your insurance policy. I am a member but got a shock last year when I put on some extra weight and they significantly upped my premium. Not meeting their targets doesn't just mean losing rewards.
Getting silver status is exceptionally easy.
Gold and platinum take some dedication but are achievable, but silver is quite easy to achieve.
You can also get AIA vitality as an add on from income protection. Adding AIA Vitality to my income protection was ~$140, the cost of the income protection will vary depending on your circumstances but will generally be much less than health insurance and it should also be tax deductible.
Just get the watch on a plan if you don't want to pay for it today, and then put all your Rest $5 towards it.
Seems like a reasonable deal to me based on the $520 of vouchers vs $649 watch
You have to sign up to their loan provider etika. Bit of a dud if you ask me. Small savings for a financial commitment that comes with risk.
This paragraph is on page 1 of the PDF.
How does the benefit work?
You’ll need to enter into an agreement with
our loan provider, etika and set up a direct
debit for 24 months. You can reduce your
monthly repayments by being active and
achieving your weekly targets.
I'm still contemplating whether it is or isn't a good deal. It seems appealing at first, and then the potential "hidden costs" and how its actually a loan agreement. However, to make the decision harder, it is actually an Apple Store voucher which one could end up putting towards the latest gadget hard to find discounts on (for example, iPhone 12 in the first 3-6 month of its release). So in other words, you are getting just shy of 20% off the $649 voucher, assuming you do not get sick, do not miss any exercise goals for the week. Still got mixed feelings about this.
Keep in mind with this program (at least when i had it a few years ago) the weekly target increases as you meet it, up to the point they want to you get 7500 steps a day/go to the gym for 5 days a week. I.e you start at 2 days of exercise a week for the target, you meet that and the next week its 3 days, then 4 etc. I found that if you dont open the app all week, and then only open the app after the week had ended and next weeks target had set (which was a sunday night or monday morning) then the goal is only registered as achieved after the target is set and it doesnt increase. It then also registers you as completing last weeks target. I managed to keep my target at only 2 or 3 days exercise instead of bumping up to 5 days to get the $5 vouchers.
The biggerst concern for me is you are locked in with AIA for the next 2 years. There are risks where their prenium can increase much more than other competitors but you are not able to swithch unless you are willing to pay out the remaining balance. Another risk is the change of the exercise target, i.e. from 7500 steps to say,10000 steps. I didn't read the T&Cs not sure if there are any clauses about these.
On the surface it is a not bad deal particularly if you happen to be in the market to buy an Apple watch.But the 2-years committment is the catch(maybe one of the reasons AIA is willing to subsidise the costs of the watch)
7,500 steps gets you 50 points. 12,500 steps gets you 100 points. Gym gets you 100 points. Max 100 points per day and you get the highest points you earned that day. It's the weekly total that increases as you go, capping out at 500.
Has anybody taken up this yet? I was thinking of taking this up and saving the $649 voucher for the new Apple watch which will come out later this year - just wondered what the expiry on the voucher would be
I have taken this offer and got offered 2 more extra free week on my health insurance by my consultant….such a good excuse to be healthier :)
Are you new or existing customer?
Can you post some more details I don't understand this at all.