UnitedHealth Group reveals in a press release that it’s opening up access to the Peloton app to eligible members. This will allow them access to 0n-demand videos and workout routines from the service to help them live a healthier lifestyle.
The deal between Peloton and UnitedHealth Group goes into effect on Sept. 1. The offer is set to last for one year if members choose the Peloton Digital Membership monthly subscription. Those that choose the Peloton All-Access Membership will get a four-month waiver.
UnitedHealth Group will start alerting members eligible for the Peloton offer via email on Sept. 1. The Peloton offer doesn’t automatically renew, but members can choose to renew it after the 12-month period at market rates.
Philip Kaufman, COO of UnitedHealthcare Employer & Individual, said this about the news boosting PTON stock today.
“Many Americans may be turning to on-demand exercise options to help improve their fitness and bolster their overall well-being, and this first-of-its-kind relationship with Peloton will provide millions of our members with an important resource to help them along their paths toward a healthier lifestyle.”
It’s also worth pointing out that the offer is available to current Peloton members as well. That means both new and existing customers can take advantage of the free 12 months of service or the four-month waiver.
PTON stock was up 3.3% and UNH stock was up 1.8% as of Tuesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.