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Financial Benefits of Healthy Lifestyle
We hear over and over again how important it is to maintain a healthy lifestyle. But being healthy for its own sake isn’t easy — especially when you’re facing down temptation or battling procrastination. For some, the monetary benefits of a healthy lifestyle may offer a helpful incentive. Being healthy not only makes you feel good, but it may also help you financially.
For example, one study found a steep increase in annual medical expenditures for individuals whose Body Mass Index was above 30. If you’re wondering how your health habits might be affecting your bottom line, consider the following:
- Regular preventative care can help reduce potential healthcare costs. Even minor sicknesses can lead to missed work, missed opportunities, and potentially lost wages. Serious illnesses often involve major costs like hospital stays, medical equipment, and doctor’s fees.
- Individuals can lower dental costs by receiving regular checkups and performing basic preventative care.
- When poor health persists over time, lost earnings may make it harder to save for retirement.
- Some habits that lead to poor health can be expensive in themselves. Smoking is a classic example. A person who smokes a pack a day can spend more than $2,000 or more a year on cigarettes alone. Smokers also pay higher premiums for health care and life insurance, and their houses, cars, and other possessions tend to devalue at a quicker rate because of damage from smoking.
- Obesity is another expensive condition that affects many Americans. In fact, obese adults spend 42% more on direct healthcare costs than do adults with a healthy weight.
Long-term Financial Security
By focusing on your health, eliminating harmful habits, and employing preventative care, you may be able to improve your self-confidence and quality of life. You may also be able to reduce expenses, enjoy more of your money, and boost your overall financial health with increased contributions to your retirement investment account.
Phillips Financial Strategies was founded with the goal of assisting our clients in every aspect of their financial lives. We are committed to helping you build a solid foundation for long-term financial security. Are you looking for an independent financial advisor in DC? Contact me today!
Material discussed is meant for general illustration and/or informational purposes only, and it is not to be construed as investment, tax, or legal advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon when coordinated with individual professional advice.