How Investing in Health Can Save You Money
Financial gurus give their clients lots of advice about which investments to make in order to get the biggest return on investment (ROI). Rarely, however, does a financial advisor address the savings that result from good health or the high costs of bad health. Nonetheless, investing in your health can save you money both now and later on, when you retire. Keep reading to find out how investing into health can save you money.
Save on Medical Care
When you’re unhealthy, you’ll be making a lot of visits to your doctor or to the emergency room. The medical bills associated with these increased visits can quickly pile up. People who usually have more medical visits than average are smokers, overweight people, children and the elderly. Bad habits such as overeating, not eating enough, smoking, using drugs recreationally or engaging in dangerous activities all result in more visits to the doctor and more medications. By refraining from these activities, you’ll save a substantial amount of money. Be sure to get a physical every year to address any health issues before they become serious.
Save by Not Missing Work
When you’re unhealthy, you’ll miss more workdays. For some people, this may mean not getting paid at all if there are no sick benefits. Even if the company you work for offers paid sick days, missing too many days can put your job at risk. Employers are hesitant to keep someone on board who is unreliable and misses a lot of work. Help protect your job by getting healthy and staying that way to minimize days out due to illness.
Two things that cost unhealthy people a lot of money are new clothes and gym memberships. While a gym membership can be a way to promote a healthy lifestyle, it is just wasted money if you never go or go infrequently. As clothing sizes get bigger, they also become more expensive. In stores, you’ll find that plus-size clothes for women and big-and-tall clothes for men cost several dollars more, on average, than clothing in lower sizes. By maintaining a healthy weight, you can avoid these extra costs and put that money toward a savings account or CD.
Save on Insurance
Healthy people see the most significant savings on health and life insurance as compared to their unhealthy counterparts. Insurance companies take more risks when covering people who are unhealthy. The higher risk comes at a higher price. Health insurance is even more expensive when pre-existing health conditions are present, because they must be covered out of pocket by the insured. Keep your rates low by eating healthy, avoiding smoking, avoiding excessive drinking and exercising. This can save thousands over the term of an insurance policy.
Maintaining a healthy lifestyle not only provides physical and emotional benefits, but financial benefits as well. When you change your lifestyle to improve your health, you can put that money toward other goals such as retirement, emergency funds or a college savings plan for your children.SHARE THIS