Being
healthy not only makes you feel good, it may also help you financially.
Provided by Taylor McClish
If you’re wondering how your health habits might be affecting your
bottom line, consider the following:
Regular preventative care can help
reduce potential health care costs.
Even minor illnesses 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. Preventative dentistry
may help you reduce dental costs as well.
Provided by Taylor McClish
We constantly hear how important it is
to maintain a healthy lifestyle. That
is not always easy, especially in the face of temptation or the easy option of
procrastination. For some, the monetary benefits of maintaining a healthy
lifestyle may provide an incentive.
Being healthy not only makes you feel
good, it may also help you financially. For
example, a recent Johns Hopkins Bloomberg School of Public Health study
determined that a 40-year-old who simply moves from being obese to overweight
could save an average of $18,262 in health care costs over the rest of his or
her lifetime. If that person maintains a healthy weight, the average potential
savings increase to $31,447.1
In a way, staying healthy helps our
potential to save for retirement. If
your health declines to the point where you cannot work, that hurts your income
and your ability to contribute to retirement accounts. The threat is real: the
Social Security Administration notes that a quarter of us will become disabled
at some point during our working years.2
Overweight workers may be subjected to
wage discrimination. A LinkedIn study
of almost 4,000 full-time and part-time workers found that the workers whose
weights were greater than normal earned an average of $2,512 less annually than
the others.3
Higher weight seems to be a factor in
overall health care costs for many.
Ask the Centers for Disease Control and Prevention. The CDC notes that per-year
health care expenses are about 41% higher ($4,870) for an obese individual than
for a person of normal weight ($3,400). The biggest factor in this difference:
prescription drug costs.4
Some habits that lead to poor health can
be expensive in themselves. Smoking
is the classic example. A pack of cigarettes costs anywhere from $5-14, which
means ballpark expenses of $2,000-5,000 or more a year in expenses for a
pack-a-day smoker. Smokers also pay higher premiums for health, disability, and
life insurance.5
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.
Taylor McClish may be reached at (503) 239-3060 or Taylor.McClish@cunamutual.com
This material was prepared by MarketingPro, Inc., and does not
necessarily represent the views of the presenting party, nor their affiliates. This
information has been derived from sources believed to be accurate. Please note
- investing involves risk, and past performance is no guarantee of future
results. The publisher is not engaged in rendering legal, accounting or other
professional services. If assistance is needed, the reader is advised to engage
the services of a competent professional. This information should not be
construed as investment, tax or legal advice and may not be relied on for the
purpose of avoiding any Federal tax penalty. This is neither a solicitation nor
recommendation to purchase or sell any investment or insurance product or
service, and should not be relied upon as such. All indices are unmanaged and
are not illustrative of any particular investment.
Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.
Citations.
3 -
https://www.foxbusiness.com/features/employers-pay-overweight-workers-less-new-study-reveals
[11/5/18]
4 - https://abcnews.go.com/Health/Healthday/story?id=8184975&page=1 [7/28/18]
5 - https://money.usnews.com/money/personal-finance/family-finance/articles/the-real-cost-of-smoking [11/20/18]
4 - https://abcnews.go.com/Health/Healthday/story?id=8184975&page=1 [7/28/18]
5 - https://money.usnews.com/money/personal-finance/family-finance/articles/the-real-cost-of-smoking [11/20/18]