Santonocito and Associates

(425) 830-6612

Lifestyle Read Time: 3 min

Putting a Price Tag On Your Health

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 helpful incentive.

PuttingA Price Tag On Your Health

Being healthy not only makes you feel good, 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 30.1 

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 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.
  • Individuals can lower dental costs by receiving regular checkups and performing basic preventative care.2
  • 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. 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. Total economic cost of smoking is more than $300 billion a year, including nearly $225 billion in direct medical care for adults.3
  • Obesity is another expensive condition that affects many Americans. In fact, obese adults spend $1,429 more per year on direct healthcare costs than do adults with a healthy weight.4

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.

1. CDC.gov, July 29, 2020
2. American Dental Association, July 22, 2020
3. CDC.gov, May 25, 2021
4. CDC.gov, June 7, 2021

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

Financial Aid for Students 101

Financial Aid for Students 101

Help your college-bound child explore scholarships, grants, and more with this article on paying for higher education.

Estate Management 101

Estate Management 101

A will may be only one of the documents you need—and one factor to consider—when it comes to managing your estate.

It May Be Time for a Financial Checkup

It May Be Time for a Financial Checkup

It’s never a bad time to speak with your financial professional about changes in your situation.

 

Have A Question About This Topic?







Thank you! Oops!

Fixed or Variable Mortgage, Which Should You Pick?

When selecting a mortgage, one of the most critical choices is between a fixed or variable interest-rate mortgage.

Will Power

Preparing for the eventual distribution of your assets may not sound enticing. But a will puts the power in your hands.

Who Is Your Trusted Contact?

This investment account question is vital and answered as early as possible.

View all articles

Lifetime of Earnings

Estimate how much you have the potential to earn during your working years.

What's My Potential Estate Tax?

This calculator helps estimate your federal estate tax liability.

Saving for College

This calculator can help you estimate how much you should be saving for college.

View all calculators

Managing Your Lifestyle

Using smart management to get more of what you want and free up assets to invest.

Principles of Preserving Wealth

How federal estate taxes work, plus estate management documents and tactics.

An Inside Look at Retirement Living

A number of questions and concerns need to be addressed to help you better prepare for retirement living.

View all presentations

The Real Cost of a Vacation Home

What if instead of buying that vacation home, you invested the money?

Choosing a Mortgage

Selecting a mortgage isn't an easy process. Get a better understanding of how professionals make the right decisions.

A New Way to Look at Your Bucket List

Bucket lists don’t have to be for tomorrow.

View all videos