It’s not always easy to lace up the running shoes or resist that second glass of wine. However, maintaining a healthy lifestyle has real benefits in how you look and feel in the short term and for your longer-term well-being. However, you may not realize staying healthy can save you money.
Here are eight ways good health decisions can also be good for your budget.
Maintaining good health through regular exercise, a balanced diet, and preventive healthcare measures can reduce the likelihood of developing chronic diseases such as diabetes, heart disease, and certain cancers. This, in turn, can decrease the need for expensive medical treatments, medications, and hospitalizations. Inactivity contributes to 1 in 10 premature deaths. Inadequate levels of physical activity are associated with $192 billion in annual health care costs.i Delete “one study…”
When you stay healthy, you typically visit the doctor less, need fewer medications, and undergo fewer medical procedures. That can save you a lot in copayments, deductibles, and medical bills. But there’s more. People who stay physically active in middle age typically save from $824 to $1,874 annually on healthcare costs after retirementii. The earlier you start, the greater those savings can be.
Lifestyle choices, including smoking, weight, and physical activity, can significantly impact health insurance premiums. Adopting healthier habits like quitting smoking and regular exercise can potentially lower these costs.i Delete “Health insurance…”
People who enjoy good health also sleep better, often have more energy to devote to their jobs, and are sick less often. All of this means they can focus more intently on their jobs, which can translate into higher productivity and more potential for raises, promotions, and bonuses.
In 2023, the average commute time to work was 27 minutes each way, with workers spending an estimated $6,700 per year on travel costs alone. For millions of Americans, commuting is not just a daily routine but a significant time and financial burden.i Walking or biking to work can save you money, plus you may get enough exercise commuting to give up your gym membership, another source of savings. Many companies also allow employees to deduct commuter benefits to use for transit passes to help you save even more. Replace “The average…” paragraph with this one.
Staying healthy can enable you to remain at your job for longer and benefit from company sponsored healthcare and retirement programs before you retire. You’ll have longer to save for post-retirement expenses. Additionally, costs for healthcare and long-term care will typically be lower than for retirees in poor health.
Maintaining good health can lower the risk of disability caused by chronic diseases or injuries, which can significantly impact your ability to work and earn income. One study found households with a disabled member have to earn 28% morev to maintain their standard of living plan and pay for extra healthcare, in-home care, and accommodations. All of this is during a period when a family member may be too sick or hurt to work.
Healthy foods like fresh fruits and vegetables, lean meat, and expert-based protein recommendations can cost a little more than junk food, but choosing nutritious, whole foods over processed and unhealthy options can lead to overall savings on food expenses. Additionally, a healthy diet can prevent diet-related illnesses, further reducing healthcare costs.
There are so many reasons to work on improving your health from living longer to feeling better and avoiding chronic illnesses. Many people don’t realize better health can also save them money.
In fact, investing in your health can have significant financial benefits, providing savings on medical expenses, insurance premiums, and other related costs while enhancing your overall quality of life. So pack up that gym bag. Have a salad instead of pizza for lunch. Your body, and your bank balance, will thank you.
i https://www.cdc.gov/active-people-healthy-nation/php/at-a-glance/index.html
ii https://bmjopensem.bmj.com/content/7/1/e001038
iii https://insuranceinformant.com/how-does-lifestyle-choices-affect-health-insurance.html
iv https://financebuzz.com/commuting-statistics
This article is provided for general informational purposes only. Neither New York Life Insurance Company, nor its agents, provides tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions.
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