Health and wealth go hand-in- hand.
The higher a person’s income is, the higher the possibility that he or she will enjoy better health. If you think that this is simply due to the fact that people with higher incomes have more access to health care, then you are clearly mistaken. Studies indicate that health disparities are prevalent even in countries with universal health coverage.
So, what may be the reason behind this observation? Psychologists are still working hard to find the answer so for now, it may be enough to know that there is a direct relationship between a person’s health and socio-economic status. In fact, studies indicate that there is a strong association between health and income, especially among people who are in the lower end of the income spectrum.
In addition, lower economic status is linked to a wide range of health problems, including low birth weight, arthritis, diabetes, hypertension, cardiovascular disease, and cancer, according to a study published by the National Center for Health Statistics in 1998. Moreover, it is also associated with higher mortality, with the greatest disparities observed among people between the ages 45 and 65.
Keeping these things in mind, how can you improve your finances by taking care of your health? Here’s how.
Good health means fewer visits to the doctor. Keep yourself in good shape and you can significantly reduce the number of times you need to visit your doctor. Remember, each visit translates to a deductible and a co-payment. You may also need to pay an extra office visit if you ask questions about chronic problems during your preventive exam. If you need to see a specialist, you need to deal with a higher co-payment. You also need to face a number of additional expenses depending on the type and course of treatment you need. So, live a healthier lifestyle and you can surely save a ton of money in the process.
Healthy people spend less on medications. Healthy people experience fewer aches and pains, and are less likely to suffer from serious ailments. This means that you can easily save hundreds of dollars in over-the-counter medications and prescription drugs just by keeping in shape.
A healthy lifestyle prevents you from wasting money on expensive habits. Smoking and drinking alcohol are not only bad for your health, they can be bad for your wallet as well. The same goes for subsisting on a diet based on fast foods and soda. As such, living a healthy lifestyle and doing away with all these expensive and unhealthy habits can significantly bump up your savings month after month.
Being healthy can increase your productivity. Being physically and mentally fit can reduce the time missed from work and improve your productivity at the same time. Needless to say, this can have a great impact on your performance and improve your chances for income raises and promotions. It also gives you more energy to start a side business.
It is so easy to improve your finances just by taking care of your health so follow these suggestions and you will surely enjoy the results.