Participant Corner: Are You Thankful for Your Health?
The holidays are upon us! Staying healthy just might make you wealthy. With small lifestyle changes and healthy choices (especially with all the shared yummy foods), you may reduce your annual healthcare costs and increase your income. These lifestyle changes can be as simple as limiting your salt intake or taking your prescribed medication regularly.
By adopting healthy habits, you can mitigate future healthcare costs. Data from HealthyCapital reveals that by simply making a few minor changes to daily routines, and reducing the risk factors leading to chronic disease, individuals could potentially add years to their lives and save thousands of dollars in lifetime medical expenses. (See example below.)
SAVANNAH – The average managed patient
- Blood pressure of 150/95
- Sometimes forgets medications
- Sometimes doesn’t follow her suggested diet
- Occasional smoker and drinker
ADRIAN – The well managed patient
- Takes prescribed medication
- Exercises 30 minutes/day, 5 days/week
- Moderate alcohol intake
- Chooses healthy fats
- Limits dietary salt
- Quit smoking
Savannah and Adrian are both 45 years old and both sought medical treatment for high blood pressure. Savannah doesn’t follow the lifestyle changes her doctor suggested, whereas Adrian diligently follows her doctor’s recommendations. With Adrian’s small changes she saves more than $1,000 in out-of-pocket healthcare costs. Additionally, Adrian’s combined pre-retirement and in-retirement savings will be $89,456 more than Savannah, as shown in the table below.
|Savannah||Adrian||Adrian’s Savings in Health Expenditures|
|Total In Retirement||$51,790||$28,031||$23,759|
The hypothetical case study results are for illustrative purposes only and should not be deemed a representation of past or future results. This example does not represent any specific product, nor does it reflect sales charges or other expenses that may be required for some investments. No representation is made as to the accurateness of the analysis.
This material is not intended to provide, and should not be relied on for tax or legal advice. Any information contained herein is of a general nature. You should seek specific advice from your tax or legal professional before pursuing any idea contemplated.
Lebel & Harriman Retirement Advisors is a separate entity from Retirement Plan Advisory Group (RPAG). Retirement Plan Advisory Group (RPAG) is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.