We speak about finance, savings and investments, but how often do we talk about financial health?
To begin with, Financial health means how healthy one’s finances are. Health and finances are linked very closely, a lot more closely than what we may think.
Here are 4 ways in which health and wealth is related;
Busy daily lives and work deadlines are a reality, but so is the need for exercise. Gym and yoga class memberships are of course a good way to stay fit, but not the only way. A 30 min walk, aerobic exercises at home, taking the stairs, parking the car a bit far and walking the distance, all of this can help in a healthier lifestyle. It keeps one fit and better equipped to fight diseases. A healthy life is a happy life! It means less money spent on medical bills, less time lost at work due to sickness and definitely popping less pills!
According to real estate company, CBRE, 60 per cent of Indian millennials eat out thrice a month. A rightly said, too much of something is bad for health.
Instead, try packing lunch from home. A simple home cooked meal is not only healthier but also helps to prevent unnecessary expense.
Prevention is better than cure. Never miss out on regular health checkups. You can get a tax deduction of Rs 5,000 too for preventive health checkups for spouse, children or parents under Section 80D. Detecting a medical condition early will help you to stay healthy. It will also help you save thousands on your medical bill.
Also, many of us may not be aware, but health insurance provides you with free medical check-ups. Do not worry, in case your health parameters are altered, your renewal premium rates will not change. You can call up the insurer’s toll free number or visit the nearest branch to get yourself checked.
We all know that drinking and smoking is not good for our health. Cutting down or eliminating these vices is essential for good health. Also, smoking affects your health insurance premium. If you are a smoker, health insurance companies would base their decision to offer you health insurance based on whether you have any pre-existing lifestyle disease. This might deter someone from taking health insurance, but the reality is that smoking makes one more susceptible to lifestyle diseases. If someone is smoking 20-40 cigarettes a day, health insurance companies may even reject a health insurance proposal.
So, the adage health is wealth holds true. Not taking care of your health can have a catastrophic effect on your financial life. It is time to take charge of your health.