Invest in Your Health
So much of what I do with my clients is all about future planning and retirement strategies. But don’t forget about a healthcare strategy. It’s no secret that healthcare costs are expensive now…just consider what they could be in twenty years! With this in mind, think about investing in your health now, to save money later.
Ladies, as you think about your health and your quality of life, I encourage you to think about health beyond the short-term return of fitting into that knockout dress. Your health has everything to do with your flexibility, the strength of your joints and your bones, your cholesterol and blood pressure, and of course, the fitness of your heart. The National Business Group on Health has estimated that the cost of a heart attack is roughly $1MM in both direct and indirect costs on the victim. Think of that! How catastrophic a $1MM hit on your retirement strategy would be for you in the long term!? According to The American Heart Association, 44 million women nationwide suffer from cardiovascular diseases …think about the collective cost of all of the joint replacements, diabetes diagnosis’, high-blood pressure regimens, and more.
When you’re considering your financial health, please remember that your actual, physical health is a big part of the picture. This is not an area of your life where skimping will pay off!
We all know that food is the best medicine and what you’re eating is a huge factor in your overall health and fitness. Planning your meals and packing your lunch are two great ways for busy, sophisticated women to get the nutrition that they need without sacrifice. Two of my very favorite “food-fast” solutions are Factor 75 and Skinny Souping. Quick delicious meals, that you choose, are delivered directly to you for all-week grab-and-go convenience. You might think that this extra expense is an indulgence, but I don’t see it that way. By spending money that ensures you eat well and save time (no more stress about choosing wisely on a fast food menu,) is an investment, not an expense.
When I look at my packed calendar and see my work schedule combined with my family commitments, “extras” like exercise or time with my girlfriends seem impossible. So, I decided long ago to make time for both…at once. Three mornings a week, I wake up early and I go for a speed walk with one or two of my girlfriends. Exercise doesn’t have to be a hard-core visit to the gym. A simple brisk walk around the neighborhood is both refreshing and super fun when done with your favorite ladies. I always feel better afterwards – both physically and emotionally!
Want to up your game? There are scads of all-in-one hour-long exercise solutions these days. I love Shred 451, Orange Theory, and The Daily Method when I want a high-energy boost to my regular routine.
Get Your Insurance To Work For You
While you are working so hard to live a whole life that will contribute to your great health later, don’t forget about some of the money saving tactics that you might put into action now when it comes to your healthcare. If you are an entrepreneur and you’re paying for your own health insurance or have a number of choices available through your company, then there are some ways to maximize your benefit while minimizing your payment. Having the lowest deductible may not be the name of the game. Frankly, if you’re healthy, a higher deductible (such as $5K or $10 K) with built in preventative care, might make the most sense for you. It will likely mean that your monthly payment will be lower. If you’re sick, you will have to pay out-of-pocket, but if you’re not, then you didn’t waste money on a ton of health insurance premiums that you didn’t need. You will be covered for a catastrophic event. Want to super-size your dollars? Then take the money that you’ve saved in your monthly insurance premium and consider putting it into a tax-free HSA (Health Savings Account). For 2016, an individual can fund $3,350 and a family can fund $6,750 into the HSA. That way, if you are sick, you will be able to pay your bills with your HSA money – money that you were never taxed on!
Withdrawals from a healthcare savings account (HSA) for non-qualified expenses are subject to income taxes, and if made prior to age 65, a 20% penalty may apply.