(All posts may contain affiliate links. Please see my disclosure policy)
We all wish for good health and good finances, but we might not know that we’re wishing essentially for the same thing. Our health and our finances are inextricably linked. When our health suffers, our finances tend to take a hit and vice versa. Sometimes, that link can become a vulnerability and a major change in our personal health can send our finances spinning out of control. To stop that, you need to make sure you’re taking the right steps. What can you do to stop your health from impacting your finances too much
Cut out the unhealthy habits
It might sound like a small enough step, but the truth is that this tip is going to help you better budget for the following tips. Not to mention, it’s going to drastically reduce your risk of actually needing any of the following protections as well. When it comes down to getting your personal health and financial health in good condition, those bad habits of yours are going to make it harder for both. For instance, the yearly cost the average smoker incurs is roughly $2,555. But vices like smoking also drive up the cost of health insurance at the same time. Just another reason to quell those unhealthy habits.
Prepare for those costs
Of course, we can’t talk about health and finance without talking the most common way to investing in your healthcare, health insurance. The choice of health insurance deal you take has a huge role to play in the relationship between your money and your wellbeing. Most people get their insurance plan through their employer. The employer’s plan usually costs less to you than the other plans out on the marketplace, but if you’re concerned that you’re not getting specific coverage your family needs, then it might very well be a necessity. In those cases, you might be looking at a need for deals like a point-of-service plan.
Ensure accountability
Not all cases are about ensuring that you’re able to handle the costs of your own healthcare. Sometimes, you need to know your rights and when you shouldn’t be the person paying for that care in the first place. Especially if someone else’s actions have you losing income because you’re unable to attend work. Teams like SiebenCarey highlight a variety of different situations in which cases you might be liable to see some accountability taken by parties that cause your healthcare issues. We all know about assigning that accountability when it comes to auto collisions or workplace accidents. But you might also have a malpractice case if poor healthcare results in further costs and impacts to your health. Or if you slip outside a commercial property due to poor maintenance, the owner of the property may very well be held responsible.
Protect your income
Getting the law on your side is a great way to ensure that any loss of income is covered by the responsible party. Employers themselves might offer some kind of insurance in their benefits package even if they’re not responsible for time taken off work due to illness or injury. However, that’s not always the case. They must keep your job for you, but not necessarily pay you. If they don’t, it’s important to get your own income protection insurance. The best income protection deals are those that take into account more varied circumstances, such as injuries and illnesses on vacations and children’s injuries that require you to take time from work.
Better health means better finance
We’ve already covered how bad habits can have more impact on your finances than you expect, as well as make you more likely to require the use of your health insurance. But on a more abstract note, there’s research that shows that those who keep themselves in better health tend to do a lot better with their finances overall, too. For instance, ensuring your sleep well and managing your stress levels shows evidence that you’re able to make better decisions in your day-to-day, including decisions that impact your finances like choosing deals and avoiding impulse buys. Good eating habits tend to reflect on good financial habits, too. Some believe eating healthily is more expensive, despite the help that meal planning can provide. However, eating unhealthily tends to lead to more food being bought overall and the increase in superfluous expenses every time you need to go to the store. Maintaining personally healthy habits tends to make it easier to maintain financially healthy habits, too.
We never know when our health is going to take a turn for the worse. Anyone can be the victim of an accident or get struck with an illness. It’s when you’re in good health and earning that you should be putting protections in place, rather than hoping you can get through a crisis as it unfolds.
