When developing financial plans and retirement plans for clients, one of the topics I address is their physical health.
It’s one of the components in the 5 P’s of Life (an approach we use to define your lifestyle goals).
Some may wonder why a financial advisor asks about health.
The answer is that healthcare expenses have significantly increased over the past decades, especially as a person ages.
Insurance companies no longer cover health procedures and prescriptions like they used to in the past.
We now have higher deductibles and coinsurance costs.
How you treat your body when you’re younger will impact your health care as you age.
If you smoke, you’ll have a higher probability of being diagnosed with chronic obstructive pulmonary disease (COPD).
If you have poor eating habits and don’t exercise, you’ll have a higher probability of developing high cholesterol, high blood pressure, diabetes, osteoporosis, and the list continues.
Even though some of these conditions are genetic, your daily lifestyle makes an impact.
Healthcare expenses include medical, dental, vision, and hearing.
Long-term care expenses include non-medical assistance such as in-home care and nursing home residency. These expenses are separate from healthcare expenses.
Medicare (Federal health insurance for Americans beginning at age 65) does not cover dental, vision, and hearing.
However, there are supplemental policies you can purchase to cover these expenses.
For some, turning 65 may be decades away. For others, it’s around the corner.
It’s never too late to begin a healthy lifestyle.
We all know what needs to be done, but it’s hard to implement, especially when life becomes busier and busier each year.
So, what can you do?
Here are four easy suggestions to begin a healthy lifestyle.
1- Start walking
Begin with 15-minute walks and gradually increase your time.
Listen to your favorite podcast or audiobook while you walk.
2- Read labels
Choose foods with ingredients you recognize (this action will eliminate many processed foods).
Also, select foods with less than 10 grams of sugar per serving.
3- Drink a glass of water before every meal
It’ll help you reach the water intake your body needs.
And it will fill you up, resulting in eating less food.
4- Get sufficient sleep
It’s easy to overeat when you’re not well-rested.
It’s easy to skip physical activity when you’re tired.
Your body needs adequate sleep to rejuvenate.
Your money will last longer if you have lower healthcare expenses.
Be aware of your family health history. But also, be proactive about your health.
You’ll enjoy more life experiences if you remain healthy.
(Update to original post from June 29, 2018)
ABOUT THE AUTHOR:
Niv Persaud, CFP®, CDFA®, RICP®, is a Managing Director at Transition Planning & Guidance, LLC. Life is more than money. It’s about living the lifestyle you want and can afford. For that reason, Niv consults with clients on money, life, and work. Her approach capitalizes on techniques she learned throughout her career, including as a management consultant, executive recruiter, and financial advisor. Her services include developing comprehensive financial plans, divorce financial reviews, and retirement plans. Niv actively gives back to her community through her volunteer efforts. She believes in living life to the fullest by cherishing friendships, enjoying the beauty of nature and laughing often — even at herself. Her favorite quote is by Erma Bombeck, “When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left and could say ‘I used everything you gave me.’”