The start of a new year is a time to say goodbye to a succession of yesterdays and say hello to promising new tomorrows, and if you are like many Americans, a part of your “bringing-in-the-new-year” ceremonial act included a resolve to change some element of your life.
While some may resolve to become more fiscally responsible, others will focus on shedding those extra pounds. If the latter is you, then losing weight in the new year may change your finances more than your appearance. Losing weight may take inches off your waistline and put more money in your wallet. How? By cutting your cost for healthcare.
For those who are self-insured, losing weight can mean a big difference in the price you pay for health insurance. Much of the medical community seems to agree that obesity comes with a high price tag. Citing elevated cholesterol levels, diabetes, certain forms of cancers and heart attacks as effects of obesity, many experts estimate that individuals who have excess weight cost the health care system an estimated $147 billion dollars each year.
Now insurance companies want you to foot the bill by charging you more if you are overweight -and in some cases a lot more! Recent reports suggest that those with a Body Mass Index (BMI) of 25 or higher pay up to 31% more than those whose BMI is between 18 and 24. For example, let’s say that a standard premium for an individual who is 5’5″ and weighs 145 pounds is $276 per month. It is likely that the same coverage will cost a person who is 5’5″ and weighs 195 pounds $400 a month. Over the course of a year, that would cost the heavier individual over $1400. Wouldn’t you prefer to keep this money in your pocket instead of handing it over to your insurance company?
What can you do to lower your health care costs? Take the next step and shed those extra pounds. Then, talk to your insurance company. Once the excess weight is gone renegotiate for a lower premium based on your new healthier profile.
Live a healthier life. Have fun. Eat right. Lose weight. Find some good weight loss apps to help you.