Not living as healthy a life as possible can lead to more than just physical challenges. The fiscal results can add more problems to your life—but some are avoidable. Here are three bad health habits and how they can affect your financial health and that of your business.
Smoking: Quitting smoking is considered one of the hardest endeavors to take on (and science backs this notion.) Besides the fact that a pack of cigarettes can cost you up to $17, the American Cancer Society reports that tobacco-related healthcare costs are more than $130 billion and the direct healthcare cost for those who smoke cigarettes is about $35 per pack. (So, let’s say you smoke only a pack per day. That’s more than $13,000 per year.)
Recent Wallet Hub research also indicates that smokers can lose up to $5,932 per year in income, and more than $156 billion is lost in productivity due to premature death and exposure to secondhand smoke. In some states, health insurance premiums are higher for smokers—up to 50% higher than those who do not smoke.
The American Cancer Society and healthcare professionals cite options for quitting including counseling, nicotine-replacement therapy, and prescription drugs. Smokers are also advised to seek help from a licensed medical professional or to take advantage of cessation programs covered by insurance.
Overworking: There are several health-related effects of overworking and researchers have found that the resulting stress can lead to depression, heavy drinking, impaired sleep, diabetes, and other conditions and illnesses. It can also lead to a loss in productivity, which is quite counterproductive. The domino effect: absences at work, appointments, and business meetings, which then leads to a breakdown in your reputation and credibility as a leader. If you’re missing a meeting that could have netted you that lucrative partnership, that’s money lost to your business. And even if you show up, you won’t be at your best—yet again risking the loss of money-making opportunities.
Productivity experts suggest working in 60-to 90-minute intervals throughout the day, and to manage your time in a way that promotes a healthy balance between professional and personal time. Prioritizing deadlines, being prompt for meetings, and avoiding distractions are all ways you can avoid unnecessary midnight oil-burning sessions.
Skipping Doctor’s Appointments: No-show rates for doctor’s appointments can range from 5% to 55%. Not scheduling routine exams, especially for conditions and diseases that disproportionately affect black women and men or people of a certain age range, can mean missed diagnosis and exposure to health challenges that could have been avoided or treated earlier.
The CDC indicates that getting the right health services, screenings, and treatments, help your chances for living a longer, healthier life, and catching things early can help to avoid the healthcare and insurance costs that you could face if a condition is not detected early enough, gets worse, or leads to a more serious one. It’s definitely less expensive to go to the doctor regularly than to avoid it for years and end up having an extended stay in a hospital or high costs of a lifetime of prescription drugs or medical treatments.
Editor’s Note: This article originally published on July 2, 2016
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