When you connect the dots between health and wealth, the big picture of life becomes clearer—allowing you to plan financially and physically for the long-term.
The two factors, health and wealth, are undeniably intertwined, as explored in this article and sourced by Broadridge Forefield Investor Communications Solutions, Inc. Both contribute to overall life satisfaction. With the help of a physician and the experienced guidance of a Busey Wealth Management associate, you can navigate a stress-free financial path—avoiding the worries from the pursuit of wealth and the subsequent health risks.
The True Costs
If you need more incentive to make the health-wealth connection, consider that stress can aggravate or create prolonged health issues.
Chronic diseases such as heart disease, type 2 diabetes, obesity and arthritis are among the most common, costly and preventable of all health problems, according to the Center for Disease Control and Prevention. These same chronic conditions make you more likely to need long-term care, which can cost anywhere from $21 per hour for a home health aide to more than $6,000 a month for a nursing home, according to the Department of Health and Human Services.
The Employee Benefit Research Institute reports a 65-year-old married couple on Medicare with median prescription drug costs would need about $265,000 to have a 90 percent chance of covering their medical expenses in retirement.
Basic planning can help you manage both wellness and security, providing the freedom and peace of mind to pursue everything else life has to offer.
Long-Term Health
From eating right and exercising to getting enough sleep and managing stress, the recommendations for living a healthy lifestyle are fairly straightforward.
Doctors also advise scheduling an appointment before starting a new exercise program or diet plan—especially if you haven’t received a physical exam within the past year. Your doctor will benchmark important information such as your current weight and risk factors for developing chronic disease. Be honest about your daily habits during your appointment and set goals with your doctor.
For more tips from the Department of Health and Human Services, visit their website at www.health.gov.
Long-Term Wealth
The recommendations for living a financially healthy life depend on individual circumstances and needs. Here are a few basic principles to consider:
- Save for emergencies by setting aside enough money to pay for three months’ to a year’s worth of expenses. To build an emergency fund, save a little money each paycheck. Create a plan by prioritizing expenses, setting spending goals and sticking to them.
- Whether you want to travel, move to a warmer climate or invest in a hobby, no matter your dream, save for retirement. Experts recommend 10 to 15 percent of your annual income. If this goal seems lofty, remember, as with exercise, any activity is better than none. Start small and then increase contributions as financial circumstances improve. Don’t forget to review and assess your strategy over time.
- Plan for emergencies with proper insurance for health, long-term disability and life, especially if others depend on your income. You might also consider long-term care coverage.
- Set up a Health Savings Account (HSA) a tax-advantaged account to help those with high-deductible health plans set aside money specifically for medical expenses. If you have access to an HSA at work, consider using it to help save for health expenses.
For expert advice in developing your long-term wealth plan, schedule a meeting with a member of Busey’s Wealth Management team on busey.com. We work closely with you to develop a personal, comprehensive plan that will help meet your goals and objectives through each phase of the wealth management process.
With a plan in place developed with your physician and a Busey Wealth Management financial advisor, you will be able to enjoy whatever life has to offer with confidence.