It might be surprising to learn, but simply following your doctor’s suggestions can help you save a sizable bundle over time. A report recently released by HealthyCapital found that making smarter lifestyle choices and taking medication as prescribed can save money on future healthcare bills. For a 45-year-old male with high blood pressure, as much as $3,285 could be saved over his lifetime.
Dismissing Medical Advice Can Boost Healthcare Costs
HealthyCapital is a joint venture that brings HealthView Services and Mercy together to analyze how individual lifestyle choices affect or medical and financial statuses. Mercy is a healthcare system that has spread across several states in the midwest, while HealthView Services is an organization tasked with analyzing healthcare data for retirees. Working together as HealthyCapital, the two organizations concluded that failing to follow a doctor’s instructions ultimately leads to a worsening of medical conditions and higher healthcare costs.
One of the biggest problems concerns medication prescribed to patients with chronic conditions. Over time, individuals stop taking their medication exactly as it was prescribed. After six months, CEO of HealthyCapital, Ron Mastrogiovanni, says most people stop taking their medication altogether. In the long run, this will lead to higher than necessary medical costs.
Proper Healthcare Can Help You Save Money for Retirement
When people take control of their healthcare and strive to live better lives, they can reduce their expenditures and give a boost to their savings. Taking the previously mentioned example, that 45-year-old male could take his $3,285 savings and invest it in a retirement account. Earning an annual 6% return, he could make $100,348 within 20 years. Of course, it should be noted that the $3,285 will have to be set aside by the individual, so planning out those savings is the first step. There won’t be an actual check for $3,285 that you can deposit into a retirement portfolio.
The findings in this study come at an opportune time for millions of Americans. The costs of healthcare continue to skyrocket, far outreaching the annual raises that Social Security benefits pay out each year. Combining those financial factors with the fact that nearly half of all Americans, 117 million adults, suffer from at least one chronic illness, it’s easy to see why saving money is becoming essential. By taking the money saved from living a healthier lifestyle, individuals can live longer lives and stockpile more money for their retirement years.