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Mar 13 2018 42022 1
One Surprising Habit That Could Help You Retire $100,000 Richer
Dwight Eschliman—Getty Images
Start doing this now.
ELIZABETH O'BRIEN January 27, 2018
Raise your hand if you follow doctor’s orders to a T. Not quite? How about if we told you that there’s real money in it for you if you do.
A 45-year-old man with high blood pressure can save an average of $3,285 in health care costs annually over his lifetime if he makes a few simple lifestyle adjustments like taking medication as directed, according to data released on Tuesday by HealthyCapital, a new joint venture between HealthView Services, a Danvers, Mass.-based company that provides retirement health care cost data and tools to financial advisors, and Mercy, a large health care system with facilities across the Midwest.
Put another way: not following doctor’s orders can substantially increase your medical costs over your lifetime, diverting money that you could be saving for retirement.
You Might Want to Rethink Using the Kettle in Your Hotel Room Boiling yourself a cup of tea can be a relaxing way to unwind in your hotel room, but you might want to think twice about using the kettle: Some customers may be using that kettle to clean their undergarments.
“We as consumers of medicine have a tendency to not really follow protocol,” says Ron Mastrogiovanni, CEO of HealthyCapital. Indeed, Mercy’s research shows that half of Americans diagnosed with a chronic condition don’t take their prescribed medicine after six months.
Taking control of your health boosts your bottom line today and in the future: If the hypothetical 45-year-old plows his $3,285 in annual savings from following doctor’s orders into a retirement portfolio that earns a 6% annual return, he could generate an additional $100,348 for retirement by age 65, according to HealthyCapital. (Heads up though: No one’s going to send you a check for $3,285; it would be on you to invest the money that would otherwise have gone to medical costs in an Individual Retirement Account, or to increase your contributions to your workplace 401(k).)
These findings come at a critical time. About half of all adults (117 million people) have one or more chronic health conditions, according to the Centers for Disease Control and Prevention, and retirement health care costs are rising at a faster rate than the annual raises seniors receive in their Social Security benefits.
While those who start early get the biggest bang for their buck, it’s never too late to begin following doctor’s orders more closely, Mastrogiovanni says. Retirees can still improve their health and save on medical costs by taking their medicine as directed and following other simple guidelines. What’s more, these healthy behaviors can extend older adults’ independence, delaying the need for long-term care, he notes.
Not only will lifestyle adjustments save you money, but they can also add years to your life: the 45-year-old who gets his high blood pressure under control will extend his life expectancy by three years, according to HealthyCapital projections.
Following doctor’s orders doesn’t mean anything draconian. These lifestyle tweaks are sustainable over the long haul, and that’s key. In the case of high blood pressure, for example, behavior modifications include taking medicine as directed; exercising for 30 minutes a day, 5 days a week; drinking in moderation; limiting dietary salt and stopping smoking, if applicable. It’s common for people with hypertension to skip their high blood pressure medication, doctors say, since they don’t feel like they’re sick.
Dr. Michael Munger, a family physician in Overland Park, Kansas, agrees that money can motivate patients to adopt healthier habits. He asks his smoking patients, “What would you do with an extra $3,500 this year?” And that’s just the cost of the cigarettes themselves—medical expenses related to smoking can add to that total.
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