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-- back pocket dot com live I'm Robert Gray with -- here are talking business and we are joined by Laura Adams the author of money -- Smart lives to -- rich and a host of money girl podcast on quick and dirty tips dot com and you know quick and dirty way about it but you.
Wanna talk to us a bit today lots of the really intriguing at the idea of being.
Better physically fit can help you be more fiscally fit and say adjusting that they would go hand in hand.
Let's start using their four basic ways that you can save money we'll start -- the first -- Lower insurance premiums so obviously you're running a small business you wanna cut the overhead and I guess starting with yourself as one way to do that.
That's right -- when I was researching this topic for recent money -- pod cast.
I knew that health and well we're linked on the just kind of makes sense that if you are you know you're not feeling well and you're not able to work -- not able to earn.
But I was really surprised by the financial benefits that we get from getting getting healthy.
And as you mentioned insurance premiums if you're healthy you're gonna help lower health.
And life insurance premiums.
A statistic shows that consumers are paying about two point nine billion dollars.
Money for a lot of insurance just as a result of being overweight or obese.
An optimist and I guess over the counter drugs and other medicines and things like that you'd be for camp or if you're not feeling well you're not healthy -- -- could see -- that would also be a savings first.
Well as discounts and incentives also tell us how you would get those of what what the incentives would be.
That's right about how -- the United States workers are getting insurance through their workplace.
So if you have a group policy many employers are now offering incentives to workers they know that healthy workers.
You are better for the bottom line for the company right now they're offering an incentive to stay fit and these incentives come in in different forms -- could be maybe.
A subsidized gym members -- If you maintained you know cholesterol.
In body mass index within a certain range.
It can also be an actual contribution to your health savings account.
You know if you say do it coaching program with health -- so they're different types consent as and we wanna make sure to take advantage of that is -- they can really.
You know increase the savings that you get.
Yeah and there were there were some you know awhile back and -- reading if you stories.
That if you could prove that you had been the -- X number of times you gotta you know your your by your company would kick get a little extra or maybe your insurance.
Premium would go down and is is that's right you've encountered.
Absolutely so even pledging to walk a certain number of miles per week or to exercise a certain number of hours per week hints at some companies can be part of -- They're wellness incentives so it can be can be pretty easy to achieve that is -- image and over the counter stuff but also obviously going to the doctored.
Big out of pocket expense the depending on how your insurance is structured and not to mention prescriptions that's right -- you have good insurance he's still got out of pocket co pays when he got to the -- -- have to make a trip to the pharmacy.
So there's direct medical costs are going to be substantially reduced when you're in shape and not to mention that even over the counter.
Things that -- buying studies have shown that those who get good -- coal regular exercise are actually half as likely to get a common cold.
So that's half the tissues.
Cough medicine and -- job that you might have to buy over the counter.
-- in pleasant view are -- that -- -- small business owner you're the person who's footing the bill for all of your employees and yourself as well as far as insurance because if you're providing that's I think you're haven't a double incentive.
To take better care of yourself.
That's that's right so the bottom line is that being.
Fiscally fit does go hand in hand with physical -- mess and it gives you the opportunity to save money.
To earn more money just have a better quality of life and feel better.
So and it also you we don't know about over the counter medicine but.
Did you find any we able to quantify some of these savings that people would have in some of these different categories.
But -- as for an average -- -- it obviously it would depend on a lot of he has geography and in different professions would have different levels but was there.
Some kind of percentage basis that people can maybe -- to shave some off.
They're they're not it a number that I can say is an actual savings number but I can tell you that obese women.
Actually pay over 4800.
Dollars per year.
As a as a result of being overweight so that's almost 5000 dollars a year -- we could go without -- -- that breakdown that's a that's a substantial amount of money.
-- areas it is message that comes just from those direct medical cost avoiding going to the doctor or going to the hospital.
Avoiding those expensive prescription drugs and would have in the insurance costs as well that's right.
So those are substantial savings and and women take you know the brunt of that the cost for men has about half as much as it is for women so if we can save that money and instead investing for retirement and -- use it to beef up our emergency savings that money is much better spent -- Did you find in your research any ways to.
Maybe find tax benefits or write -- if you have a company I don't know -- -- -- in a treadmill -- view relative to somehow you know.
Justified as part of the company expenses -- -- providing -- for employees even if you are the envoy.
Absolutely it is a benefit that employers can claim and also employees you know we do we do -- -- -- An incentive for a medical deductions so -- cost that you do spend we need to take advantage of those -- and get every tax deduction that McCain absolutely.
You know it -- us of that done.
When you're looking at the doctor visit studies.
Was -- percentage of fewer visits that you found.
Among the -- the population that we're saying in and how do you quantify the physically fit.
As well you have -- an interesting question.
Being overweight they look at body mass index or BMI so having -- BMI that between 25 and 29.
Is what's considered overweight anything over 38 is considered obese so those of the metrics that the studies are looking at.
You're looking sort of bit the bullet thirties and then bullet 25 mr.
points that's right.
OK well thank you very much this is far out of he's author of money -- Smart move cigarettes talking about.
Being more physically fit by being more physically fit is lunchtime trip around the poor who need it peaked anyway thanks so much for joining us -- -- -- did.
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