The Link between Your Physical and Financial Health

The Link between your physical and financial health

According to a recent PwC report, almost 60% of employees report that financial worries cause the most stress in their lives.  It’s no secret that stress can affect our physical health. Many of us have experienced stress-eating, tension headaches, loss of sleep, or the occasional digestive issues that can be brought about by excessive worry. Several studies have also shown the connection to more serious medical problems such as heart attacks and stroke.

The trickle-down effect is huge. Two-thirds of people who file for bankruptcy cite medical issues – either the high cost of care or time missed from work – as a significant contributor to filing. It becomes a never-ending cycle.

However, there are ways to break the cycle.

Stress Reduction: Though it isn’t always possible to live stress-free, there are methods to reduce the effects stress has on your body. Several meditation apps offer ways to alleviate anxiety, practice mindfulness, and even improve your sleep. Many employers also offer access to mental health professionals. Be sure to check with your human resources team to determine which avenues are available to you.

Wellness Incentives: Many employers and health insurance carriers offer wellness incentives. These incentives can range from cash incentives to discounts to access to information. Be sure to check with your HR department or insurance carrier to take advantage of programs available to you.

Health Savings Accounts:  If you have a high deductible health plan, you can open a Health Savings Account (HSA), to save tax-free for future medical expenses. Not only do HSAs offer tax advantages as long as the funds are used for approved medical expenses, but they are also portable and roll over from year to year. When you automate saving through payroll deductions, an HSA is a smart financial choice. Consult your tax advisor to determine if this is an option for you.

Supplemental Insurance Programs: These programs allow you to choose coverage based on your unique needs. Common programs include cancer, accident, critical illness, and hospital indemnity coverages. Many employers see the benefits of these programs for their employees and offer them as part of their comprehensive benefits package.

At Allegacy, we are dedicated to helping our members be their best both physically and financially. That’s why we offer Allegacy’s HealthLink, which offers exclusive member savings on coverage plans including dental, vision, accident and Cancer. These benefits can help cover surprise expenses and out-of-pocket medical costs that often come with an unexpected accident or cancer diagnosis. Or, get access to dental and vision policies so you are always covered no matter where your employment takes you and your family.

 

 

Disclosure

Benefits and insurance services are offered by Allegacy Benefit Solutions, LLC, a subsidiary of Allegacy Services, LLC, and are not insured by the NCUA nor guaranteed by Allegacy Federal Credit Union.