How Shedding Pounds Helps in Reducing Insurance Premium

July 10, 2024

Losing weight can be advantageous for your finances as well as your health, especially in regards to insurance rates. For many Americans, managing weight is a critical component in reducing health risks such as heart disease, diabetes, and high blood pressure. What's less commonly known is that obtaining and maintaining a healthy weight might also result in cheaper health insurance premiums. Here's how shedding those extra pounds could financially benefit you through your health insurance.

1. Lower risk, Lower rates

Insurance companies often determine premiums based on risk level. Obese or overweight people are statistically more prone to experience a range of health problems, which may result in increased medical expenses. You decrease your risk profile by losing weight and moving into a healthier weight bracket. This can make you a less risky proposition for insurers, potentially leading to lower premiums.

2. Improvement in biometric screenings

Many health insurance plans include wellness programs that offer premium discounts for meeting specific health criteria, including biometric screenings. These screenings often measure factors like cholesterol, blood pressure, blood sugar levels, and body mass index (BMI). Losing weight can improve these numbers, reflecting better overall health and qualifying you for discounts on your insurance premiums.

3. Enhanced health metrics

Weight loss, mainly achieved through regular physical activity and a balanced diet, can enhance other health metrics that insurers consider, such as resting heart rate and blood sugar levels. Better scores on these metrics can lead you to qualify for better rates. For instance, some insurance companies offer incentive programs that track fitness and health markers through wearable devices, rewarding you for maintaining a healthy lifestyle with premium reductions.

4. Potential for better plan options

As your health improves with weight loss, you open the door to insurance plans that were previously out of reach due to pre-existing conditions or high risk. These plans often offer better benefits and lower premiums, as they are designed for individuals with fewer health risks. So, by losing weight, you're not just improving your health; you're investing in better insurance options that can lead to long-term financial savings.

Losing weight is a proactive step towards a healthier life and financial savings, particularly regarding health insurance premiums. Reducing your risk of chronic disease and improving your overall health metrics can positively influence how insurers view your risk level, potentially leading to lower premiums. This creates a win-win scenario where you save money while improving your quality of life, illustrating the decisive role of personal health in financial wellness strategies.

Disclosure:
Investment advisory services offered through Foundations Investment Advisors, LLC (“Foundations”), an SEC registered investment adviser. Nothing on this website constitutes investment, legal or tax advice, nor that any performance data or any recommendation that any particular security, portfolio of securities, transaction, investment or planning strategy is suitable for any specific person. Personal investment advice can only be rendered after the engagement of Foundations, execution of required documentation, and receipt of required disclosures. Investments in securities involve the risk of loss. Any past performance is no guarantee of future results. Advisory services are only offered to clients or prospective clients where Foundations and its advisors are properly licensed or exempted. For more information, please go to https://adviserinfo.sec.gov and search by our firm name or by our CRD #175083.

This is not endorsed by the U.S. government or associated with any federal Medicare program. This is not endorsed or affiliated with the Social Security Administration or any U.S. government agency.

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