Aside from the obvious benefits of being healthy, there are some other benefits of taking care of your body. Who knew one of them is saving money! Most of the ways you can save money are by making wise choices with your finances, being frugal with your spending, or looking for deals by way of coupons or rewards. How to save money by being healthy quite possibly is something you’ve been missing out on and didn’t even know it.
Why wouldn’t you tap into these same strategies for saving if it’s related to your health? This one really is a “kill two birds with one stone” type of situation. From literally receiving money back from your company to reduce bills on your medical insurance, the opportunities are endless so long as you know where to look.
While I don’t recommend seeking out additional purchases just for the sake of the discount, start by looking at your current expenses and assessing if there are any ways you could receive a discount or savings. Heck, a lot of the food delivery services and or fitness apps allow for a free trial anyway. (just remember to cancel if you aren’t interested in a monthly payment.)
Before I get carried away, check out the details on how you could save money by being healthy. It’s super easy and something you’ve likely scanned over before without realizing.
1. Ask if your company has a health initiative that incentivizes people to get healthy or has access to weight loss programs.
If you’re in a position where your company offers medical insurance and you take advantage of it, then this is for you. Each insurance company is different and each company can pick a different plan for their company to offer to their employees. So please keep that in mind. However, there might be some details that weren’t covered in a benefits meeting or packet.
While we all have sat in those long benefits meetings, one thing that possibly isn’t mentioned are incentives or initiatives to promote healthy living. Take a look at the insurance companies website to see what you qualify for and/or check with your Human Resource department for information on these benefits.
In my experience, I’ve had the opportunity of receiving reduced memberships and/or access to hundreds of gyms and gift cards for showing proof that I’ve attended the gym a certain amount of times a quarter. I’ve even taken quizzes for rewards to gain knowledge around healthy habits, and rewards or employee discounts at health organizations when purchasing a product or membership. Some of the best programs even offer a monthly fee which grants you access to multiple big box gyms at the same time. This makes it convenient for you to hit the gym or try a different scenery instead of being married to one place!
Additionally, one of the professional sport teams I worked for was awesome at communicating benefits such as a weight loss program that you attend during work. It was helpful for people to have like minded co-workers supporting them in their journey. And it didn’t mean taking more time out of their day to attend before or after work. Some of these weight loss programs, either through the corporation or the gym, have you pay into the program, BUT you receive the money back if you lost a certain amount!
2. Look at your credit card reward program and see if they give cash back incentives on health club purchases, groceries, etc.
This one is a fun one and depending on how many credit cards you have, could open up many opportunities for you to get rewarded. Start looking at each credit card’s reward offers and if there are any for gyms, health related services, grocery stores, etc.
Chase is a perfect example of a bank that focuses on different categories per quarter including: cash back (usually 1%-5%) on grocery stores, health clubs, and more. American Express is also known for their meal delivery service offers, athletic wear, and subscription services. Even Whole Foods and Amazon have a deal for Prime members who can access the app and receive points back for going through the Whole Foods grocery line. Whole Foods will even give you a few free deliveries of food straight to your house if you purchase via Amazon.com.
The opportunities are endless to save money by being healthy with your existing credit cards, you just have to look. And, in my opinion, stay on top of checking before you hit purchase on health related items or activities.
3. Find out if your insurance gives money back for having a “healthy” blood test or for completing regular screenings.
You read that right. Insurance companies will give you a reduced rate if you pass a medical test (usually a blood draw and/or your standard annual exams) across a few categories and it falls into a “healthy” zone. If you haven’t guessed it already, some of the most common are cholesterol and blood pressure.
Some companies, such as HAP, even have a rewards program set-up for wellness screenings and staying on top of your health.
The ones I’ve heard of, you don’t even need to pass all the categories just a certain percentage to get the discount. But who are we kidding – we want you to pass them all!
From my understanding, the way it works is you go to a pharmacy, perform a blood draw and those test results are sent to the insurance company for review. If you pass, you are granted a lower cost for your insurance.
Sounds a lot like that car insurance company that rewards you for no accidents. It makes sense, right? Reward people for making smart and healthy choices. I’m here for it.
Why would corporations do this? Studies are showing that employers are faced with paying more money for employees and their healthcare for diseases that are preventable. Furthermore, the employee gets to be monetarily rewarded for making health a priority that could otherwise land them in a long-term cycle of health related issues, especially as they age.
Now some people find this to be controversial in allowing the insurance company to determine your premium based on your health; however, for those that are in good shape, this could be less money out the door and back in your pocket. I’m not here to tell you what you should think on this topic, but rather just looking for ways for you to save money by being healthy!
Again, I recommend checking with your insurance company and the type of plan your company provides to see if you qualify. I mean who wouldn’t want money back for having stellar health numbers?
Bonus Tip...
Lastly, here’s a bonus tip to saving money you didn’t see coming. I suggest even looking beyond the credit card savings and corporate or insurance benefits by checking out fitness apps and food services who offer free trials. Take advantage of trying out something new. You may find that you save money through food services that deliver food right to your house (with no extra unnecessary, on a whim purchases) or a fitness app might be cheaper than your current gym!
Just remember to cancel if you aren’t wanting to take on an additional expense! Not sure if your gym membership is a waste of money? Read this blog post to find out.
So are you already logging into your accounts to check for offers and discounts? If not, I would. And make sure your next work email is straight to HR, they know the details on corporate health incentives.
I mean, it’s absolutely worth checking if there are additional ways to save money by being healthy, especially when they are right in front of you. Really, what do you have to lose? Happy savings!
