How You Can Save Money by Losing Weight
01/10/2012 2:27 PM
Need an incentive for shedding a few pounds (other than the health benefits, of course)? If you're overweight, you could actually save significantly by losing some weight. Here are some examples for you:
Cheaper Life Insurance
You can easily get a better rate when it comes to life insurance if you're in a healthier weight class:
Like many insurers, MetLife divides applicants into different classes based in part on their height and weight. A 5'4" female who weighs 170 pounds, for example, might see a $70 rate reduction on her premiums - a savings of 10% to 15% - by losing just 10 pounds, he says. Consumers losing a significant amount of weight could see savings of as much as 40%. Insurers that require a full health exam may note other fitness benefits like lowered cholesterol and blood pressure, which could also contribute to a better rate, says Steven Weisbart, chief economist for the Insurance Information Institute. Something to keep in mind: Insurers don't usually revise existing policies. Policyholders who get healthier may need to go through the process of applying for a new one.
Lower Health-Care Costs
According to the Center for Disease Control, "an overweight person who sheds 10% of his or her body weight and keeps it off can cut lifetime medical costs for hypertension, diabetes, heart disease, stroke and high cholesterol." The projected savings here would be anywhere from $2,200 to $5,300.
Lower medical bills means fewer out-of-pocket costs toward plan deductibles, which now often top $1,000. It can also let consumers roll over more funds in their health savings accounts, which allow patients to invest pre-tax dollars toward qualified medical expenses.
Check out more examples over at Smart Money's Save Big by Losing Pounds.