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Do Money Problems Make You Overweight?
Does becoming poor make you pack on the pounds? Yes, as a matter of fact, it does. Financial stress can make overweight people gain even more weight. A recent Harvard Medical School study in the American Journal of Epidemiology shows that overweight individuals are more prone to gaining more weight during times of stress than people of average weight. According to the Harvard research, overweight or obese men added inches to their waist when they encountered job-related stress or had trouble paying their bills. Women added pounds when they dealt with the stress of job demands, difficulty paying bills, tense family relationships and feeling like they weren't in control of their lives. When stress hits the body, a chemical chain reaction occurs, forcing the body to retain weight in an effort to cope. The study found that the higher a person's body mass index (BMI) is, the more weight they gain in response to stress. And those pounds can cost you! The government considers a person obese if their BMI is 30 or above. These individuals often pay up to 40% more for life insurance! Being overweight affects more than just life insurance. Health insurance premiums go through the roof for overweight people. That's because obesity leads to other health issues, like diabetes, high blood pressure and heart disease. Overweight people can pay up to five times more in health insurance than someone who is the same age but at a healthy weight. So how does obesity affect the bottom line? When those premiums go up, so does the cost for the company. But what can employers do? Studies have shown that workplace stress costs American businesses $300 billion a year in reduced productivity, unnecessary turnover and increased medical expenses. However, by offering financial education programs to their team members, companies are helping their employees stay healthy, happy and stress free. Check out Dave Ramsey's Financial Peace Workplace Edition. It teaches team members how to become financially fit by giving them the tools they need in order to win. Dave Says
Dear Dave, I'm thinking about switching my insurance from a traditional health insurance plan to an HSA. What are your thoughts on this? —Anthony Dear Anthony, I think Health Savings Accounts (HSA) are fabulous for families whose members are basically healthy and are not suffering from chronic illnesses. In my mind, they're probably the next great IRA. There was little fanfare when the IRA was implemented way back in the 1970s. But since that time, the IRA, and its sister, the 401(k), have evolved into the primary way Americans save to retire with dignity. I think the same thing will happen with the HSA. I firmly believe it will evolve into the primary method used by Americans for health insurance. I also believe it could be the answer to the healthcare cost crisis in our country. Let's say you're currently paying $250 a month for a garden-variety 80/20 policy. If you switch to an HSA plan, you could get the same kind of coverage for about $150 a month. The difference, other than an extra $100 in your pocket every month, is that a lot of HSA policies will pay 100% of the bill after you reach your deductible! Of course the deductible itself will be higher with an HSA plan—say $3,000–4,000 compared to $1,000–1,500 on a traditional 80/20 policy, but you can save your annual deductible in a tax-deductible HSA where it grows tax-free. Plus, you can take money out of the account to pay for any legitimate health-related bills whenever you want! I strongly recommend having a good emergency fund in place before doing this. You'll have to cover some additional, smaller expenses out of pocket, but you'd be doing some of that with a traditional health plan anyway. You should take the $100 a month you're saving and put it into your HSA account. And don't worry about the money that's in the HSA. You get to keep it, whether you use it or not! —Dave FPW at National Convention
Members of our Financial Peace Workplace team recently participated in SERVPRO's® 40th Annual National Convention. Three of our team members presented the different programs that Dave Ramsey offers through his company. Nearly 300 members of the SERVPRO® franchise team learned how to fully manage their team by teaching their employees how to eliminate debt and save for their future. They also discovered ways they can give back to their community by sponsoring Foundations in Personal Finance in their school systems. Finally, the SERVPRO® franchise team learned about EntreLeadership and how they can incorporate its principles into their own business practices. |
