Financial Literacy for a Healthier You
October 20, 2023
Financial literacy and preventive healthcare are two critical aspects of a person’s overall well-being. Although they can appear to be two separate components, their interaction can have a significant impact on a person's quality of life. The significance of these two elements and how they each contribute to a healthy lifestyle will be discussed in this blog.
The capacity to comprehend and effectively employ a variety of financial abilities, such as investing and budgeting, is frequently referred to as financial literacy. In other words, being financially literate gives you the power to manage your finances wisely. On the other hand, preventive healthcare includes a range of medical services designed to test for and find health problems before symptoms appear. Regular check-ups, testing for chronic diseases, and vaccinations against dangerous illnesses are necessary for this.
The price of medical treatments is one of the most obvious links between financial literacy and preventive healthcare. People who are financially literate are better able to manage their medical expenses. They are able to budget for unexpected medical costs and weigh the advantages and disadvantages of various treatment options. Most significantly, by managing their finances well, individuals can ensure that they are able to invest in their health without falling into financial distress.
Additionally, understanding the financial consequences of particular lifestyle decisions is another aspect of financial literacy. Financially literate people may be more likely to choose healthier options in order to reduce the cost of future medical bills. For instance, they would prefer to spend their money on a gym membership rather than adopting bad habits like smoking and drinking. This not only reduces costs but also improves a person’s quality of life.
Lastly, having the necessary coverage is crucial given the escalating expense of healthcare. People who are financially literate are better able to understand the complexity of health insurance policies and, as a result, are better able to decide on the type and amount of coverage they require. Thus, they are more likely to use their insurance for screenings and preventive care, which can identify health issues early on and avert more expensive treatments.
In deciding which coverage best fits your needs, for individuals ages 20 to 64, the Hospital Income Benefit Plan is a great option for cash assistance up to PHP4,000 per day for regular confinement, up to PHP8,000 for dread disease confinement, and up to PHP80,000 for prolonged hospital stays. To learn more, head over to https://www.paramountdirect.com/health-insurance/hospital-income-benefit-plan.
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