OHIO — We often talk about American Heart Month in terms of cardiovascular risks, but a heart in good shape can save us a lot of money down the road.
What You Need To Know
- Heart disease and stroke cause $147 billion in lost productivity on the job
- A study from the American College of Cardiology found over 45% of adults with cardiovascular disease suffer financial hardship related to their medical bills
- If you end up with chronic conditions after a heart attack, the related costs could wipe out your retirement savings
According to the Centers for Disease Control and Prevention, heart disease and stroke cause $147 billion in lost productivity on the job. Certified senior adviser Chris Orestis, president of Retirement Genius, says there are other financial repercussions of a heart attack.
“Studies have shown that a heart attack can cost somebody as much as $1 million,” he says.
“That’s hospital cost, your doctors costs, rehab, medications and lost wages,” he added. “That’s a big part of the financial impact for somebody to have a heart attack, not only lost wages, but depending on how it impacts them from a health perspective, their strength going forward, it can have a huge change in your ability to work and generating income for possibly years to come.”
A study from the American College of Cardiology found over 45% of adults with cardiovascular disease suffer financial hardship related to their medical bills. Orestis says it can also increase health insurance premiums and even more financial trouble down the road.
“You’re going to have to deal with out-of-pocket costs, you’ll have deductible, you’ll have co-pays,” he said. “There could be areas of your treatment or medication going forward that might not even be covered, so when it comes, how that can impact you from an insurance standpoint, that can become very troublesome.”
Another area affected financially by the costs of a heart attack is retirement savings. Orestis says the best financial investment is health care, because preventing the need for long-term care will save you a lot of money.
“The cost of health care and even long-term care, a heart attack could end up creating a situation where you have chronic conditions, that can start to cost somebody thousands of dollars a month ongoing, for months if not years; and that can just wipe out people’s retirement savings,” Orestis added. “Once you let health care and long-term care costs get inside your bank account, it’ll start to be the biggest thing you’re spending money on. It could drain somebody’s account very quickly.”