For most people, creating a healthcare budget is a top-level priority.
It’s not always a load of fun, but those people who do it well are rewarded with a little more cash in their pockets at the end of the year.
What’s the best way to spend your leftover healthcare budget? If you’re interested in saving even more, then the answer is to re-invest in your health and well-being.
If you’re lucky enough to have some leftover healthcare budget, you might be wondering how to make the most of it. While it’s tempting to let those funds slip away, there are plenty of fun and beneficial ways to invest in your health and well-being.
Here are 10 ways to spend that leftover healthcare budget that will keep you feeling healthy and happy, while paying less for medical expenses, year after year:
1.) Invest in a Gym Membership
When it comes to keeping your body in tip-top shape, you can’t beat the versatility and convenience of your local gym.
Not only do they have better equipment and more space than your living room, but they can instill a sense of community that can help to keep your health goals on track.
Some health plans offer discounts for gym memberships; Check your member guidelines to find out.
2.) Upgrade Your At-Home Fitness Center
Not much of a gym rat?
Over the last few years, at-home fitness technology has come a long way. Whether it’s a new rowing machine, stationary cycle, or even just a set of free weights, it’s never been easier to build out a great home fitness center.
3. Invest in Wearable Health Tech
Wearable health technology has come a long way, and investing in a fitness tracker or smartwatch can be a fun way to keep track of your health goals.
These devices monitor everything from steps and heart rate to sleep patterns, helping you stay on top of your health in a tech-savvy way.
4.) Buy Better Shoes
According to many podiatrists, keeping your feet and ankles healthy can have big benefits for your overall well-being.
A sturdy and comfortable pair of shoes can prevent back problems, improve skeletal alignment, and make you feel less fatigued.
Investing in high-quality footwear is more than just a fashion choice—it’s a crucial component of your overall health. Proper shoes can help correct posture, reduce the risk of injuries, and even improve your balance and stability.
Whether you’re walking, running, or standing for long periods, the right pair of shoes can make a significant difference in your comfort level and energy throughout the day.
5.) Start an HSA
Health Savings Accounts (HSAs) are tax-advantaged investment vehicles that are changing the way people save for retirement.
Any money you put into an HSA comes from pre-tax dollars, and then it can grow on a tax-deferred basis. As long as you only use the funds for qualified health expenses, you’ll never have to pay taxes on it.
Considering that Americans are paying as much as $300,000 for healthcare in retirement, having a tax-free “health nest egg” can help protect your other assets.
6.) Make Your Maximum Contribution to Investment Accounts
Whether it’s an HSA, HRA, or 401(k), making your maximum annual contribution is an easy way to exponentialize your savings.
By making your contributions as soon as you are able to, it’s even possible to get additional tax benefits.
Not only do these contributions grow tax-free or tax-deferred, but they also compound over time, meaning your money works harder for you. Additionally, many employers offer matching contributions to 401(k) plans, effectively giving you free money toward your retirement.
By maximizing these contributions, you’re not just saving for the future; you’re also optimizing your financial strategy to ensure long-term security and growth.
7.) Start or Maintain Your Emergency Fund
The general rule for an emergency fund is to try to have at least 6 months’ worth of expenses in your savings account. This can protect you and your family from medical accidents, home appliance issues, car issues, or unemployment.
If you don’t have an emergency fund, you can start small and work up from there.
If you don’t have an emergency fund, you can start small and work up from there. Begin by setting aside a manageable amount each month, even if it’s just a few dollars, and gradually increase your contributions as you’re able.
Automating your savings can also make it easier to build up your fund without having to think about it. Over time, these small, consistent efforts will accumulate into a substantial safety net, ensuring that you’re prepared for whatever life throws your way.
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8.) Dive Into a New Outdoor Hobby
Exercise doesn’t have to feel like work.
With a new mountain bike, stand-up paddle board, or rock-climbing harness, you can achieve a higher level of personal fitness while also having a lot of fun.
Outdoor hobbies often bring a sense of accomplishment and mental rejuvenation that traditional workouts may lack, making it easier to stay motivated and committed to your fitness goals.
9.) Consult with a Nutritionist
A personalized meal plan from a nutritionist can make a big difference in your health.
Consulting with a professional can help you understand your body’s specific needs and develop a diet that supports your wellness goals. It’s an investment in long-term health that can lead to lasting benefits.
10.) Re-Evaluate your Plan Options & Healthcare Budget
No matter who you are, your healthcare budget is going to change from year to year.
Similarly, your health needs will evolve. That’s why it’s important to review your healthcare strategy every year. There could be a better plan out there for the same price, or even one that’s a little bit cheaper.
Conclusion
Maximizing your healthcare budget doesn’t just mean saving money—it’s an opportunity to invest in your long-term health and well-being.
By exploring the ten fun and practical ways outlined above, you can turn leftover healthcare funds into meaningful contributions toward a healthier, more fulfilling life.
Whether you enhance your fitness routine, upgrade your footwear, or secure your financial future with a well-funded emergency account or HSA, these strategies ensure that your money is working as hard as you are to maintain your health.
Do you have questions about your health insurance? Call 800-913-0172 to schedule an appointment with your Personal Benefits Manager.
Questions about your health insurance? Call 800-913-0172 to schedule an appointment with your Personal Benefits Manager.
Here are some additional articles on healthsharing programs: 6 Things Your Health Insurance Company Would Never Tell You | 6 Interesting Facts About Health Sharing Plans
Here are some additional pages related to this article: Information on HSA Insurance Plans | Information on Healthshare Plans
Hi! I’m Mike Montes, and I’m one of your Personal Benefits Managers. I like working with HSA for America because we’re creating solutions to healthcare problems. Our focus on money-saving alternatives like HSA plans and health sharing programs, and the variety of health share programs we offer, are what set us apart. Read more about me on my Bio page.
