Fitness Reimbursement & Silver Sneakers Programs
One of the most overlooked aspects of financial planning - whether you are Retired, Baby Boomer, Gen X, or Millennial - is also the most obvious: an exercise program. Regular exercise under your doctor's supervision can help minimize the major financial risk of poor health. Most of us do not exercise regularly and 1/3 third of Americans don't exercise ever! See a Clark Howard post on this here http://www.clarkhoward.com/news/clark-howard/health-health-care/exercise-need-not-be-excessive-be-effective/nFMY8/.
Simply walking 3 times a week for 20 minutes can yield major benefits, and it is free. A gym near your home is an excellent way to do this in a more comprehensive way, and often a simple financial incentive is all that is needed to get going. Health insurance companies now realize that it is a win-win to incentivize their customers to regularly exercise, as prevention is far cheaper than the cost of medical procedures.
Many major health insurance companies now offer a Wellness Fitness Reimbursement Program for eligible members who visit a participating fitness facility on a regular basis. For example, our UnitedHealthcare plan reimburses us $20 each month we visit the Mount Dora Golds Gym 12 or more times. Our visits are automatically tracked when we swipe our ID & the reimbursement is direct-deposited into our bank account, which covers the $20 monthly membership cost (free).
For those already retired, check out the SilverSneakers Fitness Program offered by leading Medicare health plans and Medicare Supplement carriers throughout the country. “SilverSneakers”provides a free fitness center membership to participating locations across the country. More information is available here http://www.silversneakers.com/Default.aspx
Be sure to consult with your physician before beginning any fitness program, but remember that the regular exercise can be as critical to your wallet as your health.
Clare L Garner Jr CPA LLMT | 06/08/2013