Why is Wealth Important to Health?

Why is wealth important to overall health? The field of public health has been intensely focused on how health is affected by class and wealth. The focus of medical researchers is tightly on where, who, and how much money people earn, come from, live, and do for how long they live.

However, the wealthy escape such detailed scrutiny and even less scrutiny in policy prescriptions as to why health inequities still persist or in efforts to do something about such inequities. Why are wealth associated with poor health and what does it have to do with good health, or lack of good health? The answer is that there is a lot more to wealth and health than money can purchase. The ability to pay bills is an essential part of a good life but access to good places to eat, to work, and to exercise regular, meaningful exercise is also important to overall health. A wealth of information and tools may make it easier for us to get the good things we want but we don’t realize how much better we feel after we have them.

Poor nutrition, lack of exercise, unhealthy environments, and lack of clean water, are all associated with a poorer quality of life and greater risks of mortality, especially in developing countries. This is one of the most important reasons that the issue of equity in public health research and interventions is so relevant today. It is important to pay attention to the fact that differences in health care are not as likely to be reduced just because of wealth, as there is also a great difference in access to healthcare and the quality of that healthcare.

The other side of the question is that poor health issues are not inevitable. We can take steps to mitigate the adverse effects of inequities in wealth without doing something that will have long-term negative consequences. It is possible to lead a healthy lifestyle even in poor economic times and access the necessary resources to ensure that you are maintaining a high quality of life. The good news is that this does not require a large amount of extra effort or planning.

One of the most significant gaps in life expectancy is accounted for by chronic diseases and disability. If you are at risk for getting one of these and you have an income that cannot sufficiently cover your expenses, you will need additional income to make up for the gap in lifestyle that you are facing. A good healthy lifestyle that includes enough sleep, a balanced diet, active participation in physical activities, and adequate social support is the most effective way to bridge the gap between lack of wealth and long-term health.

Another step that you can take to bridge the health gap is through the use of health savings accounts (HSA). Most people do not have health insurance, and if they do, it may not be sufficient to pay for all of their medical expenses. HSA’s provide an easy way to balance out your budget and get maximum benefits from your health savings. An account with a high interest rate is recommended as the funds will need to be replaced periodically, although this may not be necessary with an HSA.

Once you have established an HSA, it is important to choose the right medical expense account (IME) to hold the funds. An IME is a specialized account that will allow you to choose high-risk health insurance plans that will reimburse you for the medical expenses in a lower cost. An HSA allows you to shift medical expenses to the HSA and only make payments when it is applied for. Both of these types of accounts have tax advantages and should be discussed with a financial advisor.

While healthcare is a very personal issue and the quality and cost of healthcare vary across the world, there are many things that can be done to improve healthcare. In the US, many people are struggling with poverty and unhealthy lifestyles. In addition to the risk factors described above, studies have shown that poor nutrition and lack of exercise can lead to poor health outcomes and poor economic standing. Wealth creation through healthcare ensures that the poor are able to live healthy lives and that the wealthy can afford to take better care of themselves.