What's Happening?
As gym memberships continue to be a significant expense for many, there are strategies to reduce these costs through health insurance benefits. Health insurance plans often include perks that can help lower the cost of gym memberships, fitness gear, and online classes. Michael Orefice, a senior vice president at SmartFinancial, advises individuals to thoroughly review their health insurance plans to identify any self-care benefits that might be available. Flexible Spending Accounts (FSAs) can also be utilized to cover gym memberships if deemed medically necessary by a physician. Additionally, some insurance providers have partnerships with gym franchises, offering discounted rates to policyholders. For older adults, Medicare Advantage plans may
include programs like SilverSneakers, which provide free gym memberships and fitness programs.
Why It's Important?
The rising costs of living and inflation make it crucial for individuals to find ways to save money on health and wellness expenses. By leveraging health insurance benefits, individuals can potentially reduce the financial burden of maintaining a gym membership, which is essential for many in achieving their health goals. This approach not only promotes physical well-being but also encourages individuals to engage in preventive health measures, potentially reducing future healthcare costs. Insurance companies benefit as well, as promoting fitness can lead to healthier clients and lower long-term healthcare expenses.
What's Next?
Individuals are encouraged to review their current health insurance plans and explore options that offer better self-care benefits. Engaging with insurance providers to understand available perks and negotiating gym membership costs can lead to significant savings. As more insurance companies recognize the value of preventive health measures, it is likely that additional fitness-related benefits will be integrated into health plans. This trend could lead to broader access to affordable fitness options, contributing to improved public health outcomes.
