How investing in your physical health can improve your financial health

If you’re assessing your financial health in the new year, don’t forget to factor in the cost of your physical health. Patients who are tempted to delay or skip healthcare due to cost should reconsider, according to experts.

Don’t delay care

“Medical expenses are an investment in yourself,” said Laura Adams, author and host of the Money Girl podcast. “They are an investment in your future well-being.”

Delaying care due to cost could backfire because a patient’s disease could progress and be not only more serious but more expensive to treat.

Work with the provider to pay

Don’t pay medical bills with a credit card, Adams said. Payment plans from providers tend to have lower interest rates than credit cards, and credit card companies are more likely to report nonpayment to credit bureaus.

“Medical debt has some favorable treatment as far as how it’s reported on your credit report,” she said. “It also gives you some options when it comes to negotiating with medical service providers.”

Ask questions

If a hospital or provider doesn’t proactively offer a payment plan or other financial assistance, don’t assume there’s nothing available, Adams said.

“I would guarantee you, somebody within the billing department will be able to point you in the right direction,” she said. “Even if there is a small amount of interest, it could be well worth it to smooth out those payments over time.”