Women incur financial costs that are unique to their healthcare needs, and yet this topic often remains taboo in our society, on top of the taboo of money itself.
Today, I want to breakdown some of the ways in which being a woman comes with additional financial health considerations, as well as some things we can do to make it easier.
1) Women Tend to Live Longer
Women tend to live about 5 years longer on average than men. This isn’t a bad thing, but it does require planning. Women will need to save more for retirement to provide for themselves when they aren’t working any more. When we consider the gender pay gap, and increased medical expenses for women, we can see how imperative it is to prepare intentionally for retirement years.
One of the most powerful ways you can prepare for this stage of life is by contributing to an HSA. A health savings account is different from an FSA (flexible savings account). You are only eligible to contribute to an HSA if you have a high-deductible health plan. If you are eligible, saving for retirement through an HSA is a great idea. Contributions are tax free and withdrawals are tax free after age 65, which is not possible with any other form of retirement savings. The money you put in is yours forever, unlike an FSA which must be spent by the end of the year.
2) Medical Gaslighting
One of the reasons women pay more for health care is that it is more likely they will have to see a doctor more times than a man, in order to receive a correct diagnosis and have their symptoms taken seriously. This problem is financially, physically and emotionally taxing.
What can you do about this unfair reality?
We often hear the phrase, “advocate for yourself.” But what does that mean?
-Ask questions. Write them down beforehand. I also recommend whenever possible, bringing someone with you to important appointments. It helps.
-Remind yourself before an appointment–no one knows your body better than you do. Trust your instincts and ask for what you think you need. The test, the referral, the new medication.
-Remember you can leave. If a doctor doesn’t make you feel heard and safe, trust yourself and find someone new. You deserve it.
3) Perimenopause and Menopause
Perimenopause and menopause effect every single woman, yet women and their doctors often know very little about this stage of life.
What can you do?
It’s important to educate yourself, because unfortunately it’s very likely your current doctor hasn’t. Most medical school curriculums don’t cover menopause.
I recommend starting by watching the film, the M Factor. You can find a doctor that is menopause certified. You can also ask your employer what menopause benefits they offer.
4) Prone To Certain Diagnoses
Women are more prone to heart disease, breast cancer, and autoimmune conditions (nearly 80% of autoimmune diagnosis are in women) to name a few.
The more of your time and energy you invest in preventative care, the less you may need to spend on health-care in the future. That and your quality of life is likely to be more easeful and active.
Don’t give up your power to the idea that genetics and luck are going to determine your health future. There is so much you can do to nourish and support your body as you age.
Some important choices you can make:
-Lift weights! Hormonal changes make lifting at mid-life crucial for women. I never saw myself as someone who would lift weights. I am hypermobile and I always thought I would hurt myself. I decided last year that it was important for my health and I started slow and light. It has been a life changing experience for me and I am excited to continue challenging my body and feeling strong. You don’t need a fancy gym membership or a personal trainer to start–just a few dumbbells and free youtube videos.
– Reduce or eliminate alcohol. Women can’t metabolize alcohol the way men can, and the world health organization has come out and said alcohol contributes to 7 types of cancer.
-Reduce beauty product usage. Our bodies are bombarded with chemicals coming from lotions, make-up, nail polish, scented candles and more. Our immune systems can only clear so much before things build up. Women tend to use many more products than men, which is costly financially and physically.
-Eat whole foods (reduce take out/restaurants), with lots of fresh veggies, fiber and protein.
Keep an eye out for next month’s newsletter on Money and Nutrition, which is a big part of preventative health care.
If you would like hands-on personal guidance book a free consultation with me. I would love to help.
Wishing you healing and success on your financial wellness journey.