Read these 10 Valuing Your Health Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Health Management tips and hundreds of other topics.
The CEOs who are most successful are always gathering data, not only from their financial officers, but also from their consultants, from experts (like the market analysts, or the clinical experts), from other CEOs and from people who have traveled similar roads. The Healthiest CEOs practice health improvement every day.
Companies are experiencing increased health costs. You may be experiencing higher insurance or medication costs. It's only though the concerted, managed efforts of a team of stakeholders—your family, your friends, your trainers, your clinical staff, your financial experts—with a business plan that is regularly reviewed and with new data added. That's the CEO approach.
Taking a CEO approach creates values for estimating risk to the total corporation: YOU
By taking a series of steps to help you see the big picture of where you are, where you want to be, and how to get there, you can see how your current health behaviors are supporting or endangering your future returns and total wealth.. Using Investment strategies that support growth of wealth, you become better at understand where to invest, where to make behavior changes:: save where you can, keep your options open, identify risks to your total portfolio.
Explaining the CEO strategy and concept: The CEO needs to know what you stand to gain by following this business plan as opposed to that one, how to deal with all the “yes, buts” in the beginning, , and how to look at your health as part of an investment strategy for the long-term: your Health-Wealth Portfolio™.
Creating a roadmap to a healthier future. The benchmarking, as this is known, is important because you don't know if you are succeeding unless you know where you started.. What are your assets and “liabilities”? These include: family history, current health practices, current screening results and numbers, risks, and any current disease conditions. What are the risks to your portfolio? What risks may develop into illness and increase costs if they aren't handled and modified?
At the end of this thorough, honest look at your health, behaviors, and risks, you will have concrete information for formulating a plan to maximize your health and wealth for years into the future. We'll show you how TIMEŠ can help you improve your health, decrease your risks, and keep you focused on success.
Regardless of how you make your living, your health is your business, more your business than anyone else's, for that matter.
As the Chief Executive Officer (CEO) of your health, you have some decisions to make that will affect how your personal health business prospers. This introduction provides an overview of how this program is set up, including the process to make decisions that are consistent with your goals and your individual vision of your future. You know that it's so much harder to achieve your goals if your health gets in the way; so learning how to achieve your healthy future through an investment design is a business approach that may make more sense to you. It enhances what you do to protect your health, and that teaches you how to change to improve your health.
If your health is poor, your ability to realize your goals and dreams is limited. Often, one doesn't consider the impact our health has on other life decisions. Then some of these important decisions are made quickly and with little thought to alternative avenues of care, side effects, or consequences, all of which have direct influence on financial health. By planning and being in charge of your health, you can control decisions in a way that puts the money into your investments—saving and often increasing your wealth while you maintain or improve your health. Investing in your health is a much better way to insure your future health and your future wealth…much like the CEO of a company insures future growth and profitability.
The goal in sharing these worksheets with you was to provide an escalating value to your actions and your decisions. The idea was to carry you through the investment decision-making process to a place where you, and only you, could decide how much you were willing to risk versus how much you wanted to invest in your overall quality of life, especially for the long-term. Only you can make these decisions. And, not making the decisions is just as much a response, because no change means more of exactly what you already have. High blood pressure will not resolve on its own. Arthritis will not heal by itself. Depression does not cure itself. You must make changes (visiting the doctor, taking your medicine, improving your level of exercise) in order for the risk/condition to improve. In most instances, you have the power to improve the outlook for better health.
It's important that you complete the process for valuing your conditions and improvement potential. Again, consider these the investment opportunities. See if you can make a few small changes that will influence multiple returns, providing improvement for more than one condition. And track your success.
Sometimes the inspiration is hard to muster….but it's there because the mission is in front of you. Connie recently joined a health improvement group at her worksite. The group hired a trainer to join them 1-2 times per month, but the trainer was always “on call” for motivation
Connie is 50+ and a recent convert to better health management. She sent this email:
Just wanted to let you know how much I realized how the daily exercise and eating right affects my mood and how I physically feel. I was out of town for my business Tues, Wed and Thurs. I did not run in the mornings, I drank diet soda instead of water, and did not eat regular balanced meals By Wed night I felt like *??#**. (Like I did before January.) But now I am back on track.
Even though I did not get home last night until 11:30, I got up at 6:15, ran the treadmill, had a yogurt for breakfast and have been drinking my water. Already I feel better.
Stuart has managed his eating and medications well, but resisted any exercise after he had his angioplasty. No amount of coaxing could get him to exercise. 10 years later, Stuart underwent emergency bypass surgery.
Life changed for Stuart. Compliant with treatment, he travels for his job and exercises when he travels, watching his portions and his fat intake.
“Until I did the worksheets, I understood that I was doing my best to reduce the risk of another heart incident. But now I understand exactly what it could cost me, in terms of days missed from work, rehab costs, and even the reduction in joy while I recuperated—because I wouldn't be able to do the things I normally do every day. The costs were great, and I'm working hard to keep them down.”
What have you learned about the behaviors you are doing and their effect on your health?
Name 3 behaviors that are improving your everyday health:
Why do you do these?
Name 3 behaviors that are derailing your health:
How will you change the behaviors right away?
How will this improve your health, and over what time period?
With whom will you share this information? When?
Why?
Any effort you make towards improving your lifestyle behaviors, managing your risk, and changing the overall health measure is important. However, some of you may have more serious risks than others. They may be life-threatening (not following the treatment plan for your diabetes) or cause pain (not allowing injuries to heal). They may be a lifelong issue (overweight) but that, too, can be changed, with diligence and focus. By quantifying the impact to your health-wealth portfolio, you can begin to see where short-term wins can roll over into long-term successes.
That's the basis for value-based health changes. The more you put into your health-wealth portfolio, the richer you become:
1. You spend less on health “incidents.”
2. You have more money to invest in activities that increase your health and/or your wealth. As an example, if you cut down on emergency room visits because you are taking your asthma medication regularly, you will have more dollars in your pocket (because you have less copays for the visits).
3. You have fewer illnesses, so you will have more time to focus on other activities, the ones that bring you joy, including being with family, contributing to the community, relaxing and reading, or studying investments for your 401K.
4. You are managing any long-term conditions more effectively, and you therefore cut down on doctor visits, allowing more time and money for the enjoyable activities.
5. You are paying more attention to your other investments, including those that enrich your spirit, and consequently you find life to richer in many ways.
It all adds up: you pay attention to your health; you change a few behaviors that are causing your health to be less than optimal; and you improve so much more than just your health. You improve outlook, relationships, commitments, time management, and the road to your achievable mission. You gain self-confidence to be better, to think better, and to do better, every day. Suddenly, achieving that mission is doable.
That's the real reason to focus on the management of your health-wealth portfolio. Creating value in your health-wealth portfolio increases the total value you get from life!
First, you took a very high-level screener to give you a personal data sheet on indicators and lifestyle changes you could make. Then, you looked at how those lifestyle indicators (weight, waist, BMI, blood pressure, etc.) could influence serious disease, and you quantified your personal value of these conditions to your overall quality of life and desire for investment (the Value Equation worksheet).
Once again, open a worksheet or get some paper and a calculator so that you can understand the investment you are considering on a “what happens to my portfolio if I don't make the investment?” basis.
Insert the health condition that you are considering: overweight (or BMI, or waist measure) what is the total that you assigned to this condition in terms of value (last chapter, tip 8) 12.5
Now, write the condition you are trying to avoid heart disease
How much money do you earn in one day of work? Example here: 175.00
Insert the amount of direct costs for the treatment of the condition. In this example, the costs for angioplasty have been inserted: $5344
Multiply the total days of missed work (approx 5) by the amount you earn/day, to understand how much, without insurance coverage, you may lose by missing the work 5 x 175 = $875
And add that to the cost of the intervention 875 + 5344 = $6219
Multiply this amount by the total value you assigned to improving this condition
6219 x 12.5 = $77,735
Why is this valid? Because value is a relational number, meaning that it influences and is influenced by the “corporation's” perception of the value of lost worktime, lost wages, lost investment opportunities. Because you are using the same metrics across conditions and comparisons, apply scoring methodology that is influenced by your mission and your goals, you have a relational way of comparing values of change. In this case, the example shows that making the condition change BEFORE it becomes very serious is worth, at this moment, $77,735 to you. That's because investments in your health increase over time.
First, you took a very high-level screener to give you a personal data sheet on indicators and lifestyle changes you could make. Then, you looked at how those lifestyle indicators (weight, waist, BMI, blood pressure, etc.) could influence serious disease, and you quantified your personal value of these conditions to your overall quality of life and desire for investment (the Value Equation worksheet).
Once again, open a worksheet or get some paper and a calculator so that you can understand the investment you are considering on a “what happens to my portfolio if I don't make the investment?” basis.
Insert the health condition that you are considering: overweight (or BMI, or waist measure) what is the total that you assigned to this condition in terms of value (last chapter, tip 8)
Now, write the condition you are trying to avoid
How much money do you earn in one day of work? (Example here: 175.00)
Insert the amount of direct costs for the treatment of the condition. In this example, the costs for angioplasty have been inserted: $5344
Multiply the total days of missed work (approx 5) by the amount you earn/day, to understand how much, without insurance coverage, you may lose by missing the work (5 x 175 = $875)
And add that to the cost of the intervention (875 + 5344= $6219)
Multiply this amount by the total value you assigned to improving this condition (6219 x 12.5= $77,735)
Why is this valid? Because value is a relational number, meaning that it influences and is influenced by the “corporation's” perception of the value of lost worktime, lost wages, lost investment opportunities. Because you are using the same metrics across conditions and comparisons, apply scoring methodology that is influenced by your mission and your goals, you have a relational way of comparing values of change. In this case, the example shows that making the condition change BEFORE it becomes very serious is worth, at this moment, $77,735 to you. That's because investments in your health increase over time.
-Angioplasty (balloon and sometimes use of a stent) for a closed artery plus follow-up care is estimated at $5344 in annual costs; if a 2nd angioplasty is needed, the cost is $2700 per vessel (if you have 3 arteries re-opened, the cost is 3 x $2700 or $8100. If you need bypass surgery after angioplasty, the cost is $26,186 (Source: American Heart Association)
-The annual total healthcare costs of a person with diabetes in 2002 was $13,243, compared with the total healthcare costs of a person without diabetes of $2560.00
-Men with diabetes have 3.1 more lost workdays and 7.9 more bed days than men without diabetes. Women with diabetes have 0.6 more lost workdays and 8.1 more bed days. The average per day wages earned by people with diabetes is $168.00/day. So, men with diabetes lose 3.1 x $168.= $520.80 due to diabetes-related health; women lose .6 x $168 – 100.80. And this does not include bed days. (Source: Diabetes Journal)
-Direct costs of care in 2002 for a person with diabetes, in one year, may include these direct costs of diabetes in 2002 dollars. (Source: Diabetes Journal):
Hospital day= $2385
Physician office visit= $160
ER visit= $452
Ambulance= $247
Hospital outpatient center or surgery center= $561
Total= $3805
-Asthma that is not well-managed can result in the following costs (Source: Kintera.org):
Total hospital care (incl inpatient, ER, outpatient)= $3600
Physician services= $2900
Prescriptions= $5000
Total= $11,500
Now that you have some estimates as to costs of conditions, you can begin to fill in the last worksheet, which wraps all the concepts together.
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