Healthcare, Wellness, and Financial Planning
Staying physically fit is a year-round commitment—and the same goes for staying financially fit. Just like we maintain our health through regular habits, building a strong financial foundation requires ongoing attention and effort. In fact, unexpected medical expenses and long-term healthcare costs are two of the most common threats to a solid financial plan.
If you’re unsure where to begin or what steps to take, here are a few helpful pointers to get you started.
1 – Consider an HDHP over a PPO to stash additional savings
A high-deductible health plan (HDHP) is a type of insurance where you pay more out of pocket upfront, through a higher deductible, before your coverage kicks in. In contrast, a preferred provider organization (PPO) plan typically comes with higher monthly premiums but offers more flexibility and a broader network of healthcare providers.
Unless you have a chronic condition or require frequent medical care, an HDHP could be the more cost-effective choice. The money you save on lower premiums might be used more efficiently—whether that’s building an emergency fund in a high-yield savings account, investing toward long-term goals like retirement, or contributing to a pre-tax health savings account (HSA). Over time, those savings have the potential to grow into a valuable buffer for unexpected medical expenses or other financial emergencies.
2 – Max out your HSA
When you’re enrolled in a high-deductible health plan (HDHP), you often gain access to one of the most powerful tools in personal finance: a health savings account (HSA). HSAs are especially attractive because they offer a triple tax advantage—contributions are made with pre-tax dollars, the money grows tax-free, and withdrawals used for qualified medical expenses are also tax-free.
For 2025, the contribution limits are $4,300 for individuals and $8,550 for families. If you’re 55 or older, you can contribute an additional $1,000 as a catch-up. This combination of tax benefits can make HSAs a key component of a well-rounded financial strategy.
3 – It’s okay to touch an emergency fund for healthcare costs
Even for those in excellent health with solid insurance coverage, out-of-pocket healthcare expenses are likely to pop up now and then. Whether it’s a doctor’s visit, lab work, or a minor emergency, these costs can add up. That’s where having an emergency fund comes in—it gives households the flexibility to cover unexpected expenses without derailing their overall financial plan.
Additionally, it’s a smart move to direct a portion of your paycheck—via employer direct deposit—into an account that earns interest over time, like a high-yield savings account. These accounts offer steady growth with less risk, making them a reliable place to build short-term savings.
4 – Get to know your benefits package and be aware of wellness programs
Workers are typically aware that they have a benefits package; however, many don’t take full advantage of it. Given that it is a cost for both the employer and the employee, make sure you attend open enrollment meetings that go in-depth on your insurance packages for health, dental, and vision. There are also occasionally free workshops that provide a checkup or even a vaccine or flu shot that may be available at no cost to you.
Some employers even offer perks such as a discount on gym memberships, health classes, or a meeting with a dietitian. Employers may also offer wellness programs that could support your health, such as fitness programs, smoking cessation programs, and access to mental health professionals who offer counseling services. It’s important to at least review your own benefits package so you’re aware of every perk.
5 – Inspire others
Whether you’re an entry-level employee or the CEO of a major corporation, it’s important to live a healthy lifestyle and encourage others to do the same by taking advantage of every available resource. The reality is that many healthcare costs are unexpected and almost always increase as people age. Taking small steps now could help improve your financial and physical health over the long term to and may reduce financial burden down the road. If you’d like to keep the conversation going and explore how these strategies might align with your financial goals, feel free to connect with us at Team Savant—we’re here to help.
This is intended for informational purposes only. You should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from Savant. Please consult your investment professional regarding your unique situation.
Jonathon D. Merickel
Portfolio Advisor
CFP®, MBA