The idea that “I can save by skipping regular health checkups” is a financial fallacy because it overlooks the potential long-term costs involved. While skipping regular health checkups may save you a small amount of money in the near term, it could lead to higher medical expenses in the future if a health issue that could have been caught and addressed early becomes a serious problem.
The costs associated with regular checkups might seem unnecessary, especially if you’re relatively young or feel healthy. In fact, when juggling various financial responsibilities such as bills, rent, school fees, etc., health checkups might come across as an ‘optional’ or ‘luxury’ expenditure. Furthermore, the fact that health issues often don’t present immediate symptoms further makes it easy to put off these checkups.
An appropriate financial practice in this situation would be seeing regular checkups as an investment in your future health and well-being. By regularly keeping track of your health status through checkups, you reduce the risk of serious, and often expensive, health issues developing unnoticed. If an issue is found, early treatment is usually more effective and less costly than treatment at more advanced stages.
Further readings on this financial fallacy:
“The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money” by Carl Richards. Book Link. This book discusses various common financial fallacies in understanding the relationship between money and behavior.
“42% of Americans Skip Doctor Appointments Because of the Cost. Here’s What to Do Instead” by Natasha Gabrielle on The Motley Fool. Article Link. Shades some light on this social problem and provides alternative solutions.
“Preventive healthcare”. Wiki Link. An overview of what preventive healthcare is and why it’s financially prudent.
“You Can Afford To Be Healthy” by Samantha Salmon. Book Link. This book explores the relationship between money, health, and overall wellbeing, addressing numerous financial fallacies related to health.