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Updated: 7:17 PM Nov 19, 2009
Smoking & Your Financial Health
Quitting smoking is not easy, but the American Cancer Society reports smokers who kick the habit won’t have to wait long to feel those health benefits.
Posted: 6:48 PM Nov 19, 2009Reporter: Bill Murray Email Address: bill.murray@wsaz.com |
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HUNTINGTON, W.Va. (WSAZ) – Quitting smoking is not easy, but the American Cancer Society reports smokers who kick the habit won’t have to wait long to feel those health benefits.
But we hear that year after year and let’s face it- if you’re not in the mindset to quit- chances are when the doctor speaks your not listening.
So instead of talking about the state of your health, talk about the health of your finances and the effect smoking has on your bottom line.
For instance, basic life insurance for a smoker costs hundreds of dollars more a year.
“If you’re looking at a standard tobacco rate versus a non-tobacco could make a 50 percent difference in the premium,” said Insurance Agent Jeff Hutchinson.
Francis McGuire is a long-time Realtor. His job is to get the most money for people selling a home. In some cases smoke residue may mean new paint and a new carpet. Both directly impact your profit or how long the home is on the market.
“One way or the other it’s going to probably cost by the reduction in your price or doing the repairs prior to selling,” McGuire said.
Ron Lewis owns Brothers Auto Sales- he has been in business for more than 20 years. Recent studies show the trade-in value of a smoker’s car is roughly 10 percent less than that of a non-smoker's car.
“The depreciation is greater. People will just stick there heads in a car and walk away,” Lewis said.
He also says that as a buyer of used cars, it’s sometimes more profitable to walk away from the car of a smoker.
“The resale value is greatly diminished. It’s as bad as having a panel painted or a car in an accident it’s just as severe,” Lewis said.
Even resale shops like Bella Consignment notice when clothes come from a smoke-filled home and won’t accept them.
“It is a ripple effect to it. If we’re not going to take their clothing for resale or we’re not going to take their pillows or furniture for resale, then they’re stuck with it, they’re not making any extra money so they’ve lost money that way too,” Joanie Smith said.
If those aren’t enough reasons to kick the habit, here are a couple more.
Check your health insurance policy, a majority of insurers now provide full coverage for some form of smoking cessation treatment and many workplaces offer quit-smoking or wellness programs as well.
There is also a toll free number to help you quit, it is 1-800-QUIT-NOW.
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