June 2007
It's not Just Your Health: Smoking Affects Your Checkbook, too
Attention smokers: You may be burning more cash than you realize.
Smokers who go through a pack a day (at $4 a pack) spend nearly $1,500 a year to satisfy their habit. That price can go up when taking into account additional costs related to smoking.
Laundry costs may be higher for smokers, since clothes may be dry-cleaned more often. Dental care could be higher as well, since many smokers have their teeth cleaned and whitened more frequently than nonsmokers. Even the small things add up. Purchasing a pack of gum or mints every week can cost up to $50 a year.
Smoking can even lower the ultimate resale value of your home and car, as the smell of cigarettes can turn off potential buyers. Homeowners insurance may also be nearly 10 percent higher for smokers than non-smokers, since insurance agencies see smokers as a higher risk of having a fire-damaged home.
Possible medical costs can further increase overall smoking-related costs. Emphysema sufferers spend an additional $10,000 a year on medical care. Lung cancer patients pay for numerous drugs, therapy and other medical costs to combat the disease.
The estimated cost? According to MSN Money, a 40-year old who quits and puts the money saved into a 401(k) savings plan earning nine percent a year could save $250,000 by age 70. And that’s just from cigarette purchases alone.
Wellness Program Helps You ‘Kick the Habit’
Want to quit, but don’t know how? The company’s wellness program offers help through a smoking cessation program. Employees, retirees and their spouses are eligible to participate in the technique — patches, gum, hypnosis, etc. — that works best for them. The company will reimburse up to 50 percent of the program cost (not to exceed a maximum of $150) upon completion of the program. Those who are tobacco-free one year later will receive the remaining 50 percent of the program’s cost.
