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How To Maximize Wellness Rewards On Your Health (And Save Money!)

Prioritizing your health and wellness is essential to living a long and happy life. From organic foods and supplements to fitness equipment and therapeutic services, the cost of a healthy lifestyle can discourage consumers from making an effort. If you feel pressured to choose between your finances and your health, first, you should know that you don’t have to choose! Here’s how to maximize wellness rewards for your health and wellness. 

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Wellness rewards simply means cash back or points that you can use for your health and wellness. This includes…

  • Paying for a gym membership
  • Health, wellness, and beauty products
  • Massages
  • Weight management programs
  • Preventative health screenings

There are other wellness options you could use your rewards on too, but these tend to be the most popular.

Related: How Your Health Affects Your Finances (For Better AND For Worse!)

What can I spend my wellness dollars on?

If you’re getting your rewards from your job or a specific account, they will have specific stipulations for you to follow or let you know what you could spend them on.

But if you’re earning rewards on your own, via a credit card or spending program, you can usually spend it on anything you deem “health and wellness.”

Are wellness stipends taxable?

According to the IRS, wellness incentive cash payments and “cash equivalents” like gift cards are not excludable from taxation as a medical benefit. This usually includes cash back from credit cards too.

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Can you deduct wellness expenses?

No, not usually, unless it’s medically necessary (like a chiropractor because of a car accident). This is why many people find health and wellness “unattainable.”

For some, including these expenses in their routine with no benefits or savings can seem daunting. But there is hope!

Check Out Wellness Rewards Credit Cards

Credit card rewards have been around for years. Major credit card companies offer customers perks like airline miles, cash back, and points towards free products and services.

But as the needs and interests of consumers changed, new concepts like wellness rewards cards were developed. A wellness rewards card is a credit card designed to provide maximum savings on health and wellness-related expenses.

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While wellness rewards cards differ, the Paceline card offers 5% cash back on various health and wellness purchases — including walking and yoga.

You can also earn 2.5% to 5% by elevating your heart rate for at least 150 minutes a week. That’s about two hours a week! And luckily, they also offer 3% cash back on everyday purchases (if you put in the 150 minutes a week), even if they aren’t wellness related!

The Paceline credit card has a $60 annual fee. So, how much would you need to spend to make that worth it?

If you just consider the 3% cash back as the main option, you would need to spend $2,000 a year to get back $60 and pay the fee. That’s just $166 a month! Of course, all the other rewards after that are gravy. 

If you regularly spend this amount on your credit card and you work out enough to achieve the full reward percentages, a wellness credit card like this might actually be a great option for you!

Related: Affordable Ways to Live a Healthier Life

How Do Wellness Rewards Cards Work?

There are multiple ways to receive discounts on health and wellness products. For instance, you get cashback for everyday purchases. Some wellness rewards cards also allow customers to increase their cashback earnings on health-related expenses by getting active.

Your cashback percentage rate goes up by simply tracking your fitness on your Apple Watch and increasing your heart rate for at least 150 minutes each week. If you don’t have an apple watch, you can always use your rewards card to purchase one to begin your health and wellness journey. 

Here’s How To Maximize Your Savings

Getting cash back on health and wellness expenses helps ease some of your financial pressure, but how can you save even more on the products and services you need? Below are a few suggestions to consider. 

Stay Active

Increasing your cashback interest rate is like getting paid to be healthy. One of the simplest ways to get the most savings on products and services is to stay active. Whether you walk, run, swim, dance, practice yoga, or go to the gym, every week you’re working out for 150 minutes a week, you can earn more on your purchases.

Related: 10 Ways to Stay Fit on Any Budget (Hint: You Don’t Need a Gym Membership)

Pharmacy And Prescription Discount Cards

Sign up for pharmacy and prescription discount cards online or at your local drugstore. When buying health-related products, present your discount card to receive in-store and manufacture discounts. Pay for your pharmacy purchases using your wellness rewards card and get cashback.

Coupons And Sales Ads

You should always look for coupons and sales advertisements at local stores when shopping for health-related products. Buying necessities during a sale, applying coupons, and purchasing with your wellness card will maximize your savings. 

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While supporting local businesses is nice, sometimes the best health and wellness deals are online. Using the internet to find things you need gives you access to more service providers, extensive inventories, and better prices.

Since online businesses have less overhead than brick-and-mortar stores, they can often charge less for their merchandise. Take advantage of the internet and use comparison shopping practices to find the best deals. When you do, don’t forget to use your wellness rewards card to make the purchase. 

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Be A Responsible Cardholder

Lastly, being responsible with your credit card is essential. Only make purchases you can afford to repay, ensure you pay the bill on time, and keep the balance below 30% utilization.

Related: Free Credit Card Payoff Spreadsheet (Get Out of Debt in 2022!!)

Maintaining these healthy financial habits ensures you can continue using your card to save on health and wellness expenses. And it could lead to an increased credit limit, lower interest rates, and a better credit score, which ultimately helps you save even more. 

It’s Time To Maximize Your Wellness Rewards

No one should have to choose between their finances and their well-being. If the cost of living a healthy life is starting to weigh on you, there are things you can do to make a difference.

A wellness rewards card can unlock maximum savings on the products and services you need most. Using your card and applying other money-saving practices like coupons, sales, online shopping, and responsible borrowing can help you acquire whatever you need to lead a long, healthy, and happy life.

What do you think? Would wellness rewards be worth it for you?

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AUTHOR Kimberly Studdard

Kim Studdard is a project manager for online entrepreneurs and small businesses. When she isn't spending time with her daughter and husband, or reading her growing pile of horror books, you'll find her working on her HR degree and working towards FIRE.

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