Yes, money can indeed buy good health and long life

If you thought that money can’t buy good health or long life, you thought wrong; it sure can.

Growing up, many of us were socialised to believe that wealthier people were more likely to get lifestyle diseases like high blood pressure, cancer, heart conditions, kidney problems, diabetes, stroke, gout and of course obesity. Turns out we were wrong.

In 2007 – 2009 at the height of the recession, American hospitals noticed that the number of cases for depression, ulcers, physical ailments and chronic diseases shot up.

The observation inspired questions as to whether health is related to one’s net worth.

HEALTH DISPARITIES

The Urban Institute and Centre on Society and Health of the Virginia Commonwealth University later on jointly conducted a study on how incomes and wealth are linked to health and longevity.

The findings were affirmative; the greater one’s income is, the lower is one’s likelihood of disease and premature death.

Though based on the American population, the study revealed some realities that exist across communities.

It showed that income is a driving force behind the striking health disparities that exist between different groups of people.

Low-income adults were found to have higher rates of heart disease, diabetes, stroke, and other chronic disorders than wealthier adults.

On the other hand, children in poor families were approximately four times as likely to be in poor or fair health as children in families with incomes at or above 4 times the poverty level.

POVERTY AND DISEASES

In 2006–08, the prevalence of asthma was 8.2 per cent among non-poor children but 11.7 per cent for the poor children.

Angus Deaton, a microeconomist working for the National Bureau of Economic Research in the UK did a similar research in 2003, concerned by income inequalities.

His finding was similar; richer, better-educated people live longer than poorer, less-educated people.

It got comic when he discovered that winners of the Oscars lived on average four years longer than those nominated but didn’t win.

In Kenya, slum dwellers are at risk of waterborne diseases, sanitation problems, fires, pollution, crime, quacks masquerading as medical practitioners, et cetera.

On the flipside, middle and high income earners have access to better medical services, health insurance, better residential areas with proper amenities and ample recreational time.

Tellingly, the more income you have the healthier you and your family will be.

HEALTH INSURANCE
Lower mortality and morbidity is associated with almost any positive indicator of socioeconomic status, a relationship that has come to be known as “the gradient”.

There is no single explanation to the relationship between health, wealth and incomes.

Some economists assert that income and wealth directly support better health because wealthier people can afford the resources that protect and improve health.

Higher incomes mean that one can afford better health insurance, which facilitates periodic checkups, proper medication and dedication of highly skilled physicians.

Additionally, it helps families to have healthy nutrition, workout plans, proper rest and recreational time and safer residential areas.

Conversely, poorer people are either uninsured or underinsured and do not enjoy access to better medical services.

People at the bottom of the pyramid do odd jobs that expose them to diseases.

They also work longer hours and hardly have time for recreation and workouts.

STRESSFUL LIFE
The stress associated with financial adversity is believed to have harmful biological effects on the body.

Stress affects hormones and the health of the immune system (a phenomenon called allostatic load), causing damage to organs and increasing the risk of disease over time.

However, some economists have theorised a possible reverse causality.

This means that while higher incomes lead to better health; better health can also lead to higher incomes.

People with no chronic diseases are more effective and productive and in return earn more than sickly people.

The impact of a positive correlation between income and health is felt across the board.

PRODUCTIVITY

Families with lower incomes spend more on health and thus save nothing or very little for investment.

The result is that they continue in the poverty circle generation after generation.

Given the high cost of health, especially in a poor country, insurance costs would be higher.

This means that companies spend more for their staff medical costs.

A sickly work population also means that the company will suffer from lower productivity of its resource persons.

Countries are forced to look at health policies more broadly by considering income inequalities and other social indicators.

Availing dispensaries to poor communities is not sufficient in making the community healthier in the absence of an economic empowerment programme.

Odhiambo is the CEO of Elim Capital