We all know smoking is bad for us. Now we know how much it costs each smoker in lost wages and medical expenses in every state. Florida ranks a dubious 24th, with smokers spending (or losing) an average of $27,964 a year, according to WalletHub.
The personal financial website launched the study to encourage the estimated 36.5 million tobacco users in the U.S. to kick the dangerous habit. Tobacco use can be blamed for about 500,000 deaths in the U.S. each year and is the leading cause of lung cancer, according to the American Lung Association. It is also the leading cause of preventable death. Second-hand smoke can be harmful, too. Since 1964, smoking-related illnesses have killed 2.5 million non-smokers.
What’s more, the dangerous habit is expensive. Americans spend more than $300 billion on tobacco–related services every year, including almost $170 billion in direct medical care and more than $156 billion in lost productivity. Some states account disproportionately for these costs, prompting WalletHub to release its report, “The Real Cost of Smoking by State,” to demonstrate how tobacco literally makes money go up in smoke.
Analysts calculated the potential monetary losses — including the lifetime and annual costs of a cigarette pack per day, healthcare expenditures, income losses and other costs — brought on by smoking and exposure to secondhand smoke to arrive at their numbers. This is how Florida did, with the ranking of 25 as average:
▪ Out-of-Pocket Cost per Smoker – $109,829 (Rank: 24th)
▪ Financial-Opportunity Cost per Smoker – $925,150 (Rank: 24th)
▪ Healthcare Cost per Smoker – $178,803 (Rank: 35th)
▪ Income Loss per Smoker – $193,829 (Rank: 13th)
▪ Other Costs per Smoker – $18,561 (Rank: 51st)
The total cost a lifetime per smoker? A staggering $1,426,171.
Kentucky had the lowest per smoker monetary loss, with $22,285, while New York ranked at the bottom, with a whopping $45,353 potential monetary loss per smoker.