Episode description

Open enrollment season is here and I want you to be prepared. Learn what you need to know so that you can choose an affordable healthcare insurance plan that covers your family's needs!

How would you like to help set up your finances for this next year so that it runs smoother and that you are gonna be hitting your money goals faster?

That might very well be the case if you take time to carefully to go over your options with Open Enrollment.

I know it might not seem like the most exciting thing when you get that packet, but you can have a huge and significant win with your finances if you take the time to really research your options and make sure that you're maximizing your benefits.

With open enrollment, there are going to be so many Health insurance is typically the biggest decision families worry about, and understandably so.

Health insurance can be expensive.

A recent health employer benefits survey found that the average premium for family coverage is $22,463 per year. That includes what your employer pays. However, most only a percentage. On average, employees are paying $6,106 year for premiums for their family plans. Now you add in copays and your deductible and it can be pricey, well you can see how important it is to find the right health insurance plan for you.

You might feel like we did – trying to strike a balance.

On one hand, handing over that much money month after month when we basically use it for annual well visits seemed like such a waste.

But we didn’t want to be under covered either. Have you’ve seen those bills from the doctor’s office or hospitals?

If you’re fortunate, your HR department will have prepared a side by side analysis, comparing the major components of your different options.

Still, depending on your family’s particular needs such as dealing with a chronic health issue, you may have dig through that digital or paper packet to find answers about whether or not a specific things is covered.

So how do you sort through things? Today we’re dive into some of essential things you need to know so you can work together as a family and find the best option for you.

In this episode we discuss:

• exactly how copays, coinsurance, deductibles, and more work so you know what coming out of your pocket and what's covered
• compare how typical base plans work versus high deductible health plans
• the ins and outs of health savings accounts

We have a lot to cover so let’s get started!

If you’re looking to start or revamp your budget so you can reach your family and financial goals faster, check out some of these resources below!

• Best Budget and Money Apps: Empower, Tiller, Mint
• Grab Your Copy of My Book: Jumpstart Your Marriage and Your Money
• Are High Deductible Health Plans and Health Savings Accounts an Affordable Option for You?
• How to Maximize Your Work Benefits During Open Enrollment
• Send in your family and financial questions here!

If you’d like to chat more your money system, please join us in our private and free Facebook group – Thriving Families.

We’re families looking to support and help one another out.

Hope to see you there!

Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.

We’ve been Coastal members for a few years have been happy with their services.

Did you know that Coastal offers a Health Savings Account? If you have a high deductible health plan, you need to take advantage of an HSA.

Find out more about what Coastal offers here!

Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.

• Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
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• Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!