In this episode, we dive deep into the often intimidating and confusing world of health insurance. I brought on Christine MacLaren, an HR professional with over 25 years of experience and a certified budget coach, to help us understand this complex part of our financial lives. We break down key terms like premiums, deductibles, and co-insurance, explore the pros and cons of high deductible health plans (HDHPs) and Health Savings Accounts (HSAs), and even touch on the lesser-discussed but vital topic of disability insurance. We also talk about COBRA, marketplace alternatives, and how picking the right (or wrong) insurance can be financially life-changing. If you’ve ever been overwhelmed by your benefits package or open enrollment season, this episode is for you!
💰 Money Talking Points:
- What health insurance plan is right for you?
- How can you use an HSA to minimize taxes?
- Why is disability insurance important?
⏱️ Timestamps & Key Conversations:
- [02:00] – Skyler’s Story Time: Using credit cards smartly for a free trip to NYC
- [04:30] – Why health insurance is necessary and how it protects you financially
- [06:00] – Definitions breakdown: Premiums, Deductibles, Co-insurance, Out-of-Pocket Max, Copays
- [09:45] – When to take advantage of reaching your out-of-pocket max for planned care
- [11:30] – How HSAs work, how to use them smartly, and why they’re so powerful
- [18:00] – Should everyone choose an HDHP? When it's a good or bad fit
- [20:00] – What is COBRA and why it’s so expensive
- [22:00] – Why using your preventive care benefits matters
- [23:30] – Hidden wellness perks and employer incentives (smart scales, gym discounts, etc.)
- [24:30] – How picking the wrong plan can be financially devastating
- [27:00] – A powerful note on why disability insurance is a must-have
🔗 Links & Resources Mentioned:
- Christine MacLaren’s Website: https://breatheagainbudgets.com
Sign up for my newsletter: https://money-talk.kit.com/64cbd24b05
Schedule a free Money Talk at https://moneytalk.show/chat
Get your free Money Talk resources at https://moneytalk.show/resources
Sign up for a free trial with MyBudgetCoach and select me as your money coach: https://www.mybudgetcoach.com/coaches/skyler-fleming
Find even more Money Talk at moneytalk.show/quick-links
"Upbeat Forever" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 http://creativecommons.org/licenses/by/3.0/
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