Jul 8, 2019
Today we’re going to discuss whether or not a high deductible plan with a health savings account is really an affordable option for your family!
When we talk about optimizing expenses here on Simplify and Enjoy there are a few ground rules.
If you’re limited on time and mental bandwidth – which is the default for many parents and families – I highly recommend you focus in on big wins.
Look at those big monthly bills that eat up a good chunk of your paycheck.
Of course, it varies by family, but there are some expenses that typically top many families’ list including:
And they each deserve their own episode. Today we’re discussing health insurance.
How much are you paying for health insurance?
According to Milliman Medical Index report, a typical family of four’s estimated health insurance costs (including employer contributions) were over $28,000 for 2018.
Now listen, I’m not telling you to skimp or skip on health insurance, because it’s essential.
One trip to the ER can set you back if you’re not covered.
But is there a way to keep it affordable?
One option you may have heard about or seen offered at work is a high deductible plan along with a health savings account.
You see the lower premiums and you might immediately think, ‘this is awesome’, but is that really the case?
When we were looking at our own plans during open enrollment last year I did some digging and chatted the pros and cons with financial planner Michael Dinich.
Joe Meccas from Coastal also was kind enough to share his process for deciding to sign up for the HDHP and HSA.
In this episode we’re looking at:
Let’s get started!
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.
If you have a high deductible health plan, you may be able to open a health savings account with them!
Are you looking for more help with keeping health care within your budget? Here are some resources:
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