WEBVTT - Ask HTM - Open Enrollment Entanglements, Worthwhile BNPL Scenarios, & Continuing to Investing with Outstanding Debt #1060 0:00:00.040 --> 0:00:02.600 Welcome to How the Money, Joel, you messed it up. 0:00:02.600 --> 0:00:04.720 That's not how we do it. Why not? We can 0:00:04.800 --> 0:00:06.960 do it that way? Okay, today we're answering your listener questions. 0:00:25.640 --> 0:00:27.639 I thought you made a mistake, so I was just 0:00:27.680 --> 0:00:31.640 catching it early on. Switch things up, all right, This 0:00:31.800 --> 0:00:35.400 is and ask how to Money episode. Uh. Listener is 0:00:35.760 --> 0:00:39.520 considering coppying healthcare plans in order to save it's open 0:00:39.720 --> 0:00:43.000 enrollment season after all, Joel. Another listeners wondering open season 0:00:43.000 --> 0:00:45.960 on our wallets healthcare fronts. That's what it feels like. 0:00:46.440 --> 0:00:49.120 Another listener, he's wondering if you and I if we 0:00:49.120 --> 0:00:51.960 could ever love buy now, pay later, so we'll share 0:00:52.000 --> 0:00:55.800 our thoughts there. Another listener is considering pausing her investing 0:00:56.120 --> 0:00:59.040 for some debt payoff goals. We'll get to those plus 0:00:59.040 --> 0:01:01.720 more during our episode today, Buddy. Okay, So, I don't 0:01:01.720 --> 0:01:03.840 know where this quote comes from, but I think it's 0:01:03.840 --> 0:01:05.840 a it's either a quote from an old economist, but 0:01:05.880 --> 0:01:09.600 then Forrest Gump, you might I don't think of us 0:01:09.600 --> 0:01:12.319 the chocolates quote. No, not thinking about that one. No, 0:01:12.400 --> 0:01:15.080 I just so I was listening to UH that there 0:01:15.120 --> 0:01:18.000 aren't many politicians I appreciate these days. But I was 0:01:18.040 --> 0:01:22.280 listening to one politician that I actually like in a 0:01:22.400 --> 0:01:24.640 sea of awful ones. And I'm not even gonna mention 0:01:24.680 --> 0:01:26.320 his name. I'm just not. I'm just not because I 0:01:26.319 --> 0:01:28.640 don't want to. I'm just I don't want to get 0:01:28.640 --> 0:01:30.000 that feedback. You're like, have you heard of this guy 0:01:30.080 --> 0:01:34.880 named Donald? I forget his last name? Yeah? Right right? So, uh, 0:01:35.560 --> 0:01:38.080 there's like literally two politicians I think make any sense 0:01:38.160 --> 0:01:41.920 right now. But he was talking on a very obscure podcast, 0:01:42.000 --> 0:01:43.640 so good luck, I want to find this. But he 0:01:43.680 --> 0:01:47.400 was talking about the high prices of beef in this country, 0:01:47.400 --> 0:01:49.240 which we've all been confronted with. If you've tried to 0:01:49.240 --> 0:01:51.440 buy a steake recently, you wanted to punch yourself in 0:01:51.440 --> 0:01:53.600 the face it was that expensive, and you probably opted 0:01:53.600 --> 0:01:56.480 for chicken instead, unless you're just a baller like Matt. 0:01:56.560 --> 0:01:59.680 Was he talking please? Was he talking about Brazil? Evidently 0:01:59.840 --> 0:02:03.200 the Argentina? Oh is it he's talking about? Yes, talk 0:02:03.240 --> 0:02:06.920 about our beef import the desire to import beef right now. 0:02:07.080 --> 0:02:10.160 And he talked about how that's actually going to prolong 0:02:10.200 --> 0:02:14.080 the problem. And one of the things that he said was, 0:02:14.240 --> 0:02:16.040 and I thought this was so true, it's one of 0:02:16.080 --> 0:02:20.320 those kind of destruction, creative destruction, elements of that happened 0:02:20.320 --> 0:02:23.400 in a free market society. He said, high prices are 0:02:23.440 --> 0:02:27.359 the cure for high prices, And that's just a really 0:02:28.200 --> 0:02:32.000 classic like economist talk, yes again slogan. How often you 0:02:32.040 --> 0:02:33.560 hear smart stuff like that come out of the mouths 0:02:33.560 --> 0:02:37.440 of a politician, But it's really true in so many 0:02:37.440 --> 0:02:42.040 ways that when prices get too high, it's I think people, 0:02:42.200 --> 0:02:46.240 especially politicians, are often tempted towards a non free market 0:02:46.440 --> 0:02:50.440 solution or a way to stem the pain of their 0:02:50.440 --> 0:02:53.880 constituents in a quick manner. And what this guy was 0:02:53.919 --> 0:02:57.000 saying was actually what happens when prices get high is 0:02:57.040 --> 0:03:00.160 people either a make different choices, they demand less of 0:03:00.200 --> 0:03:02.640 that item. So in the case of beef, like people 0:03:02.800 --> 0:03:05.799 start opting for chicken or veggies, whatever it is, and said, 0:03:05.919 --> 0:03:09.120 chicken super affordable these days, that's right, or especially with 0:03:09.200 --> 0:03:12.680 that five six dollars off per package a costco. Baby, 0:03:12.680 --> 0:03:14.480 When that happens when you stock up and throw a 0:03:14.480 --> 0:03:16.760 pack in the freezer too, heaven. Yeah. And then the 0:03:16.800 --> 0:03:22.120 other thing that happens is it attracts more suppliers, So yeah, farmers, 0:03:22.160 --> 0:03:24.680 the suppliers see that the prices are high, they say, 0:03:24.720 --> 0:03:26.560 I want a piece of that action. Right, They get 0:03:26.600 --> 0:03:30.600 in start providing more supply, which then does what lowers 0:03:30.639 --> 0:03:33.880 the overall the problem with beef is is that it 0:03:34.040 --> 0:03:37.120 just takes a lot longer to go from raising cattle 0:03:37.720 --> 0:03:39.640 to that being a steak in the supermarket. As long 0:03:39.640 --> 0:03:41.840 as it take, I think it's like multiple years, right, 0:03:41.840 --> 0:03:44.080 whereas like with chickens or pigs, like it's so much 0:03:44.160 --> 0:03:48.320 quicker turnaround months, right, yeah, chickens it's literally like like 0:03:48.320 --> 0:03:51.640 eight weeks or something, six weeks three months before the Yeah, 0:03:51.680 --> 0:03:53.880 you go from hatching to like these chickens are ready 0:03:53.920 --> 0:03:56.120 to go. So the pain is felt a lot longer, 0:03:56.160 --> 0:03:58.600 which makes people want to get involved in the system 0:03:58.640 --> 0:04:02.360 to lower the prices. When ultimate, as that politician said, 0:04:02.360 --> 0:04:04.400 as a commists before them have said, high prices are 0:04:04.440 --> 0:04:06.600 the cure for prices, let it go. So he would 0:04:06.600 --> 0:04:09.360 see advocating for more of a free market. So he was, dude, 0:04:09.640 --> 0:04:11.800 I'm all about that, because what's true is also the 0:04:11.800 --> 0:04:14.320 opposite of that too, right, So low prices are also 0:04:14.800 --> 0:04:17.880 the cure for low prices. Yeah, right, So it's a 0:04:18.000 --> 0:04:22.719 self it's like an autocorrecting mechanism. This also makes me 0:04:22.880 --> 0:04:24.760 think through it's like okay, beef is it's kind of 0:04:24.800 --> 0:04:26.719 a really long runway, like years. But it makes me 0:04:26.760 --> 0:04:30.080 think about other industries a that have really short lifespans 0:04:30.160 --> 0:04:32.320 or short cycles that allow for there to be a 0:04:32.320 --> 0:04:36.800 whole lot of adjustments where you see prices in a 0:04:36.839 --> 0:04:39.360 much more dynamic way, and then different industries where it's 0:04:39.400 --> 0:04:41.560 really stretched out. And when that comes to mind as 0:04:41.600 --> 0:04:43.760 far as it being really stretched out, is higher ED 0:04:44.520 --> 0:04:46.920 because ye like as opposed to eating a steak, which 0:04:47.000 --> 0:04:50.080 is something you do in one sitting. When it comes 0:04:50.120 --> 0:04:52.680 to higher ED, it literally takes most people at least 0:04:52.680 --> 0:04:56.400 four years to consume that product, and then years, if 0:04:56.400 --> 0:05:00.160 not decades beyond that to decide was that purchase it's 0:05:00.520 --> 0:05:02.640 worth my money? Right, because a lot of it depends 0:05:02.680 --> 0:05:06.400 on job satisfaction, career, how much money they're able to make. 0:05:06.520 --> 0:05:08.240 But it makes Yeah, it makes me think that like 0:05:08.520 --> 0:05:10.960 he's I guess he was talking about how painful it 0:05:11.040 --> 0:05:13.560 is during during those sort of down periods where you're 0:05:13.560 --> 0:05:16.200 trying to figure out the best decision, and I think 0:05:16.200 --> 0:05:18.480 that's where folks could be potentially when it comes to 0:05:18.520 --> 0:05:21.320 higher ED because they're saying, well, was that worth it? Ah, 0:05:21.440 --> 0:05:23.360 I don't know. It's tough to tell. It's not something 0:05:23.360 --> 0:05:25.560 you're gonna know, maybe even for a decade out because 0:05:25.600 --> 0:05:27.760 I think about like when I was right out of school, 0:05:27.760 --> 0:05:30.800 I remember thinking, man, what a waste of time. It's 0:05:30.960 --> 0:05:33.919 even your perception. Your perception of it changes. But is 0:05:33.960 --> 0:05:36.080 the solution what you're saying then, is a solution for 0:05:36.120 --> 0:05:40.040 the government to get involved into distort prices? I would 0:05:40.080 --> 0:05:42.320 say no, and that's just not the solution. Let's just 0:05:42.320 --> 0:05:45.920 be honest that a lot of price distortment that currently happens, 0:05:45.960 --> 0:05:48.520 like let's say we're talking about prescription drugs or healthcare, 0:05:48.600 --> 0:05:51.360 there already is a lot of like it's not really 0:05:51.400 --> 0:05:53.880 a free market system, and so, which is awesome. Why 0:05:53.880 --> 0:05:55.960 it's so broken. We have a ton of distortment, and 0:05:55.960 --> 0:05:57.760 so a lot of people are like, I prefer distortion. 0:05:58.160 --> 0:05:59.839 How the free market's working on that. It's like, yeah, 0:05:59.839 --> 0:06:02.520 it's it's not because it's not a free market really, 0:06:02.920 --> 0:06:05.760 and that is a problem too. So all right, sorry, 0:06:05.839 --> 0:06:08.880 random wonky economists. Not No, I think it's fun. All right, 0:06:08.880 --> 0:06:10.640 should we mention the beer we're having? You and I 0:06:10.680 --> 0:06:14.159 are enjoying an athletic brewing company beer that happens to 0:06:14.160 --> 0:06:18.080 be called Upside Dawn, which is a golden And I 0:06:18.120 --> 0:06:20.200 wanted to have this one on specifically because I told 0:06:20.240 --> 0:06:22.919 you about our friend Jimmy who gave me a beer, 0:06:23.160 --> 0:06:24.839 and I think maybe he was thinking we would have 0:06:24.839 --> 0:06:26.200 it on the show, but then I just drank it, 0:06:29.040 --> 0:06:31.359 and then anyway, he cried himself to sleep. Then I know, 0:06:31.480 --> 0:06:33.680 I haven't talked to him about it, but I should soon. 0:06:34.560 --> 0:06:36.800 He's not talking to you anymore. Last time I was 0:06:36.800 --> 0:06:39.120 out I saw it. I was also athletic, and I thought, oh, 0:06:39.160 --> 0:06:42.200 I should get that mentioned Jimmy. So the one he 0:06:42.240 --> 0:06:45.000 gave me was an october Fest, which evidently you can't 0:06:45.040 --> 0:06:46.960 get where we are. You have to order it. And 0:06:47.000 --> 0:06:48.800 even still they don't you have to order it to 0:06:48.800 --> 0:06:51.360 a different state. Maybe I don't know if i'd recommend 0:06:51.360 --> 0:06:54.960 that there's somebody from to us at one point, maybe 0:06:54.960 --> 0:06:56.400 we should holler at them and see if they can 0:06:56.440 --> 0:06:58.440 send us some October but they would. I like the 0:06:58.440 --> 0:07:00.360 way you're like, where your head's out? Good folks. Anyway, 0:07:00.480 --> 0:07:02.200 Free beers the best kind of beer to you, by 0:07:02.240 --> 0:07:04.159 the way. Yeah, so this is an NA we'll share 0:07:04.160 --> 0:07:06.239 our thoughts. Have we had an NA on the show before, 0:07:06.600 --> 0:07:08.520 I want to say we've had one or two? Really? Yeah, 0:07:08.560 --> 0:07:10.000 it might have been an athletic back in the day. 0:07:10.040 --> 0:07:12.200 Oh no way, Yeah, I just swear like the heat 0:07:12.240 --> 0:07:15.240 reached out and brought us some beers and we try them. 0:07:15.320 --> 0:07:18.520 But yeah, But let's let's get onto money questions. Matt 0:07:18.560 --> 0:07:20.960 the if you're listening right now and you're like, I 0:07:21.000 --> 0:07:23.239 have a money question on the tip of my brain 0:07:23.480 --> 0:07:25.920 and I would love for Matt and Joel to tackle 0:07:25.960 --> 0:07:29.520 it in maybe next week on the show. Even well, 0:07:29.560 --> 0:07:31.160 you can go to have to money dot com, slash ask, 0:07:31.240 --> 0:07:33.840 or literally just record a voice memo on that voice 0:07:34.080 --> 0:07:36.080 recorder app on your phone. Email it over to us 0:07:36.080 --> 0:07:38.280 at how to money pot at gmail dot com. We 0:07:38.320 --> 0:07:41.440 look forward to hearing from you. Matt. Let's get to 0:07:41.720 --> 0:07:44.960 man speaking of not real free markets. Well, let's get 0:07:45.000 --> 0:07:48.400 to a question now, specifically about open enrollment. 0:07:49.400 --> 0:07:52.000 Hey, Matt and Joel, I've got a question about health insurance. 0:07:52.560 --> 0:07:55.880 It's open enrollment season at my employer, and they're offering 0:07:55.920 --> 0:07:58.840 us a couple of different options for health insurance this 0:07:58.960 --> 0:08:02.840 year with a major provider right now, and it looks 0:08:02.880 --> 0:08:06.040 like they're about twelve hundred dollars more expensive than one 0:08:06.040 --> 0:08:09.280 of the other major providers that's being offered. I'm interested 0:08:09.320 --> 0:08:12.760 in taking those savings, but I'm also weighing the cost 0:08:13.000 --> 0:08:16.720 of confirming that all of our doctors accept the other ensure, 0:08:17.560 --> 0:08:19.800 making sure that all of our prescriptions are covered for 0:08:19.960 --> 0:08:23.040 my whole family of five. So any advice about how 0:08:23.040 --> 0:08:25.360 to weigh the cost some benefits of switching from one 0:08:25.400 --> 0:08:26.560 insurer to another. 0:08:26.800 --> 0:08:30.200 All right, Jil And that was Brian from Chicago, by 0:08:30.240 --> 0:08:33.920 the way, And open enrollment, Man, this can be a 0:08:33.960 --> 0:08:36.520 trying time for a lot of folks who they've got 0:08:36.520 --> 0:08:39.400 all these options laid out before them. So we'll offer 0:08:39.520 --> 0:08:41.600 a few thoughts that will hopefully make this process a 0:08:41.600 --> 0:08:45.199 little less difficult. And yeah, I don't think Brian is 0:08:45.240 --> 0:08:48.280 the only person to find himself in this situation as well, 0:08:48.640 --> 0:08:53.000 because healthcare costs have risen significantly and they're yeah, obviously 0:08:53.000 --> 0:08:56.680 trying to find different ways to say so, here's some numbers. 0:08:56.720 --> 0:09:00.000 The average annual cost now is twenty seven thousand dollars 0:09:00.000 --> 0:09:03.719 dollars for the average family in the US, and the 0:09:03.920 --> 0:09:07.720 average employer covers most of that twenty thousand dollars, But 0:09:07.800 --> 0:09:10.240 that still leaves a ton of money for you to 0:09:10.280 --> 0:09:13.840 cover as the employee, a little over six thousand dollars, 0:09:13.920 --> 0:09:18.040 and that's just the premiums like that, that doesn't include 0:09:18.080 --> 0:09:21.400 the other costs. And so even with great workplace coverage 0:09:21.400 --> 0:09:24.560 here we're talking that man like you could easily spend 0:09:24.640 --> 0:09:28.640 over ten thousand, maybe closer to fifteen on healthcare costs 0:09:28.840 --> 0:09:31.280 in a given year between just like themistons and then 0:09:31.480 --> 0:09:33.320 just some of the other costs that go into it. 0:09:33.360 --> 0:09:36.440 Paying those premiums gets you the coverage right in case 0:09:36.480 --> 0:09:40.559 of catastrophic some catastrophic happens to you, but it also 0:09:40.800 --> 0:09:42.720 gives you the ability to pay less to go see 0:09:42.760 --> 0:09:45.400 the doctor when we're talking about cope's and stuff like that. 0:09:45.480 --> 0:09:48.880 But just to think that that's how much it requires 0:09:49.000 --> 0:09:51.360 just to have health coverage in this country, even when 0:09:51.480 --> 0:09:54.160 your employer is putting a substantial amount of the bill, 0:09:54.880 --> 0:09:57.600 it's it's harrowing. That's kind of hard to fathom. And 0:09:57.640 --> 0:09:59.600 I know that there are some employers who do even 0:09:59.600 --> 0:10:02.480 better on the healthcare coverage front, and they pay even 0:10:02.480 --> 0:10:04.760 more or all of your premiums. I think if you 0:10:04.880 --> 0:10:08.200 are an individual working for one of those employers just 0:10:08.520 --> 0:10:12.280 don't neglect to realize how great of a benefit that is, 0:10:12.320 --> 0:10:14.520 because it really is substantial. And you see, you might 0:10:14.559 --> 0:10:16.360 have friends working down the street for another firm that's 0:10:16.400 --> 0:10:20.360 less generous and they are paying a lot more of 0:10:20.559 --> 0:10:23.360 They've got more skin in the game essentially when it 0:10:23.360 --> 0:10:25.680 comes to premiums than you do. So if you're in 0:10:25.679 --> 0:10:29.280 that case, be thankful, I'd say, and Matt, I think 0:10:29.520 --> 0:10:31.040 when it comes to this question, we want to compare 0:10:31.280 --> 0:10:34.439 the total annual cost. Right It's hard to do because 0:10:34.440 --> 0:10:37.240 we're using predicted costs. There's no way to one hundred 0:10:37.280 --> 0:10:39.959 percent predict exactly what you're going to spend in healthcare 0:10:39.960 --> 0:10:41.960 in a given year. So much of healthcare is like 0:10:42.360 --> 0:10:44.840 ow I broke my ankle, I need to go see 0:10:44.840 --> 0:10:48.080 the doctor right now. You don't usually know exactly what 0:10:48.080 --> 0:10:50.400 you're going to spend in the coming year, understandably so, 0:10:51.000 --> 0:10:53.560 but you can come up with a solid estimate, I think, 0:10:53.640 --> 0:10:56.280 based on what you spent last year and whether or 0:10:56.360 --> 0:10:59.120 not there any procedures you already have planned that are 0:10:59.120 --> 0:11:02.480 in the works. And some folks they even batch bigger 0:11:02.480 --> 0:11:05.000 health needs into a specific year while they're on let's 0:11:05.000 --> 0:11:07.200 say a lower deductible plan, and then they move to 0:11:07.240 --> 0:11:10.480 a higher deductible plan in years where they're less likely 0:11:10.520 --> 0:11:14.000 to need care, which is I think a solid planning option. 0:11:14.040 --> 0:11:16.400 If you're saying, listen, I know I've got this major surgery, 0:11:16.840 --> 0:11:18.440 and my spouse has this other thing going up, my 0:11:18.480 --> 0:11:20.560 kid needs to get their tonsils removed. Let's go for 0:11:20.600 --> 0:11:23.040 the lower deductible plan in twenty twenty six, and then 0:11:23.040 --> 0:11:25.520 twenty twenty seven, hopefully most of our major surgeries are 0:11:25.520 --> 0:11:27.640 over with boom, Like, we're going to go back to 0:11:27.679 --> 0:11:29.960 the high deductible plan, try to save more money. But 0:11:30.000 --> 0:11:32.120 the total costs we're talking about here is premiums, it's 0:11:32.320 --> 0:11:36.120 your potential deductible, it's copays, and it's also really important 0:11:36.120 --> 0:11:38.360 to know what your out of pocket max is as well. 0:11:38.400 --> 0:11:40.240 I think those are really kind of the crucial moving 0:11:40.240 --> 0:11:42.160 parts we've got a factor in, Yeah, the overall costs, 0:11:42.160 --> 0:11:44.880 because if you just go simply seeking lower premiums, well 0:11:44.920 --> 0:11:47.800 that's often going to mean higher deductibles. So also take 0:11:47.800 --> 0:11:49.880 into account how much cash, how much money you have 0:11:49.920 --> 0:11:52.640 in savings, whether or not you can go with a 0:11:52.679 --> 0:11:55.920 plan like that if you have some more healthcare expenses 0:11:55.960 --> 0:11:59.240 next year, Joel, you mentioned copay costs as well. Those 0:11:59.280 --> 0:12:02.000 really can add up, so make sure you are aware 0:12:02.000 --> 0:12:04.400 of that if you do go and see the doctor regularly. 0:12:04.720 --> 0:12:09.280 And it's yeah, And Brian he mentioned specifically looking into 0:12:09.840 --> 0:12:12.280 the doctors that he has making sure that they accept 0:12:12.440 --> 0:12:16.240 the new health insurance as well. It may not be 0:12:16.320 --> 0:12:18.439 worth it for you. So you get you're a family 0:12:18.440 --> 0:12:20.079 of five, right, If you have to go and find 0:12:20.120 --> 0:12:22.520 a new pediatrician, if you have to find a new 0:12:22.559 --> 0:12:24.600 doctor for you, if your wife or your partner, if 0:12:24.600 --> 0:12:26.320 they need to go find a new doctor as well, 0:12:26.520 --> 0:12:29.840 it might be a massive headache. But that being said, 0:12:29.960 --> 0:12:33.160 I don't know. Maybe extreme time situations call for extreme 0:12:33.200 --> 0:12:35.760 measures here and the ability to save an extreme amount 0:12:35.800 --> 0:12:38.440 of money. Yeah, yeah, And so I don't want the 0:12:38.480 --> 0:12:40.840 default to be like, well, yeah, obviously make sure because 0:12:40.840 --> 0:12:43.720 that's just presupposing that he's not going to make a 0:12:43.760 --> 0:12:45.880 big change like that. And I actually want to introduce 0:12:45.880 --> 0:12:49.160 the idea that hey, maybe it's worth doing something completely 0:12:49.200 --> 0:12:51.800 different in order to save some money here. Yeah maybe, 0:12:51.960 --> 0:12:54.680 but you might with three kids, you're attached to the physician. 0:12:55.240 --> 0:12:57.920 I mean, I remember Matt when we moved the one 0:12:57.920 --> 0:13:01.280 of the hardest parts about leaving where we lived was 0:13:01.280 --> 0:13:04.360 how much we loved the pediatrician where we were, and 0:13:04.400 --> 0:13:07.120 we just not to throw shade, but we haven't found 0:13:07.120 --> 0:13:10.480 a great pediatrician where we are now. It's just okay, yeah, 0:13:10.520 --> 0:13:12.400 and we miss the old and we're like, we even 0:13:12.400 --> 0:13:14.800 think about do we go back and just drive forty 0:13:14.840 --> 0:13:17.120 five minutes to go see a pediatrician. Maybe you can. 0:13:17.520 --> 0:13:20.120 And so if you if you feel that attached and 0:13:20.160 --> 0:13:23.280 you're like, huh, well my pediatrician who we love, you know, 0:13:23.400 --> 0:13:27.520 doesn't take this new healthcare coverage, doesn't doesn't take this plan, 0:13:28.040 --> 0:13:30.360 well I get how that's going to help sway your decision, 0:13:30.400 --> 0:13:32.520 and you might be like, not worth the savings if 0:13:32.520 --> 0:13:35.600 we can't see that person again. And yeah, you got 0:13:35.600 --> 0:13:37.440 a factor in prescriptions too, because if there are any 0:13:37.679 --> 0:13:40.800 regular prescriptions that you'd want to you know, that you take, 0:13:40.840 --> 0:13:42.679 you'd want to see how much those are going to 0:13:42.720 --> 0:13:45.920 cost underneath this new plan as well. Although depending on 0:13:45.960 --> 0:13:48.560 what you take, especially if it's an older generic, you 0:13:48.600 --> 0:13:50.520 might actually save a lot of money by not going 0:13:50.559 --> 0:13:53.480 through insurance and using a site that we've mentioned before 0:13:53.520 --> 0:13:56.560 like cost plus Drugs. Good Rx is another good place. 0:13:56.600 --> 0:13:58.800 So don't necessarily think you have to go through insurance 0:13:58.840 --> 0:14:02.560 to save money on prescriptions. You might save more not 0:14:02.640 --> 0:14:05.680 going through insurance. We'd also love to see you on 0:14:05.880 --> 0:14:09.080 an HSA eligible high deductible health care plan if it 0:14:09.120 --> 0:14:11.719 makes sense for your overall health care costs. Don't let 0:14:11.760 --> 0:14:14.160 the tail wag the dog here, but if a high 0:14:14.160 --> 0:14:16.960 deductible health care plan is ideal from that total cost 0:14:17.040 --> 0:14:20.680 perspective that we're discussing, it'll mean you can utilize an 0:14:20.800 --> 0:14:23.280 HSA two, which can just be another way to save 0:14:23.280 --> 0:14:25.920 money on healthcare because it reduces your taxes for the 0:14:25.960 --> 0:14:29.240 current year and it allows you to grow those dollars 0:14:29.280 --> 0:14:33.200 for your future too. Your employer they might be generous 0:14:33.320 --> 0:14:35.600 enough to even offer an HSA match. We have heard 0:14:35.600 --> 0:14:39.520 from many listeners who have that as a benefit where 0:14:39.560 --> 0:14:41.880 they work. That sweetens the pot. We're seeing more of 0:14:41.920 --> 0:14:44.320 this and we love it. But just take that into 0:14:44.320 --> 0:14:48.000 consideration as well, because there are additional perks with the 0:14:48.040 --> 0:14:50.960 high deductible healthcare plan. You save on premiums, you have 0:14:51.000 --> 0:14:54.000 access to the HSA. Still, that doesn't mean it's always 0:14:54.040 --> 0:14:56.680 the best choice for everyone. Yeah. Yeah, And Brian, he's 0:14:56.680 --> 0:14:58.720 talking about saving twelve hundred bucks here. But kind of 0:14:58.760 --> 0:15:02.040 piggybacking off of the taking more extreme measures. I've got 0:15:02.040 --> 0:15:05.120 to bring up health sharing plans because if you are 0:15:05.120 --> 0:15:08.800 interested in saving, what I would say is the most 0:15:08.840 --> 0:15:12.560 extreme amount of money trol. So I logged into our 0:15:12.640 --> 0:15:17.160 state's healthcare exchange, so healthcare dot gov, or if you 0:15:17.160 --> 0:15:19.520 live in a state where healthcare dot gov no longer 0:15:19.520 --> 0:15:21.960 works because the state exchanges took over, check that out. 0:15:21.960 --> 0:15:24.280 But I logged in there and guess what our family 0:15:24.360 --> 0:15:27.160 of six monthly cost was going to be. I'm gonna 0:15:27.200 --> 0:15:30.680 guess for a bronze plan for the cheapest. Okay, I'm 0:15:30.680 --> 0:15:34.280 gonna guess like twenty three thousand monthly, So I'm me 0:15:34.480 --> 0:15:38.120 eight nineteen hundred, twenty five hundred dollars wow a month? 0:15:38.240 --> 0:15:41.000 Okay a month? Yeah, versus three hundred and seventy four 0:15:41.040 --> 0:15:43.240 dollars a month, which is what we're paying here. This 0:15:43.280 --> 0:15:45.920 is the difference between oh, paying over thirty thousand dollars 0:15:46.320 --> 0:15:49.720 over the course of a year and versus six. And 0:15:49.760 --> 0:15:51.960 that's you're not talking about a gold plan, No, this 0:15:52.400 --> 0:15:53.800 was like prices you might be able to get a 0:15:53.800 --> 0:15:56.160 plan starting at and it said that I could not 0:15:56.400 --> 0:15:58.240 believe it, and by the way, when I said six 0:15:58.280 --> 0:16:02.040 thousand dollars, that's not only the quote unquote premium that 0:16:02.120 --> 0:16:05.120 I'm paying towards the health sharing but also that also 0:16:05.160 --> 0:16:07.800 includes our out of pocket costs. So we spent a 0:16:07.840 --> 0:16:11.600 little over six thousand dollars total last year. Yeah, and 0:16:12.000 --> 0:16:14.280 you're probably thinking, all, yeah, I know how you are, 0:16:14.280 --> 0:16:16.320 with like not ever going to see the doctor last 0:16:16.360 --> 0:16:19.840 year was actually we had several doctor's visits out of 0:16:19.920 --> 0:16:22.200 which is yeah, you have to take that rational a 0:16:22.240 --> 0:16:24.320 few times kind of out of the ordinary for us. 0:16:24.720 --> 0:16:27.120 So I'm just highlighting that if you are looking to 0:16:27.200 --> 0:16:30.600 save the absolute most amount of money, you've got to 0:16:30.640 --> 0:16:32.280 look into health sharing. And not all of them are 0:16:32.480 --> 0:16:36.360 are are religious, are faith based either Sidera, So you 0:16:36.400 --> 0:16:38.560 and I both both of us families are with Meta Share, 0:16:38.800 --> 0:16:40.960 but Sidara is a great option as well, where there's 0:16:41.000 --> 0:16:43.360 a whole lot of folks who are served well yea 0:16:43.560 --> 0:16:45.880 via that organization. The problem is, it's really hard when 0:16:45.880 --> 0:16:49.000 you're offered a Cadillac health insurance plan through your work, 0:16:49.560 --> 0:16:52.720 the premiums are highly subsidized. It's tough to think about 0:16:52.760 --> 0:16:55.240 saying none of the above and going getting your own 0:16:55.280 --> 0:16:57.200 health sharing plan. I think it. They typically make the 0:16:57.240 --> 0:17:00.200 most sense for self employee people, right who don't have 0:17:00.240 --> 0:17:02.440 access to any sort of health coverage to work, or 0:17:02.760 --> 0:17:07.120 if you're if maybe you're employed by an employer who says, yeah, 0:17:07.119 --> 0:17:09.840 we don't you're kind of your own. Yeah, but like 0:17:09.880 --> 0:17:11.920 we don't really subsize the premiums very much, and you're 0:17:11.960 --> 0:17:14.280 feeling more of that healthcare dot Gov sort of slap 0:17:14.320 --> 0:17:17.520 in the face where you're faced with paying the bulk 0:17:17.520 --> 0:17:20.399 of the premiums yourself exactly. But even assuming the average 0:17:20.400 --> 0:17:24.320 American where it's okay, say twenty seven thousand employers covering twenty, 0:17:24.400 --> 0:17:27.919 you're covering six. I paid six total last year, not 0:17:28.160 --> 0:17:30.719 just in the cost of health care, but also in 0:17:30.760 --> 0:17:34.320 out of pockets what I call in my excel sheet 0:17:34.560 --> 0:17:37.400 medical out of pocket costs. Yeah. Uh, and so you're 0:17:37.440 --> 0:17:39.560 still looking at saving a few thousand dollars right there, 0:17:40.119 --> 0:17:42.640 assuming uh, you know, a healthier year. But that's something 0:17:42.640 --> 0:17:44.480 else you got to keep in mind too, because if 0:17:44.480 --> 0:17:46.000 you do use the doctor a whole lot, if you've 0:17:46.000 --> 0:17:48.560 got a whole lot of procedures lined up, if you've 0:17:48.600 --> 0:17:51.080 got different you know, regular visits that you need to 0:17:51.119 --> 0:17:53.200 go in and get things checked in on that's probably 0:17:53.240 --> 0:17:55.240 not going to work out for you quite as well. Yeah, 0:17:55.320 --> 0:17:57.760 So I think what we're ultimately saying here to Brian 0:17:58.280 --> 0:18:00.480 is to, yeah, look at that over all out of 0:18:00.480 --> 0:18:03.760 pocket costs and say, is it word jumping through these hoops? 0:18:04.160 --> 0:18:05.800 And am I gonna have to give up too much 0:18:05.880 --> 0:18:09.160 in order to save the twelve hundred bucks? Or is man? 0:18:09.520 --> 0:18:13.359 I'm still getting everything that I really value. Maybe a 0:18:13.400 --> 0:18:15.000 couple things are gone, but I don't really care about 0:18:15.000 --> 0:18:18.960 those things or use those things anyway. And yeah, it's 0:18:19.040 --> 0:18:22.320 really it's partly math, but it's partly kind of lifestyle 0:18:22.320 --> 0:18:23.520 and what you care about when it comes to your 0:18:23.520 --> 0:18:27.000 healthcare coverage. But twelve hundred bucks, that's not chump change. 0:18:27.320 --> 0:18:30.320 It's potentially worth jumping through some of those hoops in 0:18:30.400 --> 0:18:32.119 order to save that much money every year. All Right, 0:18:32.320 --> 0:18:35.120 We've got more questions to get to. We'll get theoretical 0:18:35.160 --> 0:18:37.919 about buy now, pay later, and we'll also man that 0:18:37.960 --> 0:18:41.040 classic personal finance question of investing or paying down debt. 0:18:41.200 --> 0:18:42.760 We've got a good question on that front. We'll get 0:18:42.760 --> 0:18:52.520 to those and more right after this. All right, buddy, 0:18:52.800 --> 0:18:55.320 we are back from the break. Let's now hear from 0:18:55.320 --> 0:18:59.160 a listener who has a hypothetical discount question for. 0:18:59.200 --> 0:19:03.240 Us, again from Philadelphia, calling in with yet another question. 0:19:04.080 --> 0:19:09.280 This question pertains to buy now and pay later services. Now, 0:19:09.320 --> 0:19:12.120 I would like to preface this with I have never 0:19:12.440 --> 0:19:15.760 in my life used or even considered to use any 0:19:15.800 --> 0:19:19.480 of these services. And I say that just to cover myself, 0:19:19.520 --> 0:19:23.160 because I know your views of them are fairly negative. 0:19:23.280 --> 0:19:27.560 And I understand that and mostly agree that. Said, I 0:19:27.680 --> 0:19:30.320 had a thought experiment. I thought you might want to 0:19:30.359 --> 0:19:34.240 indulge me in it. What if to attract more people 0:19:34.280 --> 0:19:37.320 to use buy now and pay later services and to 0:19:37.359 --> 0:19:39.960 get them used to using them in general, they started 0:19:40.000 --> 0:19:43.640 offering large discounts on the items that you were purchasing. 0:19:44.240 --> 0:19:48.680