Trying to sort through all the health insurance plans? Find out how you can choose an affordable health insurance plan that covers your family’s needs! 

Affordable Health Insurance

Trying to sort through all the health insurance plans? Find out how you can choose an affordable health insurance plan that covers your family's needs!

Health insurance.

Where do I begin?

For the last decade, we’ve seen our health care costs go up.

When we had our first child and switched to the family plan I felt like there was a vacuum sucked up all of our money.

We’re a fairly healthy bunch, but even downgrading to a basic family plan was still pricey.

Last year, we received notice that once again, our premiums for the plan would go up.

This time, though, our premiums would’ve been right up there with our mortgage.

Um, no thank you.

We knew we had to make a switch. But here’s the thing – it’s scary.

One 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?

There was a lot of back and forth, going over our options and running the numbers. And we switched last year to high deductible plan and started contributing to a health savings account.

So far it seems like the right call for us.

Now you might be hearing about high deductible plans and thinking they would be a great to save, but are they the right choice for you?

How do you actually weigh the pros and cons?

Today I’m bringing back financial planner Michael Dinich to decipher and break down all the jargon around health insurance.

In this episode we discuss:

  • The pros and cons of the typical plans offered – high deductible plans look good on paper but they be the worst choice for you
  • Which numbers you need to keep an eye on to properly weigh the costs – because premiums and deductibles aren’t the only numbers you need to keep an eye on
  • Ways you can maximize your benefits through FSAs and HSAs

Health insurance is a huge expense.

Last year when we reviewed the health plan options, we found out that premiums were going up. again. 

No surprise there, but the amount did catch us off guard. 

If we were to stay with the ‘basic’ family plan we had, our monthly premiums would be almost the same as our mortgage payment! 

That seemed ridiculous. 

If you’re in the same boat – looking for an affordable health insurance plan that will cover your family’s needs, save this episode. 

Michael Dinich is back to help decipher and decode health plans so you two will be armed to make the best choice for you and your situation. 

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

Hope you enjoy! 

And if you’re looking for another episode about saving on health care costs, check out my first chat with Michael.

We went over ways you can save and lower your health care expenses

Resources to Save Money on Healthcare

Are you looking for more help with keeping health care within your budget? Here are some resources:

Trying to sort through all the health insurance plans? Find out how you can choose an affordable health insurance plan that covers your family's needs! #family #money #insurance

Meet Michael Dinich

Special thanks to Michael for coming on!

Michael Dinich is a certified financial planner who help families plan for retirement, reduce taxes, eliminate unnecessary expenses and plan their estates. 

He lives in rural PA with his wife and two children and is a hobby farmer. 

Connect with Michael: Site | Twitter | LinkedIn

Health Insurance Decoded

Too much jargon

With a Flexible Spending Account (FSA), this money is like a cash account. It can be used for medical expenses such as contact lenses, glasses, and blood sugar test strips.

The catch is whatever you don’t use by the end of the year, it’s gone. 

With a Health Savings Plan (HSA), whatever you don’t use you keep. It can then grow over the years. with the way it’s constructed, it can also be used as a resource during retirement. 

Understanding High Deductible Health Plans and Health Savings Accounts (HSAs)

This is how 

One benefit of going with your employer’s health savings account is that money is going to be deducted from your taxable income.

It’s going to save you a little bit on FICA taxes (assuming that you don’t hit the income earning threshold for Social Security tax).

One of the first goals couples have is with their HSAs is, first of all, have enough saved stash for your out of pocket maximum (which may be twice your deductible).

Michael explains why:

Let’s say you have a maximum annual out-of-pocket expense of ten thousand dollars on your health insurance plan.

Well, your deductible might only be five thousand dollars.

I don’t want people to start investing right away like with the first five thousand dollar payment because what happens if in year two you trigger the whole thing?

So I really like to see you don’t maintain that maximum annual amount and there you know someplace safe you know. 

How to Find an Affordable Health Insurance Plan for Your Family

After you have that stashed away, then you two can start thinking about investing any additional money you contribute to the fund. 

Similar to an IRA, you can invest your money and it grows tax-deferred. Down the line when you need it during retirement, you can access it tax-free.

Support the Podcast!

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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Music Credit

Like the music in this episode? Our theme song is by Gentle Regime. Additional music by Lee Rosevere.

This post may contain affiliate links. Please read my full disclosure for more info.

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About Elle Martinez

Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..

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1 comment add yours

  1. A lot of the Health Insurance jargon goes over my head! I never knew that about the Flexible Spending Account (FSA) — need to make the most out of it!

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