Which Health Insurance is Right for You

For many folks, it’s open enrollment season!  In this episode of Financial Clarity for Doctors, Rachelle and Corey discuss the ins and outs of health insurance and how to decide which one is the best fit for you.

Health insurance:

• Most importantly, make sure you have health insurance!
• Some plans have a higher deductible and a lower premium. Other plans have a lower deductible and higher premium.
• When it comes down to it, you want to estimate how much you may pay out of pocket for medical expenses over the year and compare that to the cost difference for your insurance premiums over the full year.
  • Pick the one that might save you money! We say “might”, because there is some element of unpredictability with your health!
• When calculating estimated costs, consider:
  • Deductible – How much do you pay out of pocket before some expenses are covered?
  • Co-payment – Do you just have a co-payment for office visits and prescriptions or do you have to pay for all of it before you hit your deductible?
  • Co-insurance – What percentage of costs are you responsible for paying?
  • Out of pocket maximum – Very important to know the MOST you can be on the hook for in a serious medical event.
• Other things to consider – Can you put money into a Health Savings Account (HSA) or Flexible Spending Account (FSA) to pay for costs pre-tax? Keep in mind that the FSA is a “use it or lose it” account.

These decisions can save you a few hundred or maybe even a few thousand dollars over the course of a year, but if you have coverage, you are in good shape!  Don’t stress about it too much.

For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance 

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.