Couple Money Podcast

Feel like your premiums are too expensive? Learn how you can significantly save money and find an affordable health insurance plan for your family!

Choosing an Affordable Health Insurance Plan

Like many families, we want affordable health insurance. Unfortunately, it’s not always easy.

In 2019, the average annual premium for a family was over $20,000

That’s quite a bit of money so it’s absolutely crucial that you’re 1) getting the most out of it and 2) if there is a more affordable option, you can make that transition easier. 

The good news is with open enrollment, you can have some big wins with your benefits for next year.

I want to make sure that when you two sit down, I want you to feel comfortable and confident about tackling your benefits.

Of course, every couple is different, I’m grateful Andy Hill, the creator of Marriage, Kids, and Money and the co-founder of Thriving Families Facebook Group is here to chat with me about his and Nicole’s process with choosing a health plan. 

We’re going to compare how each of us approached finding the best health insurance plan for our families. 

In this episode we’ll get into:

  • The differences between the most common options given
  • What to consider when deciding if a high deductible plan is right for you
  • Maximizing your available health care benefits

Let’s get started! 

Resources to Save Money on Healthcare

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

Thank You to Our Sponsor Coastal!

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.

They have competitive rates on checking and savings accounts!

Key Takeaways on Finding an Affordable Option for Healthcare

Before we wrap up, I want to focus on a few key takeaways I got from speaking with Andy and preparing this episode. 

  • Invest time in choosing your healthcare plan. Health care can be expensive, but simply going with the cheapest option can hurt you in several ways. 
  • High deductible health plans aren’t for everyone. We have an HDHP and so far love it and so do many in the FI space, but that doesn’t mean it’s the best option for you. 
  • Use tax-advantaged accounts to maximize your money.

If you want to discuss this more, please come chat with us on Facebook in the Thriving Families Group. We’re supportive. We’d love to see you there!

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.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
  • Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!

Music Credit

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

Additional music by Lee Rosevere and Logan from Music for Makers in this episode.

Direct download: S10E20_Open_Enrollment_Affordable_Health_Insurance.mp3
Category:personal finance -- posted at: 5:00am EDT