November 09, 2022

Expensive Open Enrollment Mistakes to Avoid: Making the Best of a Bad System

46 minutes

HMO or PPO? Go for the high-deductible health plan, or accept the higher premiums? Opt for the copay or coinsurance model? Can you trust the little brochures that subtly guide you to a “lower-cost” option, or are those marketing materials? How does healthcare use big data to offload more of your medical costs onto you?

It’s fascinating that personal finance content doesn’t focus more on navigating the US healthcare marketplace—after all, just one mistake that leaves you underinsured can wipe out months (if not years) of accumulated savings from buying store-brand options and trimming back on subscriptions. When your out-of-pocket maximum is more than $10,000, the stakes are high.

My guest this week, Sarah Khan of My Voice My Health, is a healthcare executive by day and a patient advocate by night. She answers all my questions with a level of insight I hadn’t considered before, and they’re sure to help you make the best choices this open enrollment season.

And in this week's Rich Girl Roundup, we talk about if pausing your investment contributions in a bear market is the right move.

To learn more about our sponsor, Vin Social, check out http://vinsocialvip.com/.

Episode transcripts can be found at https://www.podpage.com/money-with-katie-show/.

—

Mentioned in the Episode

Check out Sarah's healthcare open enrollment cheat sheet: https://www.myvoicemyhealth.com/openenrollment

Open enrollment with Healthcare.gov: https://www.healthcare.gov/

Money with Katie post on How I'm Budgeting for Healthcare in the US in the Least Frustrating Way: https://moneywithkatie.com/blog/how-im-budgeting-for-healthcare-in-the-united-states-in-the-least-frustrating-way

Money with Katie episode on Navigating the US Healthcare System without Getting Financially F***ed: https://podcast.moneywithkatie.com/navigating-the-us-healthcare-system-without-getting-financially-fed/

Money with Katie post on 3 Myths about Single-Payer Healthcare Systems: https://moneywithkatie.com/blog/myths-about-single-payer-healthcare

Majority of Americans who file for bankruptcy affected by medical issues: https://www.cnbc.com/2019/02/11/this-is-the-real-reason-most-americans-file-for-bankruptcy.html

JP Morgan Asset Management on market timing: https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/market-updates/on-the-minds-of-investors/is-market-timing-worth-it-during-periods-of-intense-volatility/

—

Follow Along

- Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/

- Read Money with Katie: https://moneywithkatie.com/

Follow Money with Katie!

- Instagram: https://www.instagram.com/moneywithkatie/

- Twitter: https://twitter.com/moneywithkatie

- TikTok: https://www.tiktok.com/@moneywithkatie

Subscribe to Morning Brew

- Sign up for free today: https://bit.ly/morningbrewyt

Follow The Brew!

- Instagram: https://www.instagram.com/morningbrew/

- Twitter: https://twitter.com/MorningBrew

- TikTok: https://www.tiktok.com/@morningbrew

Learn more about your ad choices. Visit megaphone.fm/adchoices

...more

View all episodes

By Morning Brew

4.7

14981,498 ratings