Simplify and Enjoy Podcast

Today we’re going to discuss whether or not a high deductible plan with a health savings account is really an affordable option for your family! 

When we talk about optimizing expenses here on Simplify and Enjoy there are a few ground rules.

1. Personal finance is personal so your budget will reflect your family’s priority and goals. 
2. Find ways to automate the tedious stuff because you have better ways to spend your time. 
3. Talk about money regularly and see it as a tool, not the goal. 
4. We focus on the big wins. So while I do recommend shifting small habits, I’m not going to spend a ton of time telling you to skip the lattes, avocado toast, or whatever the personal finance police are harping on. 

If you’re limited on time and mental bandwidth – which is the default for many parents and families – I highly recommend you focus in on big wins. 

Look at those big monthly bills that eat up a good chunk of your paycheck. 

Of course, it varies by family, but there are some expenses that typically top many families’ list including:

• Housing
• Transportation
• Food
• Childcare
• Health Insurance

And they each deserve their own episode. Today we’re discussing health insurance. 

Finding Affordable Options for Heath Insurance

How much are you paying for health insurance? 

According to Milliman Medical Index report, a typical family of four’s estimated health insurance costs (including employer contributions) were over $28,000 for 2018.

The average monthly premiums for a family of four is around $1,200. 

Now listen, I’m not telling you to skimp or skip on health insurance, because it’s essential.

One trip to the ER can set you back if you’re not covered. 

But is there a way to keep it affordable? 

One option you may have heard about or seen offered at work is a high deductible plan along with a health savings account. 

You see the lower premiums and you might immediately think, ‘this is awesome’, but is that really the case?

When we were looking at our own plans during open enrollment last year I did some digging and chatted the pros and cons with financial planner Michael Dinich.

Joe Meccas from Coastal also was kind enough to share his process for deciding to sign up for the HDHP and HSA. 

In this episode we’re looking at: 

• How high deductible plans and HSAs work
• Some scenarios to consider before you make the switch
• How to run the numbers and find out if’s right for you

Let’s get started! 

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.

If you have a high deductible health plan, you may be able to open a health savings account with them!

Resources to Save Money on Healthcare

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

• Best Budget and Money Apps: Personal Capital, Tiller, Mint
  Grow Your Stash Faster: High Yield Savings with CiT Bank
  Automatic Saving: Qapital
  Free 401(k) Analysis: blooom
• Work with Michael: He’s a certified financial planner who specializes in assisting families to navigate their health care options. 
• How to Save Money on Your Health Insurance and Expenses
• Hack the Affordable Care Act Guide
• Why We’re Switching to a High Deductible Health Plan
• How to Spend Less on Insurance
• Save Money on Health Insurance

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.

Most people would love to become financially independent and have work be optional, but it is that realistic?

Today we’re looking at the real scoop about FIRE and whether it’s the path for you!

Financial Independence with Kids: Is That Really Possible?

And while we would say we’re on the FI path, it’s not our focus. It’s more the how.

But is financial independence the right direction for you and your family? 

Helping me to dig into this is Jonah Kaufman. He’s a financial advisor at Coastal Wealth Management. 

And while he’s not here for specific financial advice – that’s something you need to do one on one since everyone has unique financial circumstances – we are going over some things to consider and talk about as a family.

In this episode we’ll discuss: 

• 5 big myths and misconceptions people have about financial independence
• Two key numbers to keep an eye on for early retirement (and income is not one of them!)
• How you two can create a FIRE plan that fits you

Hope you enjoy!

Handy Tools to Stay on Top of Your Money

If you’re looking to get ahead with your finances as a family and look at pursuing financial independence, here are some resources to check out:

• Best Budget and Money Apps: Personal Capital, Tiller, Mint, Zeta
• Grow Your Stash Faster: High Yield Savings with CiT Bank
• Manage Your 401(k) Easily: blooom
• Automatic Saving: Qapital
• Jumpstart Your Marriage and Your Money

If you’d like to chat more your money system, please join us in our private and free Facebook group – Thriving Families. 

We’re families looking to support and help one another out.

Hope to see you there!

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.

Support the Podcast!

Thank you so much for listening to the podcast!

• 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? It’s provided by Lee Rosevere.

Welcome to Simplify and Enjoy, the podcast and community focused on helping families have less stress and more options thru minimalism and financial independence!

I’ve been in the personal finance space for almost 10 years. Besides running Couple Money and now Simplify and Enjoy, I’ve also written for other sites like Business Insider, Turbotax, LendingTree, Entrepreneur,…you get the idea. 

When people see this online or maybe a friend finds out what I do, many assume that my husband and I talk about money.

A lot. 

But that’s not the case.

For us, money is a tool that we use to reach our goals. 

Whether it’s deciding where to live, being able to work from home, having more time with the kids, and saving up enough to become financially free or even independent – all of these require being wise with the money coming in. 

The big question we’re personally tackling is how we can work towards becoming financially independent while raising our kids? 

We’re grateful that so far we’ve managed to pay off debts like the car loan and student loans, which gives us more options to save and invest our money. 

We have been able to explore options like working from home because we have the buffer. A big part of the how is through pursuing minimalism and financial independence. 

But as we have taken this journey as parents and as a couple we’ve also had to make some choices that may have skewed from what’s typically shown in the media. 

We’re above average savers, but we’ve also pulled back at times because we want to enjoy the now with our little ones. 

We cut back on eating out, but we’re still foodies. 

Travel is a part of our budget. 

While we’ve taken on some DIY projects around the house and our tech, we also have no problem calling in contractors or splurging on some tech we know we’ll use and enjoy. 

We’re trying to balance raising our kids while being wise with our time and money. 

So if you’re parents looking to give your family more options to design a life that reflects what you love, Simplify and Enjoy is for you!