Mambi (Momby) Arthur-Price

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48 appearances 1 recordings 1 series first heard Nov 2023 last heard Nov 2023

Mambi (Momby) Arthur-Price’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Open Enrollment: How to Select the Right Benefits · 3 Nov 2023 podcast

And if you've got those few extra dollars, really save, save, save.

That's where you're going to be able to really see the value of the plan.

What has come down from the IRS just recently is that they have made a change in what you can increase for your health savings account.

So they've gone up a few hundred dollars in the healthcare savings account, which is pre-tax dollars that you can roll over

If you're in a high deductible plan year over year, if you're 55 and over, you can now go ahead and then include another thousand dollars into your health care savings account.

And individuals went up another three hundred and thirty dollars this year.

So an HMO is a very traditional plan.

These are plans where you cannot actually choose your doctor.

So you've got a very specific network of doctors that you can use within the plan setup and they're copay only plans.

So you've got to get a referral to go see a chiropractor, to go see a specialist.

Now for a PPO, you've got a much larger network and you don't need a referral from your primary care physician

in order to go to see any sort of doctor.

If you wanna go see a chiropractor, you can without a specialty referral.

And those are deductible plans.

So what you'll see is you'll have some sort of plan oftentimes that are a lower deductible, but costs more out of your paycheck and your premiums.

And then you'll see a more high deductible health plan with an HSA, health savings account, tied to that plan

which will have that $15,000 or $3,000 individual deductible that you want to be aware of, but it will be less premiums out of your paycheck.

So that's where you're seeing most companies move to.

One of the biggest mistakes I see is over buying a plan.

So you taking a look at the two or three options that your organization has provided you and you making the choice of taking the most expensive plan, thinking this is the plan that's best for you.

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