NerdWallet's Smart Money Podcast
Open Enrollment: Choosing a Healthcare Plan (HMO, PPO, FSA, HSA, HDHP and More)
07 Nov 2024
Expert Nerds talk through the complexities of open enrollment, starting with ways to assess healthcare plans and costs. This episode takes a deep dive into specific terminology and scenarios relevant to choosing health insurance coverage. Hosts Sean Pyles and Liz Weston start with an overview of open enrollment period timelines for November and December 2023 before welcoming guest Nerd Kate Ashford to explain deductibles, premiums, HMOs, PPOs and HDHPs. Then, NerdWallet’s Tina Orem joins the show to discuss the pros and cons of high deductible plans and the intricacies of Health Savings Accounts (HSAs) and both Medical and Dependent Care Flexible Spending Accounts (FSAs). In the second half of this episode, she zeroes in on selecting optimal health insurance for individual needs, discussing the merits and disadvantages of different health plans, budgeting for healthcare, and how to compare the benefits of an FSA and an HSA. In their conversation, the Nerds discuss: open enrollment, health insurance options, healthcare choices, high deductible plans, premiums, health savings accounts (HSAs), flexible spending accounts (FSAs), optimal health insurance, HMOs, PPOs, HDHPs, health insurance budgeting, FSA vs HSA, the use it or lose it rule, health insurance decision-making, health insurance terminology, healthcare strategies, health plan selection, medical costs, and types of health insurance coverage. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices
Full Episode
Hey listeners, Sarah here with a super quick announcement before we get into today's episode on open enrollment. I just want to let you know that we will be talking about the results of this week's election in a special episode this Monday. So no politics today, but know that our editors are hard at work so we can help you understand what the results mean for your finances.
Now, enjoy today's episode.
Hello, dear listeners, Sean here. Today and this month, we're reprising a special series we brought you last year on open enrollment. It was so nice, we're running it twice. Plus, we miss our old friend Liz Weston and wanted to bring her out of retirement, sort of.
This series is chock-a-block with specifics on this really important time of year when a lot of people are choosing their healthcare and other benefits. So sit back, perhaps with a cup of something delicious, pumpkin spice, peppermint, or not, and enjoy. Decisions, decisions. Sometimes it's hard to make them.
And that goes double when you're trying to figure out which health plan to choose during open enrollment.
How much health care do you use? How often do you see the doctor? Do you have any major surgeries or procedures coming up? Are you planning to try for a baby? Do you have small children? All of these things can affect what kind of plan makes sense for you.
Welcome to NerdWallet's Smart Money Podcast. I'm Sean Piles. And I'm Liz Weston. This episode kicks off our nerdy deep dive into open enrollment. Yay! Liz?
Sean, did you just yay open enrollment? Sarcastically. Oh, okay. Well then, yes. Yay. And I'm confident in predicting that nobody actually says that at this time of year.
Yeah, it's not my idea of fun to sit down and try to figure out if I want a high deductible plan. What my premiums will be, what prescriptions are covered or not, if I should use an HSA or FSA, how to decide on life insurance and disability.
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