Oct. 15, 2025

110: How to Maximize Your Employee Benefits When Premiums Keep Rising

110: How to Maximize Your Employee Benefits When Premiums Keep Rising
Apple Podcasts podcast player badge
Spotify podcast player badge
Castro podcast player badge
RSS Feed podcast player badge
Apple Podcasts podcast player icon Spotify podcast player icon Castro podcast player icon RSS Feed podcast player icon
Season 4

Health insurance costs are climbing, and this year’s open enrollment feels tougher than ever. Premiums are up, deductibles are higher, and plans seem designed to confuse you. 

In this episode, Jess and Brandon walk through how to actually compare your options by looking at total yearly cost, not just the monthly premium. You’ll learn how to plan for high-cost years with surgeries or pregnancies versus lower-cost preventive years, and how to understand how network changes, prescriptions, and hidden fees can impact your real out-of-pocket costs.

They also break down the tools that help you fight rising healthcare costs:

  • HSAs: triple tax advantages and long-term growth potential
  • FSAs and Dependent Care FSAs: pre-tax savings for medical and childcare costs
  • Short Term Disability: using it for maternity or recovery time
  • Group Life and Disability Insurance: what’s covered and where the gaps are

If your health plan feels more expensive but offers less, this episode helps you make the smartest choice for your family and your wallet.

Head over to our YouTube channel to catch this episode in full video form.

Apply to be a guest on the show.

You can also email us at: thesugardaddypodcast@gmail.com

Connect with us on Instagram
We’re most active over at @thesugardaddypodcast

Chat with Brandon
Want to work together? Learn more about Brandon

Book a free 30-min call to see if it's a fit.

Show us some love, hit subscribe, leave a five star rating, and drop a quick review!

Money, relationships, and the mindset to master both. Hosted by financial advisor Brandon and his wife Jess, The Sugar Daddy Podcast breaks down how to build wealth, unpack old money beliefs, and have real conversations about love and finances. Our mission? To help couples and individuals grow rich in every sense of the word: emotionally, relationally and financially.

Chapters

00:00 - Stakes Are Higher This Year

02:59 - Politics, Premiums, And Policy Reality

07:55 - Reset: Focus On What You Control

08:59 - How We Compare Plans And Costs

13:42 - Prescriptions, Networks, And Fine Print

18:25 - Dental, Vision, And Kid Considerations

24:45 - Hidden Benefits Worth Real Money

29:27 - HSAs, FSAs, And Tax Advantages

33:55 - Short‑Term Disability And Leave Nuances

42:00 - Share Your Premiums And Get Help

Transcript
WEBVTT

00:00:00.160 --> 00:00:03.759
Open enrollment is here again, but this year it hits different.

00:00:03.919 --> 00:00:09.119
With rising costs, election year chaos, and healthcare premiums going up, up, and up.

00:00:09.359 --> 00:00:12.080
Your choice this year matters more than ever.

00:00:12.240 --> 00:00:16.640
Our premiums went up 17%, so we had to navigate this as well.

00:00:16.879 --> 00:00:22.160
If you want to learn more about how to get the most out of your open enrollment benefits this year, stay tuned.

00:00:22.399 --> 00:00:24.399
Sugar Teddy Podcast Yo.

00:00:24.559 --> 00:00:26.879
Learn how to make the pockets grow.

00:00:27.120 --> 00:00:29.199
Finance and freedoms where we go.

00:00:29.519 --> 00:00:31.679
Smart investments, money flow.

00:00:33.039 --> 00:00:33.840
Hey babe.

00:00:34.000 --> 00:00:35.439
What are we talking about today?

00:00:35.920 --> 00:00:38.640
Today we are talking about the dreaded.

00:00:39.039 --> 00:00:42.799
I say dreaded because who really looks forward to open enrollment?

00:00:43.520 --> 00:00:47.119
But we're talking about open enrollment because it is that time of year.

00:00:47.359 --> 00:00:58.000
And that's the HSA, S FSA, PPO, high deductible, like all the acronyms that we dread and confuse us.

00:00:58.240 --> 00:01:04.719
And every year it's like you get locked in, you know, unless you have one of those um life-altering events.

00:01:04.799 --> 00:01:05.920
What are they called?

00:01:06.319 --> 00:01:08.959
You know, when you have a baby, get married, get divorced.

00:01:09.439 --> 00:01:10.400
Uh qualified event.

00:01:10.719 --> 00:01:11.439
Qualified event.

00:01:11.519 --> 00:01:11.680
Yeah.

00:01:11.840 --> 00:01:14.959
Unless you have one of those, you're gonna be stuck once you hit submit.

00:01:15.120 --> 00:01:17.120
So it just feels, I don't know.

00:01:17.200 --> 00:01:21.920
I hate it, I've hated it every single year that I've ever done open enrollment.

00:01:22.000 --> 00:01:25.040
I always feel like I'm going to make the wrong decision.

00:01:25.280 --> 00:01:30.879
And even though we've been navigating it for, I mean, what, 12 years together now?

00:01:31.120 --> 00:01:43.280
Uh, and we sit down and we like go through all of our costs for the, you know, the previous year and we really do analyze, I still always feel like this is not the right choice.

00:01:43.760 --> 00:01:44.640
I hate it.

00:01:44.959 --> 00:01:46.640
Yeah, because you overthink everything.

00:01:46.959 --> 00:01:49.920
Am I overthinking or am I thinking just enough?

00:01:50.079 --> 00:01:50.480
I don't know.

00:01:50.719 --> 00:01:56.159
Because I'll give you, you'll ask me a question, I give you the answer, and then you're like, oh the- But is that really the answer?

00:01:56.319 --> 00:02:01.760
I know, because again, it's like once you hit submit, you're locked in, and I just don't like that feeling.

00:02:03.519 --> 00:02:05.040
I don't know what to tell you.

00:02:05.359 --> 00:02:08.479
That's how that's I think most people feel like I feel.

00:02:08.639 --> 00:02:14.639
Not everybody has this like calm, rational brain that can just like make a decision and move on.

00:02:14.800 --> 00:02:16.719
Like you are the anomaly.

00:02:16.879 --> 00:02:17.919
I'm the norm.

00:02:18.560 --> 00:02:21.439
Well, I think it's also a matter of understanding.

00:02:21.759 --> 00:02:28.080
So obviously, in this scenario with what I do for a living, I have a better understanding of all these things.

00:02:28.319 --> 00:02:34.159
And, you know, for our family, based upon our needs, I have a good understanding of what we should be choosing.

00:02:34.560 --> 00:02:38.400
Well, I think also, okay, so that's the logical side.

00:02:38.800 --> 00:02:43.039
But in our household, I'm the one that uses the benefits.

00:02:43.199 --> 00:02:48.560
So without your Achilles tendon surgery, which was again an anomaly.

00:02:48.800 --> 00:02:52.639
Our kids are healthy, thank, thank you, universe.

00:02:52.960 --> 00:02:55.840
You're healthy, and I'm fine.

00:02:56.000 --> 00:02:57.680
Everything's fine.

00:02:59.919 --> 00:03:02.879
But if anybody is using the benefits, it's me.

00:03:03.120 --> 00:03:07.120
So I just feel like I need to make the right decision.

00:03:07.280 --> 00:03:08.719
So it just stresses me out.

00:03:09.120 --> 00:03:21.759
And I would also say that I would say, you know, this year for individuals making these selections, it feels a little different because of the current political environment and things aren't favoring us as the U.S.

00:03:21.840 --> 00:03:24.560
population when it comes, especially more specifically healthcare.

00:03:24.879 --> 00:03:27.680
No, because our premiums went up 17%.

00:03:28.159 --> 00:03:35.680
We posted something on social media and somebody else in the comments wrote that their premiums are going up 35%.

00:03:37.840 --> 00:03:39.439
That's insanity.

00:03:39.520 --> 00:03:42.000
Because, you know, ain't nobody's salary going up 35%.

00:03:43.280 --> 00:03:54.080
No, and the sad part is like, you know, obviously we want to give you the information from a financial standpoint so that you can learn more and take care of your family and do things that you need to do.

00:03:54.240 --> 00:03:57.520
But the reality is, is that this is an administration issue.

00:03:57.759 --> 00:03:59.120
This is why votes matter.

00:03:59.360 --> 00:04:00.639
This is why voting matters.

00:04:00.719 --> 00:04:03.120
And like, you know, you can be left, right, whatever.

00:04:03.199 --> 00:04:06.479
I'm talking about pure facts on what the situation is.

00:04:06.719 --> 00:04:14.960
The way that insurance works is that you have all these people saying, you know, on the right side that I don't want to pay for someone else's insurance.

00:04:15.199 --> 00:04:16.720
That's how insurance works.

00:04:17.040 --> 00:04:21.040
Y'all, it's the amount of times I've had to hear Brandon rip and rant.

00:04:21.120 --> 00:04:30.480
We should have made a rip and rant about this, about how insurance works and how the more people oh, actually, just go ahead and do your analogy because you made a really good one last night.

00:04:30.639 --> 00:04:32.480
Well, this is the way that insurance works, all right?

00:04:32.560 --> 00:04:35.519
So think about you're going to dinner with five of your friends, right?

00:04:35.680 --> 00:04:37.040
Say the bill is$100.

00:04:37.600 --> 00:04:39.040
You're each paying$20.

00:04:39.680 --> 00:04:46.639
Now, if you went to dinner with 10 friends and you had a$100 bill, now you're paying$10.

00:04:47.199 --> 00:04:52.480
So the more people you have that have the insurance, the lower the cost it would actually be for everyone else.

00:04:52.639 --> 00:04:56.560
The less people you have on insurance, the more the cost is going to be for everyone else.

00:04:56.800 --> 00:04:59.199
Insurance is a shared expense.

00:04:59.360 --> 00:05:09.759
The idea is that the more people you have on it and paying into it, it counteracts those who are going to need to have the higher payouts for accidents, being older, whatever it may be.

00:05:09.920 --> 00:05:19.920
So it actually behooves our country to especially have more young people on insurance because they pay into it and they don't use it as much.

00:05:20.079 --> 00:05:22.240
So people need to understand exactly what insurance is.

00:05:22.399 --> 00:05:24.800
There's no such thing as saying, like, I don't want to pay for someone else's insurance.

00:05:24.879 --> 00:05:28.000
Because if you don't want to pay for someone else's insurance, you don't have insurance.

00:05:28.079 --> 00:05:32.399
That's called simply self-insuring, and you don't have any type of insurance and you're just paying out of pocket.

00:05:32.800 --> 00:05:34.079
Take a breath, babe.

00:05:34.240 --> 00:05:34.959
Take a breath.

00:05:35.199 --> 00:05:38.319
But the issue is that, you know, they're not doing anything to help.

00:05:38.399 --> 00:05:45.040
They're cutting benefits that otherwise would be helping us to lower our premiums, that we would have to be paying for our health insurance.

00:05:45.199 --> 00:05:51.040
Also, in addition to that, you know, the the cuts that they're making for these large corporations, they got to make up for that money someplace else.

00:05:51.279 --> 00:05:59.600
And also taking away regulations in regards to, hey, let's put some standards in place that prevent these corporations from increasing these premiums drastically.

00:05:59.759 --> 00:06:01.519
All those regulations are being taken away.

00:06:01.759 --> 00:06:06.399
So at the end of the day, you could say that um, you know, I don't, I don't get into politics.

00:06:06.560 --> 00:06:08.000
Politics gets into you regardless.

00:06:08.160 --> 00:06:10.639
Politics is in your money, it's in everything that you do in your life.

00:06:11.279 --> 00:06:12.240
And that's just the reality.

00:06:12.399 --> 00:06:15.680
You know, we're going to do our best to kind of like, you know, go through some of this information for you.

00:06:15.839 --> 00:06:23.680
But at the end of the day, you know, you have to hold politicians accountable to making things better for us as a people.

00:06:24.079 --> 00:06:26.720
And us as a people is broke.

00:06:26.959 --> 00:06:29.120
Like, society is struggling.

00:06:29.279 --> 00:06:37.759
I mean, I saw a video the other day of active duty military in line at the food bank because of the government shutdown.

00:06:37.920 --> 00:06:42.720
You have active duty military who cannot afford groceries for their families right now.

00:06:42.879 --> 00:06:48.399
And that's that's the simple fact is most people are living paycheck to paycheck.

00:06:48.560 --> 00:06:52.480
That includes six-figure earners are living paycheck to paycheck.

00:06:52.560 --> 00:07:00.639
You have people active duty in the military lining up at the food bank because of the government shutdown because they cannot buy food for their family right now.

00:07:00.879 --> 00:07:02.399
That is shameful.

00:07:02.720 --> 00:07:09.839
Like if you are not ashamed of that happening in our country, we are not the podcast for you.

00:07:10.000 --> 00:07:11.279
And let me explain hard stop.

00:07:11.680 --> 00:07:16.079
For anybody out there, you know, we have a, I like to think that we have a very educated base that listens to us.

00:07:16.160 --> 00:07:25.759
But for anyone that maybe doesn't understand it, currently all aspects of the government, all three areas, are controlled by Republicans.

00:07:26.000 --> 00:07:26.639
Republicans.

00:07:26.879 --> 00:07:30.480
So it would be very easy to pass things and have things done.

00:07:30.639 --> 00:07:40.079
So regardless of what you maybe be seeing, if you're seeing, you know, quote unquote the alternative news saying that this is a democratic issue in regards to the shutdown, it's not.

00:07:40.639 --> 00:07:42.879
They don't have the control to do that.

00:07:43.120 --> 00:07:46.399
So, you know, there's that to, you know, think about as well.

00:07:46.560 --> 00:07:46.800
Yeah.

00:07:47.040 --> 00:07:48.639
But this is enough for a rant.

00:07:48.959 --> 00:07:49.120
Yes.

00:07:49.279 --> 00:07:49.439
Okay.

00:07:49.600 --> 00:07:53.439
We we took a little detour because money is political.

00:07:53.680 --> 00:07:55.680
Again, hard stop, 10 toes down.

00:07:55.839 --> 00:07:58.560
However, we're gonna talk about open enrollment.

00:07:58.720 --> 00:08:05.759
And in this crappy situation that we're in, because we're in it with you, we still have to make the best out of the situation.

00:08:06.000 --> 00:08:15.120
And if we're trying to find the silver lining and if we're trying to be positive, which we typically try to do, sometimes we do just need to get it out and vent.

00:08:15.680 --> 00:08:19.759
But at the end of the day, it is what it is, and we have to make the best of the situation.

00:08:19.920 --> 00:08:25.439
And so when we did our open enrollment, actually I hit submit this morning, literally this morning.

00:08:25.600 --> 00:08:34.799
Um, you know, my company still subsidizes 69% of our of our plan.

00:08:35.360 --> 00:08:40.320
And, you know, we're going through, we're looking at, you know, should it be bronze, silver, gold?

00:08:40.480 --> 00:08:42.320
Definitely can't afford the platinum.

00:08:42.480 --> 00:08:44.320
Um, you know, we also don't need the platinum.

00:08:44.559 --> 00:08:45.519
We don't need the platinum.

00:08:45.600 --> 00:08:53.840
We even asked, you know, Chat GPT to help us do some analysis of, you know, excluding Brandon's injury this year, et cetera, et cetera.

00:08:53.919 --> 00:08:55.679
Like, how much do we typically pay?

00:08:55.840 --> 00:08:59.120
Again, I am the person who uses the benefits the most.

00:08:59.360 --> 00:09:02.080
Brandon and the kids, it's all just preventative care.

00:09:02.559 --> 00:09:17.759
And even then, looking at the numbers, looking at what comes out of every paycheck, the fact that the company still subsidizes 69% and we feel like we are hemorrhaging money every time we step foot into the doctor's office is wild.

00:09:17.840 --> 00:09:18.399
So I can't.

00:09:18.720 --> 00:09:20.720
But every time she means when she steps in.

00:09:21.039 --> 00:09:28.879
I mean, but even then, you know, like yes, every time I step foot in a building, it's like whoop$80 right out the door.

00:09:28.960 --> 00:09:34.799
And now it's gonna be like 90 or 95 for a specialist, which is essentially all I see.

00:09:34.960 --> 00:09:44.720
Um so yeah, so let's get into how to not only look at your benefits and hopefully make the best decision, but understand what it is that you're selecting.

00:09:44.879 --> 00:09:56.320
And then making sure also that if you have other benefits that are available to you, like I do miss, you know, we had MetLife for a while for our legal benefit in the last couple of years.

00:09:56.399 --> 00:09:58.320
I don't have access to that right now anymore.

00:09:58.399 --> 00:10:03.039
So there are other benefits that hopefully you as listeners have access to.

00:10:03.120 --> 00:10:09.840
And if you don't understand what they are right now, hopefully we can help shed some light so that you can make informed decisions.

00:10:10.159 --> 00:10:14.080
Well, say to start out, first and foremost, you need to get all the information.

00:10:14.480 --> 00:10:29.519
So if you've chosen the same plan year after year after year and you've been at your company for a while, do not simply assume that everything is the same and just opt into what you were in before without actually looking through the details because things in these plans do change.

00:10:29.600 --> 00:10:33.519
And you always want to make sure that you have the most up-to-date information when you're making that choice.

00:10:33.679 --> 00:10:35.120
So don't get lazy.

00:10:35.279 --> 00:10:47.840
As soon as the information comes out, schedule time for yourself or you and your partner, spouse, whatever it may be, to actually go through the information and be up to date on all the different options that are available to you for the current year.

00:10:48.159 --> 00:10:57.759
Because, like I said, I mean, some of the things with the healthcare plans, they change, but then also your company might also add additional benefits or take away benefits that, you know, were their previous years.

00:10:58.000 --> 00:10:58.559
Yep.

00:10:58.879 --> 00:11:08.080
And as an aside, your providers also add and drop uh who they accept as insurance carriers all the time, like even throughout the year.

00:11:08.159 --> 00:11:13.200
I get letters constantly like, oh, my endocrinologists, my rheumatologist, like, oh, we don't accept this.

00:11:13.279 --> 00:11:15.519
And then a month later, it's like, oh, we do again.

00:11:15.759 --> 00:11:19.840
So, you know, providers are going through their own struggle with insurance carriers.

00:11:20.000 --> 00:11:33.919
So if you really love your doctor, you know, you might want to pick a plan that covers the majority of what you need outside of, you know, having to stick with a certain provider because they could easily drop off that list at any time.

00:11:34.240 --> 00:11:42.639
I would also say, um, on top of that, schedule as early as possible to go through the information.

00:11:42.960 --> 00:11:43.519
It's a lot.

00:11:43.759 --> 00:11:49.919
You want to leave yourself time because if you have questions, you want to have enough time for you to reach out to perhaps your HR person.

00:11:50.080 --> 00:11:55.600
More than likely, they might have to direct you to somebody else that is um more knowledgeable on the specifics of that.

00:11:55.840 --> 00:11:59.679
But you want to give yourself time to receive the answers to the questions that you may have.

00:11:59.919 --> 00:12:08.480
Because I know a lot of people, because uh small little sidebar is that when I started off in financial services, I started working for Delity.

00:12:08.720 --> 00:12:12.879
And part of what I was doing there also was doing open enrollment for health insurance.

00:12:13.039 --> 00:12:23.600
And I can remember numerous times it being the last day for enrollment, and people are calling in, asking all these questions that obviously they had not looked through the information at all.

00:12:23.759 --> 00:12:25.120
And and now they're panicking.

00:12:25.200 --> 00:12:30.480
And the reality is that you know, you're calling in, even if you're calling in, that person that you're talking to knows your plan.

00:12:30.559 --> 00:12:31.840
They don't know your situation.

00:12:32.159 --> 00:12:39.440
Also So it they really can't provide you with a lot of guidance because they don't know anything about what your needs are.

00:12:39.919 --> 00:12:45.840
We usually I'm used to getting, you know, all my information for open enrollment easily a month in advance.

00:12:46.080 --> 00:12:49.919
This year, we were given barely two weeks, which was also shocking.

00:12:50.000 --> 00:13:00.399
So I don't know if that's anybody else's experience right now or if that was kind of a one-off for me, but I got the email I told Brandon and I was like, wait, that's like next week.

00:13:00.639 --> 00:13:16.879
So um, you know, make just make sure as you're getting those emails from your HR or your, you know, people benefits team that you are looking at that due date, marking your calendar, designating some time on your calendar to actually go through it, write down your questions.

00:13:17.039 --> 00:13:27.039
And then, you know, if you're at large companies, a lot of times they hold information sessions where they tell you here's what's changed from year to year, here's what we took away, here's what we added.

00:13:27.200 --> 00:13:42.320
Go to those sessions because those are also the places where you can put your questions in the chat, connect with the person who's leading it afterwards to ask more individualized questions, use those resources because again, once you hit submit, this is it for 12 months.

00:13:42.559 --> 00:13:50.080
Also, the thing is, too, those sessions you were talking about, that's also could be the chance for you to advocate for a benefit that's not currently available.

00:13:50.240 --> 00:13:50.559
Yes.

00:13:50.799 --> 00:13:53.279
Because it's called the employee benefit package.

00:13:53.600 --> 00:14:01.440
And if your employees are not happy and they're leaving because they can get better benefits somewhere else, the company should be listening.

00:14:01.600 --> 00:14:02.080
Yeah.

00:14:02.399 --> 00:14:11.679
So we are going to spend probably a little bit more time talking on the health insurance because that is the one that obviously is the largest expense for most people when it comes to their benefits package.

00:14:11.759 --> 00:14:11.919
Yes.

00:14:12.080 --> 00:14:17.519
And it's also the one that maybe people feel the most worried about when it comes to picking and making sure that they're picking the right one.

00:14:17.759 --> 00:14:19.200
That's where all the acronyms are.

00:14:19.360 --> 00:14:20.000
Yeah.

00:14:21.279 --> 00:14:27.519
But um the way that we started out looking at, hey, what are we going to do this year?

00:14:27.759 --> 00:14:30.320
Is that obviously we just still the same company.

00:14:30.399 --> 00:14:32.000
So we had a lot of the same plans.

00:14:32.080 --> 00:14:35.759
And once again, we still looked through all the information to see that there were any, if there were any changes.

00:14:35.840 --> 00:14:46.240
And there actually were some changes in regards to, you know, increases on, you know, out-of-pocket max, which is the maximum that you would pay um for any type of medical services within a given year.

00:14:46.399 --> 00:14:56.639
Um the deductible, which is a um amount that you have to meet in order to receive an additional benefit, which would be a reduced cost on different services from a medical standpoint.

00:14:56.799 --> 00:15:02.879
Those went higher in addition to obviously the premiums that she's paying on a monthly basis going higher as well.

00:15:03.039 --> 00:15:11.120
But the first thing that we actually really did is that we looked at how much have we spent this year when it comes to medical expenses.

00:15:11.600 --> 00:15:18.000
That's going to be the one of the main determining factors on hey, which plan should I pick moving into the next year?

00:15:18.320 --> 00:15:29.200
So most people probably don't realize this because they don't quite dive into all the details is that you have an online portal for your current health insurance provider.

00:15:29.360 --> 00:15:33.759
You can look in there and see all the money that you've spent throughout the year.

00:15:33.919 --> 00:15:41.279
So it would tell you how much you spent overall, how close you were to meeting a deductible, how close you were to possibly getting to your out-of-pocket max.

00:15:41.440 --> 00:15:47.679
All those numbers are important and you should know those before going ahead and picking a plan for the next year.

00:15:47.840 --> 00:15:50.960
So, what we did is that I pulled those numbers up and was looking at it.

00:15:51.120 --> 00:15:59.360
And in comparison, I was comparing how much we spend on average in a given year for medical expenses in comparison to the plans that are available for next year.

00:15:59.519 --> 00:16:07.679
Because what ends up happening is that sometimes certain plans, like you know, the platinum plan that just was talking about, everybody thinks, oh, it's it's it's better, it's better.

00:16:07.759 --> 00:16:10.879
And even if you have the money to afford to pay for it, do you need it?

00:16:11.120 --> 00:16:13.759
If you don't need it, why pay for all of that?

00:16:13.919 --> 00:16:14.159
Yeah.

00:16:14.480 --> 00:16:25.039
Because most of the time, um, for plans like that, that is for someone who has a lot of medical issues and is consistently seeing a doctor, a specialist, whatever it may be.

00:16:25.200 --> 00:16:29.120
And often if you're someone that's pretty pretty healthy, like for example, I'm just gonna use myself.

00:16:29.200 --> 00:16:35.519
I'm a fairly healthy individual outside of the surgery I had this year, but I go to the doctor for a physical, you know, an annual physical.

00:16:35.759 --> 00:16:36.799
So that would be overkill.

00:16:36.879 --> 00:16:38.000
So I'd be wasting money.

00:16:38.159 --> 00:16:44.080
The money that I'm paying towards that plan on for the premiums on a monthly basis could be better served somewhere else in my financial life.

00:16:44.240 --> 00:16:51.440
So first and foremost, you want to look at what your spending is for medical expenses in a given year and then compare that to the plans and see if it makes sense.

00:16:51.840 --> 00:16:55.759
Can I make a call out that if you know you have something upcoming, right?

00:16:56.000 --> 00:17:12.240
If you're pregnant, you know you're gonna have a baby in the new calendar year, if you know you're gonna have a certain surgery, you know you need to have certain maybe, you know, MRI CAT scans, you know, PET scan, whatever, like those things that typically have a high cost associated.

00:17:12.400 --> 00:17:14.960
Maybe you want to go to physical therapy.

00:17:15.119 --> 00:17:23.119
I know you were spending$80 a session twice a week, so$160 right out the gate, times four.

00:17:23.279 --> 00:17:27.039
I mean, again, when I said I felt like we were hemorrhaging money.

00:17:27.279 --> 00:17:40.400
And then, you know, if you look at the things that I've been dealing with with my back and various injections and imaging and all those things, it's like, all right, well, maybe we do go for the higher plan if you know something is upcoming.

00:17:40.720 --> 00:17:40.960
Yeah.

00:17:41.200 --> 00:17:49.680
So the example that I'm gonna use for our scenario was is that um all the plans had a deductible where once you hit a deductible, you get an increased benefit.

00:17:49.759 --> 00:17:57.359
So it either lowers the amount that you have to pay out of pocket for a given service, or on some of the plans, it completely eliminated any type of copay.

00:17:58.799 --> 00:18:00.559
No, that was obviously the platinum plan.

00:18:01.200 --> 00:18:02.079
Platinum plan, yeah.

00:18:02.240 --> 00:18:10.000
But um But you had to spend like, I don't know, sixteen hundred dollars a month to So you have to look at when their scenario would to look at the deductibles on each one.

00:18:10.160 --> 00:18:19.759
And even on like the more expensive plans, which quote unquote were supposed to be the better plans and cover more, we weren't going to hit the deductible based upon our average spending in a year.

00:18:19.920 --> 00:18:29.920
So it didn't make sense to have the better plan because we weren't gonna have enough medical services uh done throughout the year to even hit the deductible to have that additional reduction in cost.

00:18:30.640 --> 00:18:31.839
Oh, and prescriptions.

00:18:32.000 --> 00:18:34.480
You can look up how much you've spent on prescriptions.

00:18:34.640 --> 00:18:43.200
You know, you can talk to your pharmacist and see if you, you know, if you know of the medications that you take all the time, if there's gonna be an increase in those.

00:18:43.359 --> 00:18:48.559
Sometimes the generics are free, but the, you know, name brands have an added cost, et cetera.

00:18:48.720 --> 00:18:55.759
I know I also get uh certain prescriptions through mail-in pharmacies or specialty pharmacies.

00:18:56.000 --> 00:19:08.160
So um, you know, most things we get at our local Walgreens because that's what our plan prefers, but there are other ways to get certain medications at reduced costs as well.

00:19:08.319 --> 00:19:18.720
So definitely always explore your prescription costs and don't just go with the place that's closest around the corner because it might not be the most monetarily beneficial.

00:19:19.039 --> 00:19:33.599
Yeah, you really, whatever plan you end up selecting, you really do need to make sure that you dive in deep and understand all the benefits of your plan, the way that it functions, and based upon your needs, understand what benefits does this provide.

00:19:33.759 --> 00:19:39.200
And if I do A versus B, I could save more money doing A than doing B.

00:19:39.519 --> 00:19:40.640
Like you said with the prescriptions.

00:19:40.880 --> 00:19:41.599
And it does suck.

00:19:41.680 --> 00:19:42.640
Like it is homework.

00:19:42.720 --> 00:19:48.480
You have you're gonna spend time on the phone, you're gonna be, you know, uh weeding through documents.

00:19:48.640 --> 00:19:52.400
I mean, it's not a fun process by any means.

00:19:52.880 --> 00:19:56.000
Or in addition, you can hire me and I will help you.

00:19:56.240 --> 00:19:57.039
Oh, there you go.

00:19:57.680 --> 00:19:58.319
Shameless plug.

00:19:58.559 --> 00:20:11.200
So this is one thing that I do with my clients, is because I look one of the first things I do do with clients is that we look through their employee benefits package because we want to make sure that we are maximizing anything that could potentially be free or at a reduced cost.

00:20:11.359 --> 00:20:24.640
And so I want to make sure that we're maximizing that and also that they understand everything that's in their plan and making sure that they are, for example, with their health insurance, picking the plan that works best for them and that maybe they don't have a plan that's overkill or a plan that's not enough for their, you know, medical needs.

00:20:24.880 --> 00:20:25.200
Right.

00:20:25.440 --> 00:20:25.680
Okay.

00:20:25.839 --> 00:20:29.359
Do you want to get into like the typical medical plans?

00:20:29.680 --> 00:20:34.480
Um, I'm not gonna necessarily go into like HMO versus PPO and high deductible health plan.

00:20:34.640 --> 00:20:34.880
Okay.

00:20:35.039 --> 00:20:36.000
Um, I think we've covered that.

00:20:36.319 --> 00:20:37.279
We've had previous episodes.

00:20:37.599 --> 00:20:38.480
We've had previous episodes.

00:20:38.559 --> 00:20:42.960
In no honesty, just the overall definition of those, that is something that you can easily look up.

00:20:43.119 --> 00:20:43.359
Okay.

00:20:43.519 --> 00:20:44.720
And I think understand.

00:20:44.880 --> 00:21:10.480
You know, most of the time, PPOs are gonna be something that covers a little bit more, a little bit more uh focused towards like a family where you are gonna maybe it's someone that either has a lot of, you know, has more health needs, or as a family where you might be having kids that are going to the doctor and stuff like that, as compared to like, you know, a high deductible health plan is gonna be more or less for someone that maybe like if I was by myself and on my own plan, that'd probably be something that I would go for because I don't go to the doctor often.

00:21:10.559 --> 00:21:13.200
I just have those preventative annual physicals.

00:21:13.519 --> 00:21:16.880
And I could save money on my premiums by going that route.

00:21:17.119 --> 00:21:19.039
But that's something that you can look up if you have questions.

00:21:19.119 --> 00:21:20.240
Obviously, reach out to us.

00:21:20.400 --> 00:21:26.400
But I think we're gonna kind of go into the things that are plaguing people and kind of like ways to navigate that.

00:21:26.640 --> 00:21:26.960
Okay.

00:21:27.200 --> 00:21:28.559
Just one more quick thing.

00:21:28.799 --> 00:21:32.240
Vision and dental are typically one provider.

00:21:32.480 --> 00:21:35.200
So select those and move on with life.

00:21:35.519 --> 00:21:36.240
Yeah, it's pretty easy.

00:21:36.480 --> 00:21:43.759
And also for those individuals that that have kids, um, you know, around two or three is when you should start having them on both of those plans.

00:21:43.920 --> 00:21:44.160
Yeah.

00:21:44.400 --> 00:21:51.519
Because the biggest thing is here is like, for example, like, oh, you know, my kid doesn't have all their teeth in, they're two, three, they don't have all their teeth or whatever it may be.

00:21:51.599 --> 00:21:52.000
Hey.

00:21:52.160 --> 00:21:59.200
But the thing is, that what if they have they fall and hit their mouth, have an emergency, and also with the vision as well, get hit in the eye.

00:21:59.279 --> 00:22:06.799
Like, for example, we our you know, our daughter had a collision with uh a classmate where the girl's forehead hit her right in her eye socket.

00:22:07.039 --> 00:22:07.599
Oh my gosh.

00:22:07.759 --> 00:22:09.200
She had the biggest black eye.

00:22:13.920 --> 00:22:14.160
Yes.

00:22:14.319 --> 00:22:19.839
And her eye was black for m I mean two months easy.

00:22:20.240 --> 00:22:21.920
Like it was, oh, poor girl.

00:22:22.079 --> 00:22:23.440
I think she has PTSD from it.

00:22:23.759 --> 00:22:33.359
So even if they're too young to necessarily go to them on an annual basis for a cleaning, whatever it may be, it would still cover those, you know, extreme emergencies if something does happen.

00:22:33.599 --> 00:22:37.200
Yeah, better and those thankfully are not so expensive.

00:22:37.519 --> 00:22:39.359
Yeah, no, those aren't the ones that most people like.

00:22:39.440 --> 00:22:40.880
Those aren't the ones that pain you.

00:22:41.200 --> 00:22:41.839
Right, right.

00:22:42.000 --> 00:22:43.200
They're they're good to have.

00:22:43.279 --> 00:22:47.920
And I mean, we both wear contacts and glasses, and so vision for sure makes sense.

00:22:48.000 --> 00:22:54.640
But you also, if you have young kids, think at like five or six is when they need to start getting their annual like vision exam as well.

00:22:54.960 --> 00:22:57.599
Here's one call out for the uh for dental.

00:22:57.920 --> 00:23:02.480
So I'm someone who's luckily I naturally had straight teeth.

00:23:03.119 --> 00:23:10.720
Never never had to have braces, but as I've gotten older, you know, there are some shifting and stuff going on in my teeth.

00:23:10.799 --> 00:23:20.000
And me being bane about my teeth, I was like, hey, let me look into possibly getting invisalign to see just to keep them as straight as you know they naturally were.

00:23:20.240 --> 00:23:25.920
To find out, our dental coverage doesn't actually have orthodontia for adults.

00:23:26.160 --> 00:23:29.920
It's only if you're under the age of uh if you're 18 or under.

00:23:30.240 --> 00:23:31.759
Oh, I thought it was the opposite.

00:23:32.079 --> 00:23:32.400
No.

00:23:32.720 --> 00:23:36.079
I thought it was yes, it would cover adults, but not children.

00:23:36.400 --> 00:23:37.200
That doesn't make any sense.

00:23:37.279 --> 00:23:37.599
I don't know.

00:23:37.920 --> 00:23:40.400
I mean, I know, but isn't that what this the plan this year said?

00:23:40.880 --> 00:23:45.279
Our plan unfortunately, because I I was trying to get like I said, uh Yeah, yeah.

00:23:45.359 --> 00:23:46.960
I remember you made disappointment.

00:23:47.200 --> 00:23:49.440
And I was like, why is this cost so high?

00:23:49.519 --> 00:23:51.039
Like, is my insurance not going to cover any of this?

00:23:51.200 --> 00:23:54.960
And they're like, no, actually, your insurance only covers kids, basically.

00:23:55.200 --> 00:24:05.839
So if you're an adult and you're looking to get Invisalign or whatever may be to help fix your teeth, you need to look at your plan because a lot of these plans unfortunately don't cover adult uh orthodontia.

00:24:06.240 --> 00:24:06.559
Yeah.

00:24:06.799 --> 00:24:10.799
Well I don't know why you thought it was reverse.

00:24:11.119 --> 00:24:18.160
Well, because I thought that was weird, but then when we looked yesterday, I thought that it said it is for adults and it it's excluding children.

00:24:18.400 --> 00:24:18.960
So we'll take that.

00:24:20.240 --> 00:24:22.240
I know, but a lot of things don't make sense.

00:24:22.400 --> 00:24:24.880
We'll take that as an aside and we're gonna look that back up.

00:24:25.039 --> 00:24:27.680
Because our daughter will definitely need orthodontia.

00:24:28.079 --> 00:24:28.880
Yeah, it's your fault.

00:24:29.200 --> 00:24:30.960
I mean, it is a hundred percent my fault.

00:24:31.119 --> 00:24:35.599
She has my my teeth, but thankfully we can fix those things.

00:24:36.000 --> 00:24:44.319
All right, let's get into some of the things that if you have access to these, like I don't have access to any of these with my current employer.

00:24:45.039 --> 00:24:46.160
I don't know which one you're talking about.

00:24:46.240 --> 00:24:49.279
I was gonna go ahead and jump into like disability insurance itself.

00:24:49.680 --> 00:24:50.640
Yeah, I don't have any of that.

00:24:51.039 --> 00:24:51.359
Oh.

00:24:51.920 --> 00:24:53.039
I mean, we you have a disability.

00:24:53.200 --> 00:24:53.440
Oh, yeah.

00:24:54.160 --> 00:24:55.359
I don't have it through my employer.

00:24:55.519 --> 00:25:01.839
I don't have any disability insurance benefits, no life insurance benefits, no other benefits that we are used to.

00:25:04.400 --> 00:25:06.799
I wish y'all could see this man's face right now.

00:25:10.079 --> 00:25:12.079
I did not Yeah.

00:25:12.400 --> 00:25:16.640
I don't think you told me you don't have 60% group disability insurance.

00:25:16.960 --> 00:25:21.519
Uh if if it exists, I don't know where the paperwork is for it.

00:25:22.160 --> 00:25:24.240
We need to hop on the computer after this.

00:25:24.480 --> 00:25:24.799
Okay.

00:25:25.599 --> 00:25:26.799
Learning in real time.

00:25:26.880 --> 00:25:28.720
Like I let her handle I honestly let her.

00:25:29.039 --> 00:25:30.799
I didn't talk about it because it wasn't on it.

00:25:31.279 --> 00:25:34.880
I let her handle that part assuming that like it was on there and she hadn't mentioned it.

00:25:35.200 --> 00:25:38.400
There is a term life insurance benefit that you're not worried about the life insurance.

00:25:39.119 --> 00:25:41.519
I'm not worried about the life insurance because you have plenty of life insurance.

00:25:41.680 --> 00:25:41.839
Right.

00:25:42.000 --> 00:25:43.440
It's the disability insurance.

00:25:43.759 --> 00:25:44.319
None.

00:25:45.279 --> 00:25:49.200
See what happens even in our household if I've sometimes hop on it.

00:25:49.599 --> 00:25:51.119
I don't know why he's looking all confused.

00:25:51.279 --> 00:25:52.480
I did not mention anything.

00:25:52.640 --> 00:25:54.559
And so you know what they say about assumptions.

00:25:54.799 --> 00:25:59.359
Well, I would have thought that you would have said, hey, babe, like I don't have disability insurance as an option.

00:25:59.759 --> 00:26:04.240
Uh hey, babe, I don't have disability insurance as an option.

00:26:04.480 --> 00:26:05.359
This is not new.

00:26:05.519 --> 00:26:10.880
We I've I really feel like we talked about this last year because it wasn't an option when I joined this company.

00:26:11.200 --> 00:26:11.920
Uh it did not.

00:26:12.079 --> 00:26:12.160
Yeah.

00:26:12.400 --> 00:26:13.599
I don't recall you saying anything.

00:26:14.000 --> 00:26:26.000
Also, who you work for matters because So yeah, that's your your your job, your employer also needs to hire me to handle their benefits because this is ridiculous.

00:26:27.039 --> 00:26:28.799
Let's keep it moving.

00:26:29.599 --> 00:26:30.079
All right.

00:26:30.319 --> 00:26:36.640
So for those who do have group disability insurance, this is something that you should definitely opt into.

00:26:36.880 --> 00:26:43.200
Most employers that provide this as a um option on your employee benefits, they actually pay for it.

00:26:43.519 --> 00:26:47.759
So you should always opt to opt into it, especially if they're paying for it.

00:26:48.000 --> 00:26:56.880
Now, normally, kind of the industry standard is that they will cover 60% of your uh base salary up to a certain point.

00:26:57.119 --> 00:26:57.599
All right.

00:26:57.759 --> 00:27:10.960
So the reason I say that is because when I say up to a certain point, if you're a higher earner and they're only covering up to a certain point, but 60% of your income would be higher than that, then you are not adequately insured.

00:27:11.039 --> 00:27:13.200
You don't have 60% coverage, you have less than that.

00:27:13.279 --> 00:27:19.279
So you would have to look into possibly getting an individual disability insurance policy outside of your employer.

00:27:19.440 --> 00:27:22.880
But it's important to know that so that you are properly insured.

00:27:23.039 --> 00:27:42.000
Now, also for those individuals who are maybe in a role where they have like a base salary and then either a commission or bonuses is a big portion of their um yearly income, then you probably also are underinsured, also, because it's only covering your base salary and not taking into account your bonuses or your commissions.

00:27:42.160 --> 00:27:44.160
So understanding and knowing that is huge.

00:27:44.319 --> 00:27:48.000
And I'm gonna say this like 10 out of 10 people are underinsured.

00:27:48.160 --> 00:27:51.359
No, 10 out of 10 people don't even know if they're properly insured.

00:27:51.440 --> 00:27:51.839
Don't know.

00:27:52.000 --> 00:27:52.720
They have no idea.

00:27:53.359 --> 00:27:58.720
Because er I've never in my life sat down with someone that knew exactly the details of their disability insurance policy.

00:27:58.880 --> 00:27:59.920
And that's the norm.

00:28:00.079 --> 00:28:04.160
So, like if it's you're you're listening to this, you're like, I don't know anything about my disability insurance policy.

00:28:04.240 --> 00:28:05.200
That is not a shame.

00:28:05.279 --> 00:28:06.400
That is the majority of people.

00:28:06.480 --> 00:28:08.079
That's why we're doing this podcast.

00:28:08.160 --> 00:28:11.599
But then also, if you want additional help, that's why you can also work with me as well.

00:28:11.839 --> 00:28:12.160
All right.

00:28:12.400 --> 00:28:12.640
Yeah.

00:28:12.880 --> 00:28:21.759
Why don't you tell the story of one of your clients who is a very high earner and was like grossly underinsured for the disability insurance policy.

00:28:22.079 --> 00:28:28.400
So what ends up happening in this, and then I'm assuming that this happens often with a lot of people in the medical field, like doctors.

00:28:28.559 --> 00:28:28.960
All right.

00:28:29.119 --> 00:28:36.160
So he is a cardiothoracic surgeon and he was transitioning from being a resident to an attending.

00:28:36.319 --> 00:28:36.880
Yes.

00:28:37.200 --> 00:28:39.920
And that's a big jump in your income.

00:28:40.319 --> 00:28:50.240
So, you know, you're going from making, you know, this individual is going from making, you know, under, you know, around maybe 200, which is still a great income for someone, to making, you know,$800,000 a year.

00:28:50.559 --> 00:28:52.400
That's the kind of increase I'm looking for.

00:28:52.880 --> 00:28:53.119
Yeah.

00:28:53.440 --> 00:29:03.519
So he had a disability insurance policy based off of his$200,000 salary, but then that switch to the$800, he didn't have a policy for that.

00:29:04.240 --> 00:29:08.559
And so he was drastically underinsured from a disability standpoint.

00:29:08.720 --> 00:29:24.880
And when it comes to surgeons, this is extremely important because with disability insurance policy, you also want to make sure that the policy is what's called an own occupation, which means that if you cannot do the specific duties of your specific occupation, doesn't matter if you could do another job.

00:29:25.039 --> 00:29:30.079
If you cannot do the duties of your specific occupation, then you are disabled.

00:29:30.400 --> 00:29:34.319
And so for a surgeon, you know, something might happen to their hands.

00:29:34.559 --> 00:29:36.240
And you might be able to do something else.

00:29:36.400 --> 00:29:36.720
Yeah.

00:29:36.880 --> 00:29:41.039
But if you don't have that dexterity in your hands to perform surgery, then you can be no longer be a surgeon.

00:29:41.200 --> 00:29:49.039
So it's very important for, you know, medical professionals who have put in all this time into their education and um their career to have this in place.

00:29:49.200 --> 00:29:54.880
And the easiest way that I kind of like give an analogy is that any of you people out there that are into Marvel and you've seen Doctor Strange.

00:29:55.200 --> 00:29:59.680
Doctor Strange was a world renowned surgeon, Playboy surgeon, you know, in the beginning.

00:30:00.559 --> 00:30:11.759
Making all this money, living the Playboy life, and he's he loves fast cars in a car accident, ends up having a terrible accident, unable to, you know, perform surgery because he can't use his hands the way that he used to.

00:30:12.079 --> 00:30:13.680
Didn't have disability insurance.

00:30:13.920 --> 00:30:17.200
And that's the person that stuck out to me as a weird person now watching the movie.

00:30:17.359 --> 00:30:20.319
But that's kind of the analogy I give for people who've maybe seen the movie.

00:30:20.640 --> 00:30:21.119
Yeah.

00:30:21.519 --> 00:30:30.640
So, but the thing that I wanted you to call out is that he makes more in a month than the majority of America makes in a year.

00:30:30.799 --> 00:30:31.119
Yes.

00:30:31.359 --> 00:30:41.119
And his policy was going to pay out like what,$10,000 for the month, which like most of us are like, ooh,$10,000 a month.

00:30:41.440 --> 00:30:44.079
Yeah, but$120,000 in a year compared to$800,000.

00:30:44.559 --> 00:30:44.720
Correct.

00:30:44.799 --> 00:30:46.559
And so when you think about that.

00:30:46.720 --> 00:30:53.039
And then um one of the other things that I know we've talked about in the past is sometimes there's a cap too.

00:30:53.359 --> 00:30:53.920
Yeah, as I said.

00:30:54.480 --> 00:30:54.640
Yeah.

00:30:54.880 --> 00:30:55.599
Up to a certain amount.

00:30:55.839 --> 00:30:56.720
Up to a certain amount.

00:30:56.799 --> 00:30:56.960
Yeah.

00:30:57.119 --> 00:31:03.599
So if you're used to getting$10,000, but the cap is at five, well, where's that delta going to come from?

00:31:03.759 --> 00:31:04.799
Where are you going to make that up?

00:31:04.880 --> 00:31:11.680
So it's in real very important to look up the details of your disability insurance policy.

00:31:11.920 --> 00:31:21.119
And then what you said about there are some policies, is my understanding, where, hey, you might not be able to do your job, but you can do a job.

00:31:21.519 --> 00:31:23.920
So if that's not what you're interested in, right?

00:31:24.079 --> 00:31:33.519
If you're like an engineer, but it's like, well, you could go work at Starbucks, but you don't want to in the event that something happens, then you have to make sure you have the right policy in place.

00:31:33.759 --> 00:31:36.160
Yeah, normally the wording is own occupation.

00:31:36.480 --> 00:31:39.599
Which my understanding, again, is those costs a little bit more.

00:31:40.079 --> 00:31:40.240
Can.

00:31:41.039 --> 00:31:49.440
But again, if you don't want to just be out here doing any job to, you know, get your your income, then you need to make sure you're properly insured.

00:31:49.519 --> 00:31:50.960
So it's a whole thing.

00:31:51.279 --> 00:31:58.160
The amount of hours that I've spent with Brandon learning about all the different insurance vehicles.

00:31:59.440 --> 00:31:59.759
It's awesome.

00:32:00.000 --> 00:32:05.039
Also, just one more thing to point out is that most of the time when it comes to insurance, you know, obviously we have health insurance.

00:32:05.119 --> 00:32:06.319
Most people think of life insurance.

00:32:06.480 --> 00:32:11.359
Disability insurance actually is probably, I might argue, almost more important.

00:32:11.680 --> 00:32:14.960
Reason being is that you've a significantly higher probability of it occurring.

00:32:15.680 --> 00:32:24.480
Being become becoming like not permanent disabled, but disabled for a certain period of time where you are unable to work and you know, otherwise would not be able to bring an income.

00:32:24.559 --> 00:32:27.200
It's a significantly higher probability of that occurring.

00:32:27.359 --> 00:32:32.799
And then also, too, in the event of like a permanent disability, you know, nobody wants to think about death, but death is finite.

00:32:33.279 --> 00:32:34.160
You're you're gone.

00:32:34.400 --> 00:32:41.200
As compared to a disability could bring in significantly high medical expenses and ongoing medical expenses.

00:32:41.359 --> 00:32:41.519
Right.

00:32:41.759 --> 00:32:42.319
So you're not gonna be able to do that.

00:32:42.480 --> 00:32:44.640
And an emotional burden on your friends and family.

00:32:46.319 --> 00:32:52.640
Yeah, if you're if you're an earner, no longer making bringing in an income and now bringing in significantly higher expenses.

00:32:53.279 --> 00:32:54.480
So it's extremely important.

00:32:54.720 --> 00:33:06.240
Since we did mention it, a lot of um employers also offer, you know, some form of life of term life insurance often, maybe normally one to two times your salary, which is a great start.

00:33:06.319 --> 00:33:09.440
Normally it's either paid for or it's highly subsidized.

00:33:09.519 --> 00:33:13.839
You might be able to get some additional amount, maybe up to three times your salary for a little bit more.

00:33:14.079 --> 00:33:16.480
I always say go ahead and take advantage of that.

00:33:16.640 --> 00:33:20.559
But from a lot of people out there, that's gonna not gonna be enough insurance that you would actually need.

00:33:20.720 --> 00:33:27.759
Now, how much insurance you need as an individual, that's gonna vary from situation to situation, which I can also obviously help you out with.

00:33:28.079 --> 00:33:36.240
But taking a look at this and assessing, you know, your own personal needs in regards to what your employer is offering, if it's free, I always say take advantage of it.

00:33:36.559 --> 00:33:43.359
And what we learned when I went through my layoff at Cisco is that a lot of these policies are portable as well.

00:33:43.759 --> 00:33:45.599
No, I wouldn't say a lot of these policies are portable.

00:33:45.680 --> 00:33:46.640
Some policies are portable.

00:33:46.960 --> 00:33:49.039
Some policies are portable.

00:33:50.000 --> 00:33:50.319
Okay.

00:33:50.720 --> 00:33:52.559
Because the thing is you also have to weigh out the cost.

00:33:52.640 --> 00:33:52.799
Yeah.

00:33:53.039 --> 00:33:56.480
So a lot of them are portable, but then like the cost of them changes.

00:33:56.640 --> 00:33:56.880
Sure.

00:33:57.039 --> 00:34:04.640
And so, for example, in uh just a scenario when um the layoff happened, the option was there, but from a cost standpoint, it didn't make sense.

00:34:04.960 --> 00:34:05.599
So we didn't cut it.

00:34:05.759 --> 00:34:08.239
But we did look into it and we weighed the options and ran the numbers.

00:34:08.559 --> 00:34:12.079
I just knew that I could potentially get it for less if that's what we wanted to do.

00:34:12.320 --> 00:34:12.559
Right.

00:34:12.719 --> 00:34:13.039
Okay.

00:34:13.360 --> 00:34:17.679
Um, some of the other ones, like you said, one funny thing is you mentioned the you know, the legal services.

00:34:17.840 --> 00:34:24.719
Um, some of these employers provide um a legal service benefit for employees that they can opt into and pay for.

00:34:24.880 --> 00:34:39.519
And what it does is it provides you access to attorneys for things like if you want to have a will created contracts, even if you, you know, disputing, you know, ticket, uh speeding tickets and stuff of that nature, provides you access to attorneys for extremely reduced costs.

00:34:39.679 --> 00:34:46.400
I remember um when we used it last, it was through MetLife, and I think where she was paying approximately$200 for the year to have the service.

00:34:46.639 --> 00:34:48.639
Yeah, it was like$11 a month, maybe.

00:34:48.800 --> 00:34:49.039
Yeah.

00:34:49.199 --> 00:34:53.199
And we had a will created and a trust, and we didn't have to pay anything additional.

00:34:53.360 --> 00:34:58.480
So we got that for, you know, a little under$200 from obviously paying for the service, but didn't have to pay anything else.

00:34:58.639 --> 00:35:02.719
And normally I could tell you to have that done is gonna probably be anywhere between$800 to$1,000.

00:35:03.360 --> 00:35:10.719
And I'm gonna use some, not a lot of, but some of those policies now will also allow you to add on your parents.

00:35:10.880 --> 00:35:11.199
Yeah.

00:35:11.360 --> 00:35:24.079
Which is nice because, you know, as our parents are aging and we know we're in the sandwich generation where we're taking care of our own kids, but also now starting to help take care of in a variety of ways our parents and making sure that they're squared away.

00:35:24.239 --> 00:35:40.239
So it's really nice to be able to, for a very nominal fee, uh, be able to add on legal services for parents as well, so that you can help them get their will and trust up to date or, you know, deal with any kind of other legal issues that might come up.

00:35:40.559 --> 00:35:45.039
Yeah, and here's the thing is too, with any of these benefits, ask the question.

00:35:45.599 --> 00:35:47.280
If you have a question about it, ask it.

00:35:47.440 --> 00:35:50.320
Sometimes in people's heads they're like, oh, this sounds like a dumb question.

00:35:50.480 --> 00:35:51.280
Who cares?

00:35:51.519 --> 00:35:52.400
Because it might not be.

00:35:52.480 --> 00:35:52.880
Like, you can't.

00:35:53.039 --> 00:35:54.159
Have you seen the internet lately?

00:35:54.320 --> 00:35:55.280
Literally, who cares?

00:35:55.519 --> 00:35:56.960
It might not be a dumb question.

00:35:57.039 --> 00:35:58.880
So, therefore, you need to go ahead and ask it and find out.

00:35:58.960 --> 00:36:01.280
Like, for example, like that scenario there, like adding your parents.

00:36:01.360 --> 00:36:02.960
Like, our parents are all getting older.

00:36:03.119 --> 00:36:06.719
Maybe you need to do some changes to their will and whatnot.

00:36:06.960 --> 00:36:10.079
Some people might think it's a dumb question to ask, like, why would my parents be covered by this?

00:36:10.320 --> 00:36:11.519
Closed mouths don't get fed.

00:36:11.760 --> 00:36:12.000
Exactly.

00:36:12.159 --> 00:36:13.280
So ask the question.

00:36:13.519 --> 00:36:15.440
Um, I mean, there's a lot of other benefits.

00:36:15.599 --> 00:36:19.920
Like I said, we've done this episode multiple times, or other, I just say explore all the different options.

00:36:20.000 --> 00:36:27.599
Like, you know, there are sometimes employers that offer adoption assistance, fertility support, even like pet insurance, you know, all these different things.

00:36:27.679 --> 00:36:37.840
So that's why we say take the time to look through all the things that your employer offers and opt into the things that, especially if they're free, opt into the ones that you think you could potentially use.

00:36:38.159 --> 00:36:45.599
And I will say if you are with a large company like Fortune 100, Fortune 500, they are trying to stay competitive.

00:36:45.840 --> 00:36:53.199
And a lot of them will have very strong competitive benefits packages.

00:36:53.440 --> 00:36:59.039
So you're thinking of things like um uh what's the word that I'm looking for?

00:36:59.199 --> 00:37:02.239
Like identity theft protection type services.

00:37:02.480 --> 00:37:06.960
Um, I mean, I use my corporate codes for hotels, for flights.

00:37:07.039 --> 00:37:09.920
I mean, those are things that you don't even think about as employee benefits.

00:37:10.400 --> 00:37:12.159
Yeah, but you might not see a huge difference.

00:37:12.400 --> 00:37:13.519
You might not have to enroll in them.

00:37:13.599 --> 00:37:14.320
They're just there for you.

00:37:14.559 --> 00:37:15.920
You need to know that you need to know they exist.

00:37:16.159 --> 00:37:21.840
Yeah, like I had a whole note in my phone of every corporate code that I could use with an airline and a hotel.

00:37:22.000 --> 00:37:27.840
And you better believe I looked there first before using any of my own points or miles or anything like that.

00:37:28.079 --> 00:37:29.280
So explore.

00:37:29.440 --> 00:37:32.239
And this is where we go back to the very beginning of the episode.

00:37:32.400 --> 00:37:34.239
You need some time to do this.

00:37:34.400 --> 00:37:34.639
Yes.

00:37:34.880 --> 00:37:36.239
Don't wait until the last minute.

00:37:36.320 --> 00:37:38.239
Don't just give yourself 24 hours.

00:37:38.400 --> 00:37:40.159
Like actually explore.

00:37:40.320 --> 00:37:42.000
Think about what's happened in your life.

00:37:42.159 --> 00:37:57.280
What did you not like that happened in the last 12 months that maybe you could help prevent, you know, in in this new open enrollment, what benefits did you not take advantage of that you you maybe heard other people had access to that you didn't enroll in, et cetera?

00:37:57.440 --> 00:37:59.280
So really do your due diligence.

00:37:59.599 --> 00:38:08.559
And also kind of going back to some aspect of the health insurance, um, the tax advantage accounts that you could possibly enroll into based upon which healthcare plan you choose.

00:38:08.960 --> 00:38:25.119
So, for example, if you have a high deductible health plan that you know works well for you, taking advantage of that ACS HSA is huge because with a health savings account, you are able to put money in pre-tax, it stays in there pre-tax, which you can actually invest it technically and it grow.

00:38:25.199 --> 00:38:29.280
And then you use it for qualified medical expenses and it's tax-free there.

00:38:29.360 --> 00:38:31.760
So it's completely triple tax advantage.

00:38:32.159 --> 00:38:51.679
So, you know, utilizing that can also be helpful in the sense of if your premiums went up for the year in regards to the plan that you're, you know, you're with, you can help offset maybe some of those costs by utilizing a health savings account or even a flex spend a flexible savings account, which is similar to an HSA, just not quite as many benefits, unfortunately.

00:38:52.079 --> 00:38:57.840
But it can help offset because it'll allow you to use pre-tax money to pay for medical expenses.

00:38:58.159 --> 00:38:59.599
So you save from a tax standpoint.

00:38:59.920 --> 00:39:04.320
And remember, FSA fast, F fast, you have to use it that year.

00:39:04.639 --> 00:39:06.159
Well, some of them do allow a certain amount.

00:39:06.400 --> 00:39:07.119
A little bit of rollover.

00:39:07.360 --> 00:39:09.039
So a little bit of a certain amount can roll over.

00:39:09.119 --> 00:39:22.320
So once again, it's understanding the details of your specific plan because unlike the HSA, where you can roll over, you know, an infinite amount, the flexible spending account, you do have to use a majority of it, but it some of the plans do allow you to roll over a certain amount.

00:39:22.559 --> 00:39:32.239
And for my skincare care girlies listening, you can use your FSA and your HSA for things like La Roche-Posay and maybe some of your higher-end skincare.

00:39:32.480 --> 00:39:38.079
So you can go through a lot of times there's a portal, like an HSA.com essentially portal.

00:39:38.239 --> 00:39:45.280
Um, and yeah, as long as it's a qualified expense, you know, maybe that skincare product goes with maybe an acne concern that you're having.

00:39:45.519 --> 00:39:48.000
I don't know why you said just girlies, because I got a skincare routine.

00:39:48.480 --> 00:39:50.480
Brandon is on his new skincare routine now.

00:39:51.119 --> 00:39:53.760
So some of us guys, you know, we're getting, you know, in our 40s.

00:39:54.000 --> 00:39:55.199
He's like, should I be using this?

00:39:55.280 --> 00:39:57.119
I'm like, yes, everybody should be using a toner.

00:39:57.199 --> 00:39:57.840
What are you talking about?

00:39:58.000 --> 00:39:58.400
I'm just saying.

00:39:58.639 --> 00:40:00.320
So he's got his whole routine down, y'all.

00:40:00.639 --> 00:40:01.519
Doesn't he look beautiful?

00:40:01.760 --> 00:40:02.559
Doesn't he look beautiful?

00:40:02.960 --> 00:40:04.800
So, anyways, yeah, keep that in mind too.

00:40:04.960 --> 00:40:06.719
Those FSA and HSAs.

00:40:06.800 --> 00:40:17.039
Uh then also the uh dependent care FSA, which can be used to cover, you know, child care expenses, after school program for your kids, and even some of the like, you know, track on the summer camps as well.

00:40:17.199 --> 00:40:26.239
But then also it can be used for if you're caring for um an uh a parent of yours and they're dependent and there are some needs for them, you can actually use it for them as well.

00:40:26.639 --> 00:40:27.519
That's really important.

00:40:27.760 --> 00:40:27.920
Yeah.

00:40:28.000 --> 00:40:31.840
So these and then once again, this account works the same way where you're using pre-tax money.

00:40:31.920 --> 00:40:32.079
Okay.

00:40:32.320 --> 00:40:33.679
So it's allowing you to save some money.

00:40:34.079 --> 00:40:34.320
Okay.

00:40:34.800 --> 00:40:35.360
Very nice.

00:40:35.840 --> 00:40:36.400
Awesome.

00:40:36.480 --> 00:40:37.920
Uh what else?

00:40:38.320 --> 00:40:49.280
And all honesty, like I just really want people to understand that you need to give yourself time to go over the information and ask questions if needed.

00:40:49.519 --> 00:41:03.199
Now, if you're looking through the information and you have questions, which is going to be normal because I don't think I've ever met someone who doesn't do this for a living that doesn't have questions, please reach out to myself or another qualified professional to help you out with this.

00:41:03.360 --> 00:41:09.920
Because here's one of the things that I want people to understand too is that your natural thing with this is to reach out to your HR person.

00:41:10.079 --> 00:41:12.639
And to be honest, that's not really their job.

00:41:13.199 --> 00:41:24.800
They coordinate the benefits, but they're not going to be the ones that are qualified to give you all the specific details of how these benefits work and how they coordinate and how they would actually, you know, be applicable to your given situation.

00:41:24.960 --> 00:41:26.000
That's really not their job.

00:41:26.079 --> 00:41:29.360
And I wouldn't, so don't expect them to provide you with that information.

00:41:29.760 --> 00:41:30.079
Okay.

00:41:30.559 --> 00:41:38.880
So give yourself time, understand the benefits, ask the questions, write down your questions, and look at what you spent last year.

00:41:39.199 --> 00:41:45.199
I do have one more little, you know, I like to use personal stories when I can, is that um short-term disability.

00:41:45.360 --> 00:41:45.679
Oh.

00:41:46.000 --> 00:41:49.039
Understanding your short-term disability through your employer as well.

00:41:49.199 --> 00:41:55.599
Because I had a scenario where I have a client who unfortunately they don't their employer does not provide maternity leave.

00:41:55.840 --> 00:41:59.440
And they're not pregnant now, but you know, potentially in the future, they might want to use this.

00:41:59.599 --> 00:42:06.400
And we were looking into short-term disability, which in some states and some policies do allow you to use that for maternity leave.

00:42:06.480 --> 00:42:09.679
So understanding the specifics of if that's an option available to you.

00:42:09.760 --> 00:42:12.559
Like, do you have a short-term disability policy through your employer?

00:42:12.800 --> 00:42:13.519
A lot of people do.

00:42:13.679 --> 00:42:19.119
And what are the specifics of that policy and would they possibly cover that maternity leave or a portion of it to help out with that?

00:42:19.519 --> 00:42:27.440
So once again, it all comes back to knowing what benefits you have available to you and understanding all the details within your specific plan.

00:42:28.320 --> 00:42:28.719
All right.

00:42:28.880 --> 00:42:29.679
I love it.

00:42:29.920 --> 00:42:41.920
Well, if this was not enough open enrollment talk for you, we have several other episodes where you can dive into the archives and explore those episodes.

00:42:42.079 --> 00:42:44.639
But this one is the one for 2025.

00:42:44.800 --> 00:42:49.760
And if your premiums have skyrocketed like ours, so right now we're sitting at 17%.

00:42:50.159 --> 00:42:52.559
We've already heard from others going up 35%.

00:42:53.039 --> 00:42:54.320
We want to hear from you.

00:42:54.480 --> 00:42:56.800
If it went down, very unlikely.

00:42:57.440 --> 00:42:59.599
But congratulations, take the win.

00:42:59.760 --> 00:43:04.639
Uh, but slide in our DM, send us an email, let us know what your premiums are looking like this year.

00:43:04.719 --> 00:43:10.159
And if you do need help going through your benefits, Brandon is here for you.

00:43:10.320 --> 00:43:13.519
All of the ways to get in touch with him are in the show notes.

00:43:13.679 --> 00:43:14.800
We'll talk to you soon.

00:43:15.039 --> 00:43:20.320
Don't forget, Benjamin Franklin said, an investment in knowledge pays the best interest.

00:43:20.559 --> 00:43:21.840
You just got paid.

00:43:22.079 --> 00:43:22.880
Until next time.

00:43:23.199 --> 00:43:24.800
Sugar Daddy Podcast Go.

00:43:25.280 --> 00:43:27.599
Learn how to make the pockets grow.

00:43:27.840 --> 00:43:29.840
Find mental freedoms by the week, bro.

00:43:30.320 --> 00:43:32.320
Smart investments, money flow.

00:43:32.960 --> 00:43:34.880
Thanks for listening to today's episode.

00:43:35.039 --> 00:43:37.840
We are so glad to have you as part of our Sugar Daddy community.

00:43:38.000 --> 00:43:46.079
If you learned something today, please remember to subscribe, rate, review, and share this episode with your friends, family, and extended network.

00:43:46.320 --> 00:43:50.400
Don't forget to connect with us on social media at the Sugar Daddy Podcast.

00:43:50.639 --> 00:44:01.679
You can also email us your questions you want us to answer for our past the sugar segments at thesugardaddypodcast at gmail.com or leave us a voicemail through our Instagram.

00:44:01.920 --> 00:44:04.480
Our content is intended to be used and must be used for informational purposes public.

00:44:04.719 --> 00:44:07.840
It's very important to do your own analysis before making any investment based upon your own personal circumstances.

00:44:07.920 --> 00:44:16.159
We should take independent money into advice from a line of professional and connection with or independently research and verify any information you find in our podcast and which you rely upon whether for the purpose of making an investment decision or otherwise.