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| How To Lower Your Health Insurance Costs |
Health insurance is complicated. Luckily, we have Jay Fineman on speed dial. He’s an expert in insurance law and author of the 2010 book "Delay, Deny, Defend: Why Insurance Companies Don’t Pay Claims and What You Can Do About It."
On the latest HerMoney Podcast, Fineman joined host Jean Chatzky for a deep dive into all things insurance, including how to choose the right plan, advocate for yourself and lower costs overall.
One of his biggest pieces of advice? Be proactive about getting the details on what your policy covers, and what it doesn’t. For example, when it comes to health insurance, ask your provider upfront if the services you’ll be receiving will be covered, and if there are costs you might not be thinking of that you’ll have to pay for. "Consumers should be a little patient, a little assertive, and very polite because the people they’re talking to are never the people in charge," suggests Fineman. "Try to get that information upfront and ask the questions in a general way." |
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| This Week In Your Wallet |
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ICYMI, the Fed decided to hit the pause button on interest rate cuts. What does it mean for you? As CNBC reports, the decision won’t have a big impact on credit card interest rates, car loans or mortgage rates, but there is one bright spot – savings rates. "While the Fed putting the brakes on interest rate cuts stinks for those with debt, it is welcome news for savers," says Matt Schulz, chief credit analyst at LendingTree. "That means that it is still a really opportune time to shop for a high-yield savings account. Sure, you’ve missed out on the peak, but there are still plenty of good returns to be found."
No, they won’t take you to Mars, but certain "launchpad jobs" (aka entry-level roles where there’s no degree required) could propel you to success, if you know how to pick the right one. New research from American Student Assistance and Burning Glass Institute compares launchpad jobs to see which ones best set workers up for long-term economic and career success. "For example, amusement park attendants and hotel housekeepers start out making almost the same wage. But by the time they are 40, former park attendants earn 50% more than their peers who started out by cleaning rooms," notes the report.
"From a purely mathematical perspective, it’s the most sensible thing to do with your money over the long term." That’s how Charlotte Cowles of The Cut describes investing. As she notes, a majority of Americans aren’t invested in the stock market – and it’s costing them. For those who have yet to take a plunge, she offers 7 tips for getting started, including keeping your investments simple with the help of mutual funds or ETFs. "These funds enable you to have your eggs in a variety of baskets, hedging your risk; if one company or industry goes belly-up, the others can make up for the damage done to your account," writes Cowles. Another way to kickstart your investing journey? Joining InvestingFixx, HerMoney’s investing club. |
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| Things That Save You Time |
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"Soft decluttering" could be the key to getting your life in order when you’re short on time. Here’s how it works: Instead of taking on a huge organizing project, pick small tasks that bring big satisfaction. For example, organizing your pantry instead of the entire kitchen. Or even just your junk drawer. |
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Introducing Dry January’s cousin: ‘Phone Free February.’ No, we don’t expect you to give your phone up entirely, but cutting down usage by just an hour a day could result in some big-time health benefits, including better sleep and an improved mental state, according to experts. |
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The Oscars are just under a month away. Here’s your guide to where to stream every nominated movie before Hollywood’s big night. |
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| Ask Jean |
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Today’s question comes from Melissa. She writes: Is freezing your credit at only one of the three credit bureaus doing enough to deter fraudulent activity? I just did it at Experian which was way easier than I thought it would be. Just wondered if it’s absolutely critical to do it at the other two. |
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Let’s put it this way, Melissa—it’s a good start! Unfortunately, freezing your credit at just one of the three bureaus (in your case, Experian) is helpful, but not fully effective in protecting yourself from fraudsters.
As Consumer Reports’ Lisa Gill explains, you should freeze your credit with the other two bureaus – TransUnion and Equifax – as well. "That's because credit card companies and other financial companies may check your credit score and your credit report at one, two, or all three credit bureaus," says Gill. "In other words, freezing your credit at one bureau will not affect your account at the other bureaus. They are independent companies that do not communicate with one another."
Freezing your credit at all three bureaus is one of the easiest ways to protect yourself from fraudulent activity. "Doing so deters fraudsters and credit companies looking to do quick checks of your credit and market their products to you," adds Gill. If you need a refresher on how to freeze your credit, check out HerMoney’s guide, here. |
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| Submit your questions to Jean here. |
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| More For You To ♥ |
💵 $105,000. According to recent stats, that’s the average consumer debt balance. If you’re struggling to put together a plan to pay yours down, check out FinanceFixx, HerMoney’s financial coaching program. Our next session kicks off on February 5th (tomorrow!). Sign up here and use code SAVENOW for a special discount.
🍽 How does a personal finance expert save $ on groceries? HerMoney CEO Jean Chatzky shared her secrets with Consumed. One of them? Don’t freak out about having every ingredient. Many items, like spices, can be substituted for what you already have on hand.
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