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How High-Net-Worth Families Invest Beyond the Balance Sheet
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See how your spending, satisfaction, and priorities compare to your peers. Download the report here.
Live: So Your Employer Said You Get Benefits. Cute.
You know that moment in a job interview when they proudly announce, “We offer competitive benefits”? Assuming you have been lucky enough to get an interview. Hang in there champ.
That’s corporate-speak for: “Congrats, you now get to choose between six mysterious health plans that all sound like IKEA furniture.”
The cost of health insurance is going up everywhere. The average student is basically one twisted ankle away from understanding why adults complain about health insurance like it’s a personality trait.
Gif by jukeboxsaints on Giphy, Anyone else’s Thanksgiving look a lot like this? Ah! Nothing like family.
Before you panic-scroll through plan names like “Bronze Value Saver HMO 6000,” let’s make sense of what you’re looking at.
Learn: Health Insurance
Imagine health insurance is like joining an wildly overcomplicated coffee shop loyalty program.
You pay to join, you pay when you buy coffee, and you’re constantly wondering if you picked the right membership tier.
Here are the three big pieces of every plan:
1. Premium — the membership fee
This is what you pay every month just to be in the club.
Not using healthcare that month? You still pay the subscription fee.
Higher premium typically means more comprehensive insurance and lower deductibles.
Lower premium means higher deductible, but this doesn’t mean that pricier insurance plans are always the better option.
2. Deductible — the amount you spend before rewards kick in
The deductible is like buying a certain number of coffees before you finally get a free drink.
If your deductible is $1,000, that’s how much you must spend before insurance starts helping.
That said, some services are covered for free or only require a copay.
3. Copays & Coinsurance — the per-drink costs
Even once your “free drink threshold” is hit (your deductible), you still pay something per visit.
Copay = fixed price (“$50 every time you go”).
Coinsurance = a percentage of the cost (“You cover 20% of this latte…”).
Sometimes just your copay or coinsurance will apply, while other times both will.
The insurance plan that is right for you depends on your health. Everyone should have health insurance, but whether a high deductible health plan is the move depends on your needs.
I may write more on how to choose in a future newsletter.
Here is some other vocab that can help you understand insurance:
Out-of-Pocket Maximum (OOP Max): The most you can possibly pay in a year for covered care. After you hit it, insurance covers 100%.
In-Network: Doctors your insurance likes (cheaper).
Out-of-Network: Doctors your insurance tolerates (much more expensive).
Preventive Care: Annual checkups, vaccines, screenings. These are usually free with insurance, even before your deductible.
Primary Care Physician (PCP): Your main doctor; first stop for general health issues or referrals.
Specialist: A doctor focused on a specific area (derm, cardio, therapy). Usually costs more than a PCP visit.
Referral: A “permission slip” from your PCP to see a specialist. Required in some plans.
Claim: The request sent to insurance to pay for your care — usually handled by the doctor.
Formulary / Drug Tiers: Your plan’s list of covered medications. Tier 1 = cheap, Tier 3+ = start sweating.
Urgent Care: Lower-cost option for non-emergencies (sprains, infections, minor injuries).
Telehealth: Virtual visits, often cheaper and great for routine issues.
Leverage: Your Insurance App
Before booking any appointment, your insurance app can give you a quick vibe check on what you’re about to spend.
Use it to:
Verify your provider is in-network
Compare different locations or specialists
See estimates for what a visit should cost under your plan
Check whether you’re still in “pay everything yourself” deductible territory
But your app probably loves jargon. You’ll expect clarity and get hit with lines like:
20% coinsurance applied after pharmacy deductible except for Tier 3 non-preferred generics.
Cool cool. I cannot tell you, how upsetting it is, to have no idea what that means.
This is where AI can really help. Screenshot or copy/paste whatever the app gives you and ask your favorite model to tell you how much you’ll be paying in plain English. The more information you give it, the better.
Pros:
Saves real money by guiding you toward cheaper in-network choices
Great for comparing your options before you commit
You’re able to estimate how much you’ll pay based on your insurance in plain English
Cons:
Jargon-heavy
Out-of-network prices can be wild
If the apps were buildings, they would be 60 stories with no elevators (the UI SUCKS)
If you’re insurance doesn’t have an app, get new insurance I’m sorry. Reach out and we talk about other ways to decipher it!
Also, quick reminder that I am not sponsored by any of the tools I note here. I wish I was! These are just the tools I use.
Launch!
Put your insurance app on your phone.
This instantly gives you access to your digital insurance ID card, cost estimates, and in-network provider lists.
It’s like bookmarking your healthcare.
Not sure which app? Start with the one listed on your insurance card or benefits page. You can google “Insurance app for [Aetna/Anthem/Blue Cross/United Health]”
Side note for BU folks: Patient Connect is your home base.
SHIP members can also grab the Aetna Health app for the details your portal doesn’t show.
Two minutes now saves you hours (and money) later. ;)
Hey!
Thank you so much for being a part of this newsletter. I am grateful to write to you weekly and I hope this helps you feel more confident with your finances.
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I have a goal of helping people learn personal finance. It works better when more people get my emails.
Thank you for helping me (and your friend) out!
—Ben Brosnahan
