Skimm Money: Healthcare Costs, a Productivity Hack, and Money Date Nights

How the news affects your finances.

Healthcare Costs

Having health insurance feels great. Paying for it? Not so much. And plans are poised to get more expensive in 2024. According to a survey conducted by the consulting firm Mercer, employees can expect an average increase of 5.4% this year. Many employers pass some of these costs on to their employees, so it might feel like you’re paying more than you were last year for the same plan. While it’s a good idea to compare plan costs and consider a cheaper alternative during your company’s open enrollment period, you can maximize the coverage you have — and are paying for. Knowing what’s offered, how to access it, and how much you’ll need to pay out of pocket before your deductible kicks in can make your $$$ go further.

Your move:

• Schedule your appointments now. So many people scramble to get their annual doctor, dentist, and eye exams done in December. Don’t be that person. Plan your visits now so you can work toward hitting your deductible sooner. That way, if you need additional treatment, you’ll have peace of mind that you’re covered for the rest of the year.

• Do $$$ treatments ASAP, if possible. It’s still early in the year, so if you need long-term treatments that require multiple sessions, it might be a good idea to start now. You’ll likely have to pay out-of-pocket until your deductible kicks in, but once it does, that may mean your treatment will be entirely covered by your plan until 2025. (Hint: You can use your HSA or FSA to cover those pre-deductible expenses.)

• Make the most of your insurance perks. From gym reimbursements to Employee Assistance Plans (aka EAPs) to access to free short-term therapy sessions, take the time to peruse your health insurance website and see what perks they offer. You may be able to get more out of your plan than you realize.

The money stories everyone’s talking about.

Would you go to therapy if you were jealous of your spouse’s salary?

Spoiler: It helped this couple. 

For some millennials, the “Bank of Mom and Dad” is closed…

Here's how some parents are breaking the news.

Spending $1,500 could get you unlimited flights and accommodations…

But is this deal too good to be true?

More breaks = more productivity?

Try using this “law” to hack your workday.

The Wall Street trends to know this week.

Everyone’s still talking about last week’s record-breaking Friday. For the first time, the S&P 500 closed at over 5,000 — 5,026 to be exact. Which means that the economy is getting back to normal. And based on history, more gains (and a cool down on inflation) are likely to come in the future. For now, investors are focused on tomorrow’s official inflation update.

One act of financial self-care you can do in five minutes.

Set a money date night. 

Think: Talking about your money goals with your SO over a candlelit dinner. Money isn’t the easiest thing for people to discuss with their partners, and some couples avoid it altogether. But a money conversation doesn’t have to be awkward, and you can even make it romantic. Experts say mixing finance and romance usually results in better savings and investments. So if things are getting serious in your relationship, it might be time to get all dressed up and refresh your budget together.

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