Oh My Dollar!

I’m really excited to have on reporter Dan Weissman to talk about his freshly-launched show, An Arm And a Leg podcast, which dives into the unique stories that come from the hellscape that is American health care. But it’s not depressing – it’s a nice conversation about everyday people vs American health care. As Dan puts it “ We’re like all blind people with this giant elephant – this giant terrifying fanged venomous elephant. And we got to get our get our picture of it together.” You’re not going to you’re not going to wake up with a five hundred thousand dollar grocery bill all of a sudden and not know how you got it. But it’s entirely possible to go into the hospital because you’ve got a pain in your side and then get an appendectomy and be looking at a six figure bill.   We talk about: Some of the interesting ways  people are still getting health care without going through traditional insurance Why Dan is focusing on storytelling with this new show Middle class guilt over being on Medicaid Being a Jewish person on a Christian Health Sharing Ministry plan About An Arm And A Leg Podcast Health care – and how much it costs – is scary.  But you’re not alone with this stuff, and knowledge is power. We may be screwed, but we’re together – and together we may figure out how to get a little less-screwed. Also (this will sound weird, but stay with us) it’s going to be fun. Take a listen. More here.   An Easy Way to Help Our iTunes review drive is going on right now! It takes less than 10 seconds to click a star, it’s totally free, can you help us out? Click here to leave a review: https://itunes.apple.com/us/podcast/oh-my-dollar/id1189980636?mt=2 About Dan Weissmann Dan is a veteran reporter for outlets like Marketplace, 99 Percent Invisible, Planet Money, and Chicago’s WBEZ. His work reflects sophisticated reporting, an engaging narrative voice, and a knack for snappy, accurate breakdowns of complex subjects—from urban segregation to the economics of America’s largest crop to

Are you ready for a cute, heartwarming, and thought-provoking interview this week? I hope so, because after a month of American health care on this show, I’m ready for an uplifting story. John Schneider and David Auten of DebtFreeGuys.com  and Queer Money podcast help queer people live fabulously, not fabulously broke. David and John join for an interview talking about their own money stories, how they paid off $60,000 of credit card debt in 2.5 years, how to find non-homophobic companies to invest in, and why they think financial literacy is important in the straight community. “I think one of the most important things about money is to remember that for our community –

We have two listener questions this week for health care month: Anna wants to know how to fix an accidental over-contribution to her HSA without getting a penalty (time stamp 01:34), and Allison wants to figure out how to switch health insurance when the open enrollment periods don’t line up between the two plans (timestamp 5:32) We talk about why navigating the open enrollment stacking is kind of like playing magic or playing Dungeons & Dragons with a drunk Dungeon Master (timestamp 10:34) An Easy Way to Help Our iTunes review drive is going on right now! It takes less than 10 seconds to click a star, it’s totally free, can you help us out? Click here to leave a review: https://itunes.apple.com/us/podcast/oh-my-dollar/id1189980636?mt=2 Reasons you can switch insurance outside of open enrollment – otherwise known as a “special enrollment period”  You have lost health coverage (you lose your job, or don’t qualify anymore at work, or you turn 26 on a parent’s plan) Please note that this does not apply if you lose coverage for non-payment of your premium (but if you’re behind on co-pays or co-insurnace, not premiums, your coverage shouldn’t be cancelled)! You get married or divorced You don’t lose coverage, but your hours are reduced to below 30 hours a week at work – then you can enroll in a healthcare.gov plan You adopt or give birth to a child  You have moved out of state or your zip code (and you’re on a healthcare.gov plan) When Moving qualifies you for a special enrollment period Moving to a new home in a new ZIP code or county Moving to the U.S. from a foreign country or United States territory If you’re a student, moving to or from the place you attend school If you’re a seasonal worker, moving to or from the place you both live and work Moving to or from a shelter or other transitional housing How to cancel health insurance  Generally you can cancel your plan at any time, and it usually takes effect immediately (sometimes it will be the 1st of the next month). You can do so online at healthcare.gov or by calling your insurance company If you want to cancel an employer-provided health insurance plan, talk to your HR department or the person at your company that handles benefits. How to get health insurance during open enrollment – Sign up at work if you qualify – Sign up at a partner’s or parent’s work (the later if you’re under 26 years old) – Enroll at your state’s exchange, which you can find at 

Just in time for halloween, we have an episode about some of the spookiest health insurance plans of all – “junk” health insurance plans, or “short-term” health insurance plans. The  President must’ve heard that we’re talking about health insurance all month, because the administration just pushed through last-minute rule change that could mean that much, much cheaper health insurance plans are available. Reasons you might want to get a short-term health insurance plan They’re cheap. You’re healthy. Questions we answer in this episode Why should you care about short-term health insurance plans? If you can’t find affordable health insurance on the exchange or through work, should you get one of these plans instead? Will they be available everywhere? What’s different in 2019 about health insurance based on these policy changes? How do you make sure that you’re not getting a junk health insurance plan? Downsides of Short-Term Health Insurance Plans (Also known as junk plans) -There’s no regulations on the out-of-pocket maximum or co-insurance you could pay under this plan, so you could get in a car crash and have $80,000 in medical bills and it turns out you owe 20-30% of that bill- after your deductible. With an ACA-compliant plan you have a federal regulation that limits – They do not have to cover essential health benefits – typical short-term policies do not cover maternity care, prescription drugs, mental health care, preventive care, and other essential benefits, and may limit coverage in other ways -Many have a lifetime limit imposed, meaning the amount they will pay will top out at $1 million – $2 million – which sounds like a ton, until/unless you have a very expensive condition like a child born prematurely, or an expensive cancer treatment plan, or a serious traffic crash with an ICU stay. – If you do get sick while on the plan, they can decline to renew you and just drop you from the plan altogether. – Even if you don’t have a documented history of a pre-existing condition, starting treatment while on the plan,  they can dig into your past and see if there were any indications that you may have had it before – and then refuse to pay for treatment or medication. This can really affect former athletes. – Many people will get rejected from getting a junk plan at all due to a long, long list of deniable conditions (everything from being trans*, asthma to history of yeast infections or being prescribed certain medications, such as PREP). -While they can no longer charge you more based on gender, they can do what’s called “community ratings” and charge you more based on your occupation, zip code, or other factors. For example, hairdressers have historically been charged more because of the higher percentage of gay men in the profession, which they deem as at higher risk of HIV (which is costly). That kind of community rating is now possible again with these plans. Some Declinable Conditions in Medically Underwritten

Teeth can be expensive! Lillian breaks down some unexpected ways you can save on dental – from taking a trip to Hungary to opening a FSA account, and helps explain why dental isn’t quite like regular health insurance. In this episode I say “out of pocket maximum” a few times when I meant maximum. Ways to Save on Dental Costs  Step 1, actually get preventative work done if you can – it will save you money in the long run  If you have access to dental insurance, make sure you go in-network Do the math on self-bought insurance vs how much you will use Be aware of the maximum on your insurance and any waiting periods – there’s no regulations on what is required like there is for regular insurance Shop around for different procedures & compare prices Look into a local dental school for reduced cost work Consider dental tourism to a country with high-quality and low cost plans Open an HSA (if you have an eligible HDHP plan) or an FSA either on your own or through your insurance Helpful resources for strategies mentioned in this episode fairhealthconsumer.com – a place to look up comparable rates for health care costs Dental Discount Plan – A discount discount plan Another discount plan – universaldiscountplan An Everyday Health article on someone’s experience with dental tourism List of things to consider for dental tourism A Billfold article on paying for a wisdom tooth extraction with an HSA Other Episodes you might find helpful How to choose a health insurance plan during open enrollment – information on HSA and FSAs from last week’s episode Mistakes not to make with health insurance – last year’s episode with Jake Hopper is still a relevant guide to different questions Your trump health insurance questions answered Reminder we’re on a mission to get those iTunes reviews and ratings up. It only takes 10 seconds to star a review. Here’s a link to our iTunes profile! Transcript We have transcripts for every single episode now provided thanks to the support of our Patrons in the Purrsonal Finance Society – you can become one, too! Learn more here. How to Save on Dental – 10.17.2018

Today we look at how to choose a health insurance plan – should you get a PPO, an HMO, or a HDHP? What is an HSA? And what do those acronyms mean anyway? What if you get free money from work? Open Enrollment is starting for many people! This is the time of year when you can enroll, so we are devoting multiple episodes this month to untangling the mess of American health care bureaucracy as part of our Health Care Month 2018. If you’re a non-US listener, here are some cute cat videos to watch instead. We are taking your health care questions all month on Oh My Dollar! The more questions you ask, the more Will learns. Send in to questions@ohmydollar.com or via twitter to @ohmydollar Acronyms in this episode: A PPO – A preferred provider organization – a typical American health insurance plan, where you have in-network and out-of-network providers as part of a “network” of doctors Usually easier to find doctors you jive with or who understand your particular needs May be your only option HMO – Health management organization – a bundled type of health insurance where the network and health insurance organization are integrated Can be good for someone who is “lazy” (AKA overwhelmed trying to figure out how to get care) – you’ll be assigned a doctor and treatment protocol -Often have integrated systems – all doctors can see the same records, pharmacy is linked to the doctors, making things easier Harder to get care that deviates for a “norm” – can be challenging if you have trans* health needs or want experimental/newer treatment for something You often can’t get anything covered to see a specific doctor unless they are part of the HMO plan or if you get a specific recommendation letter from your primary care  doctor. HDHP – High Deductible Health Plan – a type of health insurance where you have lower premiums and higher deductibles HSA – Health Savings Account – a type of health savings plan that is tax free (only for HDHP users) You can save with a Payroll deduction  Your company can contribute tax-free dollars for you (extra tax free income for you) It’s like a regular savings account, and you can keep it when you leave You can invest a portion of the account FSA – Flexible Spending Account – a type of health savings plan thatdoes not roll over year to year but can be used by most anyone regardless of type of plan   Things to Know When Shopping for Health Care Generally higher the premium, lower the deductible. Related Episodes: Your Trump Health Insurance Questions Answered Untangling COBRA and Healthcare.gov premiums Are Health Savings Accounts an evil Republican tax loophole or actual magic? Mistakes not to make with health insurance ft Jack Hopper (long cut) Thanks to our Purrsonal Finance Society Members on patreon, we now have transcripts! This Week’s Transcript

Even if you have poor or no credit, that doesn’t mean you’re stuck living in your parent’s basement forever. Here are some strategies for finding housing  when you have poor credit, and also some strategies for repairing your credit after missed payments. Listener Blair asks what to do after she missed some payments when underemployed, now ready to get out of her parent’s house and into a place of her own. This Show is Brought to You by our Listeners This show is supported by generous listeners like you through our patreon. This episode was underwritten by the Tamsen G Association, Warrior Queen, and Stephanie Powers. To learn more about ways to support Oh My Dollar! and get cool perks like exclusive livestreams and cat stickers, you can visit ohmydollar.com/support/ Or, even easier and $0 – leave us a review on iTunes!  Blair in Denver asks:  I am a long time lurking listener, first time emailer! I discovered your podcast after many personal finance resources made me feel anxious and afraid. Your advice made me feel like I wasn’t a failure, and like I could sort my priorities out enough to manage my financial goals. After graduating with a master’s degree in a large city in 2017, I hit an extreme period of underemployment. Despite applying for over 200 jobs in 3 months and a few promising interviews, I could not find full time work, and was trying to cobble together multiple part time jobs. With student loan repayments looming and less than $1,000 per month in income, I had to make the choice to move 1800 miles back home in order to save on rent. Though I am still underemployed, i am making about $10k per year more and have managed to make most of my accounts current, have paid off smaller bills, and even have enough discretionary funds to cover emergencies. After a year of aggressive networking and research, I finally have leads on a few jobs that would up my income significantly enough that I could afford to finally move out.   The problem is now my credit rating. My personal debt is very low and my student loans are current, but I had an account go into collections (which I am currently paying off via a payment plan) and have about 7 missed payments from when I was so underemployed I ate popcorn for dinner most nights (which dropped me from 100% payment history to 98%). Due to these factors, my score is under 550, and even if I pay off my credit cards and personal loan, my score will only rise an estimated 1-2 points. Because my market is so competitive, most companies and landlords require a score of at least 600. All of these changes are recently acquired, and I cannot live at home another 7 years while I wait for them to fall off my report. How should I go about trying to prove my creditworthiness to a landlord? Some strategies for finding housing with bad credit in a competitive market Be up front with any potential landlords about the bad credit before you start renting Save up a large deposit – cash talks when credit scores can’t Look for private landlord, who can usually be more flexible Ask for a co-signer, such as a family member Find a roommate with better credit and be a secondary leasee Look for apartments specifically advertised as “no credit check” or that say they approve low credit – there a

In a short episode recorded from a Hilton hotel closet in Orlando, Lillian shares some of her tips for traveling to conferences on the cheap – from flights, alternative accommodation, to using Instacart to get food delivered. This Show is Brought to You by our Listeners This show is supported by generous listeners like you through our patreon. This episode was underwritten by the Tamsen G Association, Warrior Queen, and Stephanie Powers. To learn more about ways to support Oh My Dollar! and get cool perks like exclusive livestreams and cat stickers, you can visit ohmydollar.com/support/ In this episode, I talk about: Getting groceries delivered to your hotel to save on food Travel hacking for fare deals Staying at hostels or airbnbs instead of hotel rooms Finding a roommate for a conference My super-pricey annual fee credit card and how it saves me money on travel expenses Using public transit For your pleasure, here is me crammed into the hotel closet recording this episode “Don’t go back in the closet, Lillian!” Resources from the Show Instacart food delivery– get food delivered to your hotel The IRS Per Diem Website (search by location) Scott’s Cheap Flights  – Cheap international flights mailing list The Points Guy – one of the best places to dig into rewards credit cards Reddit.com/r/churning/ Advanced-Level travel hacking card research Other Episodes You Might Like New Year’s Resolutions & Picking a Rewards Card How to quit your job and be freelance (Listener Questions) Money and Business as a Freelancer without “Selling Out”

In a casual interview episode, I’m joined by Mike Merrill. Mike, or KMikeyM, has been doing one of the longest-running art project on capitalism as the world’s first publicly traded person, selling shares of himself to friends and strangers for 10 years. Shareholders then vote on his life decisions. Having just launched my own experiment in community-based capitalism with Oh My Dollar!’s patreon, I thought I should get his advice. We talk about how his personal self-image fluctuates based on his share price, eliminating his personal credit card debt, finding your own “personal rap video” version of wealth, and why everyone should set a dollar bill on fire in front of an audience at least once. This Show is Brought to You by our Listeners This show is supported by generous listeners like you through our patreon. This episode was underwritten by the Tamsen G Association and Surreptitious Huggermugger Foundation. To learn more about ways to support Oh My Dollar! and get cool perks like exclusive livestreams and cat stickers, you can visit ohmydollar.com/support/ About Mike Merrill, AKA KMikeyM Mike Merrill is the world’s only publicly traded person, which means he sells shares in himself and allows the shareholders to vote on his life. He is obsessed with concepts and focuses less on practical details, leading to many half baked projects. He is currently “writing” a ghostwritten crowd-sourced fanfic about himself, lives in a cabin in Los Angeles, and had left technology to work in advertising. Disclosure: I coached Mike through some personal debt and was paid in “shares” of him, so I’m a shareholder. In this episode, we discuss: Index Fund of People  Is the whole stock market an art project? Should the cats that follow me on instagram get half votes on my haircut or double votes? Why money feels like wizardry and wealth is a spell How Mike’s self-value has ended up correlating to his stock value If you’re an anxious person, putting your retirement portfolio on autopilot Mike’s using the model of a stock market to represent a decision making engine Dressing in Brooks Brothers (as the personal embodiment of capitalism) in hyper-casual Portland How this project has changed Mike’s relationship to money (and it’s not really necessarily positive) Your own personal rap video and what wealth really means to you Why you should burn a $1 bill Resources from this episode: KmikeyM.com website – maybe you’d like to buy some stock! Alexa skill that says KmikeyM’s share price! Millionaire Next Door – a classic personal finance book, the largest survey ever conducted on the lifestyle of true millionaires (most clip coupons) Download your own “Things I want tracker” Other episodes your might like Curbing Impulse Purchases & Regrettable Spending– the original episode about the “Things I want Tracker” Budgeting Rule #1: You Do You– all about spending according to your own values (AKA “create your own rap video”)

Does financial uncertainty make you more creative or does it break your creative muscles? Lillian and Will reflect on their plethora of jobs, and Lillian justifies her choice to take a full-time temp job and launch a patreon for the show. (By the way we launch a patreon. Check it out!) Listeners weigh in on if they do better creative work when financially strapped or financially secure. Oh My Dollar! has just launched a membership program on Patreon! If you’re interested in supporting the show and getting access to exclusive perks like livestreams and stickers, you can find out more at ohmydollar.com/support/ Become an Oh My Dollar! Underwriter This show is supported by generous listeners like you through our Patreon. This episode was underwritten by Warrior Queen, the Tamsen G Association and Stephanie Powers. To learn more about ways to support Oh My Dollar! and get cool perks like exclusive livestreams and cat stickers, you can visit ohmydollar.com/support/ Resources mentioned in the show: Lillian’s transit map of all her jobs Other Episodes You might Find Relevant: – Managing Variable Imcome for Perpetually Anxious – The Art of Debt ft Cathy Byrd – Financial Mothers in History + Making Money as a Creator ft Jason Porath – Making a Living as a Performing Artist without Getting Famous  

Today’s guest is not to be missed. Cathy Byrd from Fresh Art International reinvented herself as an artistic nomad after she got laid off in her mid-50’s while in debt. She paid off all her debt a few months after unemployment, including short selling her house and despite being unemployed for 2.5 years, she emerged from unemployment with $22,000 in savings and a new career. We talked about the relationship between art and debt, what emerging artists need to do become financially successful, Cathy’s own story of debt and recovery, and some of the unbelievable relationships between wealthy institutions and exploitations of artists. We also discuss the relative employability of art history degrees. About Cathy Byrd & Fresh Art International   Reaching thousands of followers each week, the Fresh Art International podcast and radio show spotlight diversity in the world of art, design and film through conversations about creativity since 2011. Fresh Art International’s artistic director Cathy Byrd is a globally engaged independent curator and arts journalist with more than 20 years of experience in the field. Her writing appears in the Miami Rail, Art Papers, Art in America and Sculpture magazine. With more than 200 episodes to-date, Byrd’s Fresh Art International podcast documents creative practices at the center and fringe of art scenes across six continents and the Caribbean Archipelago. Listen anywhere you go for podcasts. Random bullets from the episode you might want to hear The relationship between working artists and debt Cathy went to art school 20 years after her first degree The need for artistic mentors in building financial viable art careers The pervasive “starving artist” narrative despite that art collection has always been a symbol of wealth The value of creative production at all levels – making money and not The value of “art history” degrees (and the historical relationship between rich women and art history degrees) Union organizing of adjunct professors in the arts  If we need art as humans, how do we make sure that artists keep making art Patreon as a new model for artists to monetize the following they already have Finding time to make art when you’re also looking for money to make art Cathy’s role now working with artists on the edge of emerging and seasoned to help create a career Links from the episode Fresh Art International’s excellent “Art of Capitalism” episode Occupy Museums: An art exhibit profiling artist debt and the links between the museum and their lenders Fresh Art International podcast Other Episodes You Might Find Relevant Making a Living as A Performing Artist without Getting Famous ft John Vergin: John’s never had a “real job” in his life, but he’s always made a living with music and art Budgeting on a Variable Income:  A comic artist wants to know some tips for budgeting despite her variable income and setting her patreon goals Money and Business as a Freelancer without

Kelly realized that she is doing “real investing” (picking individual stocks) and want to move into index funds instead (which is still investing!) But she’s not sure exactly how to do it. So we walk through how to build an index fund portfolio. Christina asks what she should do with extra money after she pays off her car note when she’s already finished her emergency fund and is contributing to a pension and 403B. Grab the Get Your Money Together cat-filled workbook at ohmydollar.com/book/ Resources mentioned in the show Mr. Money Mustache – blog with a silly name but excellent resources on early retirement Your Money or Your Life – Classic Financial Independence Book Other Episodes You might Find Relevant Everything you need to save for retirement in 30 minutes (if you’re under 40): Our most comprehensive episode on figuring out how to start saving for retirement The Government Will Pay You to Save For Retirement: If you have a below-median income, you may qualify for the Saver’s Credit for starting to save for retirement, which is FREE MONEY! How to quit your job and be freelance:  I answer what’s a Roth 401K and who should use it? Sticking to your budget despite peer pressure + the secret to saving money:  Why you might want both an IRA and a 401K.

Did you wake up one day and realize you’re accidentally a business owner? When you are a freelancer, you are the business. Danny Schuman accidentally ended up being an entrepreneur, and he figured out how to sustain himself even with the so-called “Worst Business Model of the World”. He shares his tips for freelancers on staying sane as a business owner. We talk about how to build a network when you hate networking, how to not freak out when you don’t know when the next money is coming in, and how to make money in business without “selling out”. He shares his super-easy tip for taking the emotional fear out of writing down a “fee” amount on a proposal without underselling himself. [Apologies for the slightly less great audio quality on this episode – we believe the content is worth it!] Other Episodes You Might Like As A Freelancer About Managing Money How to Quit Your Job and Be Freelance – All the steps you should take if you are preparing to go freelance – from setting up retirement, budgeting for lean times, to choosing business bank accounts, and more! How to Budget on Variable Income – How to set up and budget when you’re a freelancer whose income isn’t the same every month Variable Income for the Perpetually Anxious – I give some clear tips for handling budgeting when you’re a perpetually anxious human with variable freelancer income like me! How to Make Choices without Overanalyzing  – We specifically talk about choosing a bank, including choosing a business checking account (which you should have if you’re a freelancer!)  About Our Guest Danny Schuman This is Danny Schuman, our excellent guest on freelancer business tips Danny Schuman is a writer, marketer, and entrepreneur. He’s spent his career creating ideas to solve marketing challenges. He started his marketing consultancy Twist in January 2009 in the middle of the worst recession in the past 75 years, the first indication that he didn’t really know what he’s doing. Despite that, he’s spent the past 10 years helping big and small brands develop successful brand strategies, focusing their message, and bringing that message to the right people. Before Twist, Danny wrote and creative directed marketing campaigns that helped build iconic brands like Quaker Oatmeal, Coors Light, and Gatorade. He and Michael Jordan started working on Gatorade on the same day. Michael called Danny “Peanut Butter Jelly Boy,” but that’s a story for another time. His book The Worst Business Model in the World: A New Kind of Guide for a New Kind of Entrepreneur is available on Amazon!

Maddie asks how to pick a bank from all the different options: credit union, online bank, local bank, multi-national – how do you choose?! Choosing a bank is hard! Some things to consider: How often you need to deposit cash or checks too large for an ATM Hours of the bank Banking fees for holding account Minimum balance required Other account requirements (direct deposit or debit transactions) Your politics (would your rather have a bank or credit union?) – check out this list of political donations by banks How good the app or online access is (does it make your eyes bleed?) If they have credit builder cards If you want manual underwriting for a mortgage If you get free checks with the account Sign up bonuses! Some banks we mentioned (no referral links below, just information!) USAA (online only bank for military and immediate family) Ally Bank (online bank with high yield checking accounts) Simple (online bank with budgeting tools built in) My local Portland credit union with free business checking accounts Chase bank sign up bonuses (currently $200 or $300) via Nerdwallet Automatic savings accounts from Acorns and Stash Credit builder cards (google “credit build credit union” and your state’s name!) I print all my checks at home directly from Word. It streamlines a lot of processes for me! If you want to print your own checks, here’s check paper! As always, please write in with any show questions to questions @ ohmydollar (dot) com – and let us know if you don’t use a bank or how you chose the one you have now!  

Lillian goes on a calm rant about the common refrain that you simply need to work on your “money mindset” to improve your financial outcome…while also talking about the value of it. We’re a big fan of this episode’s sponsor, Haven Life. If you’re interested in getting financial peace of mind for your family for an affordable price, get a quote at welcome.havenlife.com/omd