Latest / Bill of Health / Your Healthcare is Destroying Your Wealth — How to Fight Back (Bill of Health Ep.1)

Transcript

Your Healthcare is Destroying Your Wealth — How to Fight Back (Bill of Health Ep.1) · Bill of Health

• 0:00
  Think about the biggest financial decisions you make in life.
• 0:04
  Buying a home, saving for retirement, putting your kids through
• 0:07
  school, investing for the future.
• 0:09
  Most of these decisions come with tools, transparency, and a clear path forward.
• 0:15
  But there is one massive financial black box that threatens the security
• 0:19
  of nearly every American household.
• 0:21
  That's healthcare and health insurance.
• 0:24
  Healthcare in America has become a maze of confusing terminology,
• 0:27
  hidden costs, and complex mechanics.
• 0:30
  And too often, we're conditioned to become passive users of this system
• 0:34
  instead of empowered consumers.
• 0:37
  Now just think for a second.
• 0:38
  If I told you to go out and buy a color TV, sorry, color TV probably shows my age.
• 0:43
  If I sent you out to buy a TV, you would have to decide if you wanted a smart TV.
• 0:48
  Do you wanna talk to the space station or do you just wanna watch
• 0:51
  Real Housewives of Atlanta, right?
• 0:55
  You would shop, you would check with stores, you would
• 0:57
  go and find consumer reviews.
• 0:58
  You would do your homework before you made that decision.
• 1:01
  Do you do that for healthcare?
• 1:03
  That is why this show exists.
• 1:13
  Welcome everyone to the Bill of Health Podcast presented by Core 360 Benefits
• 1:17
  Group, your independent guide to navigating individual marketplace and
• 1:21
  short-term medical plans, Medicare options, health shares, and custom
• 1:26
  small business supplemental solutions.
• 1:28
  Bill of Health was created to pull back the medical curtain and
• 1:31
  simplify the language, systems, and decisions that impact your
• 1:35
  health and your financial future.
• 1:37
  Now, whether you're covered through your employer, you have healthcare through
• 1:40
  your job, or you're purchasing your own health insurance, or you're getting ready
• 1:44
  for Medicare, this show will help you navigate those decisions with confidence.
• 1:50
  Friends, I've spent more than 30 years helping people understand money.
• 1:54
  My background includes banking, financial services, investments,
• 1:58
  and financial literacy coaching.
• 2:00
  I hold a degree in economics.
• 2:02
  I'm a graduate of the Graduate School of Banking at LSU, and I'm a certified
• 2:06
  financial education instructor.
• 2:08
  Now, throughout my career, I've noticed something troubling.
• 2:12
  People will spend years, years, decades carefully building wealth, only to
• 2:18
  have a single medical event or a poorly understood insurance decision threaten
• 2:24
  everything that they've worked for.
• 2:27
  I've seen young families overwhelmed by high deductibles and insurance
• 2:31
  plans that they didn't understand.
• 2:33
  I've seen pre-retirees postpone retirement simply because they were afraid of losing
• 2:39
  their employer-sponsored health coverage.
• 2:41
  Now, eventually, I realized that one of the greatest gaps in
• 2:44
  financial education wasn't stocks and bonds and mutual funds and ETFs.
• 2:49
  It wasn't investing.
• 2:50
  It was healthcare.
• 2:52
  Now, today, as an independent broker representing several multiple health,
• 2:56
  life, and supplemental insurance carriers, I help consumers evaluate options based
• 3:00
  on their needs, not the needs of the health insurance company, but their needs.
• 3:05
  I believe health insurance isn't just a medical card that you give to the
• 3:08
  receptionist at the doctor's office.
• 3:11
  It's a critical part of your overall financial architecture,
• 3:14
  and it should be treated like that.
• 3:16
  Folks, the mission of healthcare is more than professional for me.
• 3:20
  It is deeply, deeply personal.
• 3:23
  I haven't simply studied healthcare and health insurance from
• 3:25
  textbooks or from my clients.
• 3:28
  I've lived through the reality of catastrophic illnesses and
• 3:32
  the overwhelming complexity that comes along with it.
• 3:35
  My late son, Cade, battled cancer, and during that journey, our
• 3:39
  family experienced the emotional, physical, and financial strain
• 3:43
  that so many other families face when confronting a medical crisis.
• 3:47
  I've sat in hospital rooms, I've sat in clinics, I've sat in the
• 3:52
  waiting rooms of surgical centers.
• 3:54
  I've been through it all with my son.
• 3:57
  I've opened six-figure medical bills.
• 4:00
  I've experienced firsthand how confusing and intimidating this system can be
• 4:04
  when families are trying to focus on what matters most, and that's caring
• 4:08
  for someone they love No one, absolutely no one should have to make a major life
• 4:15
  decision based on fear and confusion.
• 4:18
  No one should feel powerless because they don't understand how the system works.
• 4:23
  That's why I'm here.
• 4:25
  I'm here to help navigate these challenges, help you navigate these
• 4:27
  challenges with greater knowledge, confidence, and an aspect of control.
• 4:33
  On every episode of Bill of Health, it'll be built around one simple principle,
• 4:38
  putting consumers first, and we're gonna organize our conversations around
• 4:42
  five core tenets or five core pillars.
• 4:45
  The first one, health insurance 101.
• 4:47
  Understanding deductibles, co-pays, co-insurance, out-of-pocket maximums,
• 4:52
  and all the other critical concepts that go along with health insurance,
• 4:56
  and this would be perfect for someone who's just entering the workforce or
• 4:59
  someone who's been around a lot longer who just doesn't quite have a perfect
• 5:03
  understanding of what those concepts are.
• 5:05
  The second tenet or pillar is the individual marketplace.
• 5:09
  I'm gonna help consumers navigate the ACA marketplace or what we call
• 5:13
  Obamacare, help you understand what the subsidies are, help you understand
• 5:17
  what off-exchange alternatives are.
• 5:19
  Also help you understand what are alternatives to Obamacare, things
• 5:24
  like short-term medical plans.
• 5:26
  The third pillar, and an important one, is Medicare.
• 5:29
  I want to help you make sense of Medicare Part A, Part B, Part C,
• 5:33
  and Part D, and the supplemental alphabet soup that goes along with it.
• 5:37
  I want to help near retirees or retirees make informed decisions.
• 5:43
  I also want to talk about alternatives to traditional insurance.
• 5:48
  I want to explore topics like health share programs, direct primary care,
• 5:52
  and other emerging healthcare models And the last tenet, a big one, an
• 5:57
  important one, it's consumer advocacy.
• 6:00
  I wanna provide practical strategies for lowering your overall healthcare
• 6:04
  costs, for auditing your medical bills, for understanding site of care options.
• 6:10
  Site of care, what the heck does that mean?
• 6:12
  Well, have you ever had to have your blood drawn for labs?
• 6:15
  Did you need to go for an X-ray or a CAT scan?
• 6:19
  And did you have to go for an outpatient procedure like a colonoscopy?
• 6:22
  Did you go exactly where the doctor told you to go, or did you shop around like
• 6:27
  for that TV we talked about earlier?
• 6:29
  I wanna help you make smarter decisions and become an overall
• 6:33
  smarter healthcare consumer.
• 6:35
  That's a big part of this show.
• 6:37
  Also, in every full-length episode, we're gonna open up the jargon jar.
• 6:40
  Goodness, this insurance business is full of jargon.
• 6:42
  We're gonna take one confusing healthcare or insurance term, and we're gonna
• 6:46
  translate it into plain English.
• 6:48
  That way, you can actually use that information to help you make better
• 6:52
  decisions because understanding healthcare, it absolutely
• 6:56
  should not require a dictionary.
• 6:59
  More episodes are coming soon, beginning with a deep dive into
• 7:01
  one of the most misunderstood concepts in health insurance, the
• 7:05
  ghost deductible, bum, bum, bum.
• 7:08
  That's gonna be an interesting topic.
• 7:09
  Hope to see you there.
• 7:11
  To learn more about health insurance options, Medicare planning, healthcare
• 7:15
  consumer strategies, or to schedule a consultation, I want you to go
• 7:19
  to www.core360benefitsgroup.com.
• 7:25
  It's a mouthful, www.core360benefitsgroup.com.
• 7:31
  Also, be sure to subscribe, rate, and do us a favor, review The
• 7:35
  Bill of Health on Spotify, Apple Podcasts, or wherever you listen.
• 7:40
  My friends, if you're ready to stop navigating healthcare blindly, you
• 7:43
  wanna start making better and smarter healthcare decisions for yourself
• 7:46
  and your family, subscribe today.
• 7:48
  You can also follow me on Instagram and TikTok at billfythehealthinsuranc
• 7:52
  guy for practical healthcare tips, price shopping strategies,
• 7:55
  and consumer advocacy insights.
• 7:57
  I wanna thank you for joining me for the launch of Bill Health.
• 8:00
  I want you to be smart, shop smart, and protect your wealth.
• 8:05
  We'll see you in the next episode
• 8:14
  This podcast is provided for educational purposes only and
• 8:16
  should not be considered legal, tax, investment, or insurance advice.
• 8:18
  Individual circumstances vary, and the listener should consult qualified
• 8:20
  professionals regarding their specific healthcare and financial situation.
• 8:21
  Opinions expressed are those of the host and guests and do not necessarily
• 8:24
  reflect the views of any insurance carrier or affiliated organization