Friday  |  August 3  |  2018

UniFi

The UniFi team after open enrollment.

Come at me bro.jpeg

MARKET WATCH:
*Market indexes are the value of certain stocks which represent the overall stock market. Learn more here.*

S&P 500  (Standard’s & Poor 500 ): Made up of the 500 most widely-traded stocks in the U.S. +13.86 (+0.49%)

Yesterday, Apple Inc. became the first U.S. company to surpass $1 trillion in market value. The shares of the iPhone conglomerate rose to $207.39 at midday (up 2.9%) passing that $1 trillion milestone and making history. Way to go, fruit.

IN THE NEWS:

Investors who bet against Tesla are coming up short, and it’s mostly because of Tweets. Tesla CEO Elon Musk is a tweety bird, with an average of six tweets a day, making him second only to Salesforce.com CEO Marc Benioff in tweet volume. Many of his tweets take aim at investors who are betting against, or shorting, Tesla stock. Typically when you invest you take a “long” position, hoping that your stocks will become worth more over time. When you “short” stocks, you bet that a stock price is about to decrease. More on that here. The things about Musk’s tweets at investors is that they almost inevitably cause Tesla's stock price to rise, which means anyone who shorted the stock loses money. That’s bad for those investors, and it’s some pretty powerful tweeting.

Does your healthcare bill seem too high? It is. Americans are spending more money per capita on healthcare than any other developed nation, and our outcomes are less than thrilling. We get the same outcomes and care as countries who spend half as much. What is up?! For one thing, U.S. administrative costs are high and 80% of them are linked to the complexity of dealing with multiple public and private insurers. Individuals also pay most of their money to insurance companies as opposed to doctors or hospitals, which makes it harder for them to judge costs and pick the cheapest options in services and medications. The sector is also powerful enough to resist change. Healthcare made up 16% of the total revenue of companies within the S&P 500 last year, and overtook retail as the largest sector for employment earlier this year. For cheaper bills and better results, might we recommend Switzerland?

MONEY TRICKS ANYONE CAN TRY:
*Do you have money tricks to add to the pile? Drop us a line.*

UniFi user Courtney Miller (@fitfunandfunky) was looking for motivation for sticking to her budget - so she found herself a budget buddy! Now she phones a friend each month to compare spending, get encouragement, and make sure she stays on track. Anyone else thinking of finding a budget buddy? Dibs on Elon Musk.

LEARN IT:

DEFINITION OF THE DAY

Open enrollment: The time each year when you can make changes to your insurance coverage, and learn about any changes your employer is making to your benefits plans.

It’s open enrollment season! At least for some of you. That’s the time when you bet on your likelihood of sustaining serious injuries and remember that you aren’t saving enough for retirement. Engaging, relaxing, super fun stuff. We can’t help you with predicting your medical future, but we can help with some of the language that makes health insurance so confusing.

1. Premium: This is the amount you pay every month to have health insurance. If you get insurance through work, your employer takes it out of your paycheck even before they pay you.

2. Deductible: Imagine someone is holding a clipboard and writing down all the money you spend on medical things in a year. At the beginning of the year, you pay the bulk of your medical expenses. Once you spend a certain amount, called “hitting your deductible,” insurance steps in and starts paying a bigger percentage of the costs. The tricky part here is that some expenses, like the premium you pay each month, don’t count towards your deductible. And what counts can change depending on your plan.

3. High deductible plan: This term has been thrown around a lot lately. Here’s why. Your employer will typically offer several different health insurance plans. Generally the less you pay each month (low premium) the more you have to pay out of pocket before insurance kicks in (high deductible). The reverse is true too-plans where you pay more each month require you to pay less at the doctor’s office. If you’re young and don’t go to the doctor much you may want to choose the plan with the highest deductible. It’s more money for you, and it often comes with an HSA which can help you save for retirement.

4. Max-out-of pocket: Once you hit your deductible your insurance will start paying more. But what if you get attacked by a shark in Jersey and your bills go through the roof? Insurance has you covered. The max-out-of pocket amount is the most you would pay in a year. Once you hit this amount insurance will cover 100% of your medical bills.

5. Copay and coinsurance: Last terms of the day! For certain medical expenses, you split the bill with your insurance. A copay means you pay a flat rate (like $20) and insurance covers the rest. Coinsurance is similar, but you pay a percentage (maybe 20%) and insurance covers the rest.

It seems to me that now you are the expert, Mark.

YOUR TURN:
*This section is not sponsored by any third parties. These are our pure, honest opinions on what we think is easy and works best!*

Curious to learn more about health insurance? Watch the YouToons break it down even further for you in this silly video.