11.25.19 Workers fleeing big cities; Avoid this health insurance with terrible coverage

The Clark Howard Podcast

Clark Howard

Investing, Entrepreneurship, Business

4.6 • 5.2K Ratings

🗓️ 25 November 2019

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Even with solid education, skills and jobs, it's difficult for many in high-cost cities to live without wheezing financially all the time, often with dim prospects of home ownership. Especially in the NE, DC and the I5 corridor from Seattle to SanDiego - people work hard to just tread water. If this is your situation, think about relocating. Even taking a lower paying job in a community with a much lower cost of living can pay off, and allow for home ownership. If such a move buys you a better lifestyle and allows you to accomplish financial goals, it can be worth it. More companies are relocating or establishing branches in lower cost areas for their employees- who want an affordable life often not found on either coast. There’s a type of health insurance originally designed for young adults between jobs. These were designed as temporary policies. They exclude pre-existing conditions and generally don’t cover major illnesses. Because of a loophole in the law, unethical insurers are selling these policies to anyone, renewable up to 3 years. Only when someone is down do they find out they have no real coverage. These policies are cheap, don’t have big deductibles and cover routine care. So people think they’re great …. until. Stories have emerged of people facing huge medical bills forcing them into bankruptcies. Relatively brief hospital stays aren’t covered and can be billed in the hundreds of thousands of dollars. There are tight limits on what these policies cover and a long list of exclusions. These policies are marketed as health insurance, but are NOT real health insurance at all. They pretend to cover you, but the low premium you pay isn’t worth it. There’s not a free lunch. The real issue is dealing with the cost of health care itself. Clark will be forthcoming with his solutions to get the cost of healthcare down. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Crypto doesn't sleep, so neither do we.
0:04.0	Crack-and-client support is available 24-7, 365 days a year by call, chat, or email.
0:11.0	We're here for you whenever you need us.
0:13.0	Give us a shout at crackin.com forward slash support proof,
0:17.0	not investment advice. Crypto trading involves risk of loss.
0:22.0	Great to have you here on the Clark Howard Show where it's all about you and that wallety yours.
0:25.0	I want you to learn ideas to me so you can save more and spend less.
0:28.0	And don't let anyone ever rip you off.
0:31.0	Coming up later, and a big rip off alert, you need to know that there's a lot of crummy health insurance policies being petdled around the United States.
0:34.0	That are the most important things that you can do.
0:37.0	And don't let anyone ever rip you off.
0:40.0	Coming up later, and a big rip off alert, you need to know that there's a lot of crummy health insurance policies being petdled around the United States
0:50.0	that are absolutely destroying people's lives and finances.
0:56.0	I want to talk right now about how difficult it is for so many people in high-cost cities who have great skills, good education, good jobs to live a life where you're not wheezing financially all the time.
1:15.0	In many cases where it feels like you'll never be able to own your own home.
1:21.0	This is a problem in quite a few cities now, especially in the Northeast and Washington, DC, and up and down the I-5 corridor from Seattle to San Diego where no matter how hard you work, it just feels like you're never going to be able to establish a life of permanence,
1:50.0	a place of your own and the rest.
1:53.0	I want to have you think about a possibility.
1:57.0	Just think about this. If you're in an ultra-high-cost market and you just can't seem to accomplish the goals you want, I know this sounds crazy and weird.
2:11.0	But even taking a job that pays less in a community with a much lower cost of living where you can afford to buy a home if that's a goal of yours, you can maybe have much better commuting, much lower costs.
2:31.0	It's something that can really work for you potentially and it's a weird thing to say, yeah, I'd like to make less money.
2:43.0	But if the money you make moving somewhere else effectively buys you a much better lifestyle and allows you to accomplish the things you want to accomplish, it can really be worth it.
	...

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