NerdWallet's Smart Money Podcast - Open Enrollment 2026: How to Choose Dental, Vision, Life and Disability (Plus: When to Refinance a Home)

Episode Date: November 6, 2025

Learn how to pick dental, vision, life, and disability coverage with confidence, and when refinancing a home can actually save you money. Is now a good time to refinance your mortgage? Which open enrollment benefits are worth it this year? Hosts Sean Pyles and Elizabeth Ayoola talk to an expert about the ins and outs of open enrollment in 2026. But first, news Nerd Anna Helhoski joins them to share her conversation with NerdWallet mortgage writer Holden Lewis about falling mortgage rates and what they mean for buyers, sellers, and homeowners. They begin with a discussion of refinancing and today’s housing market, with tips and tricks on using a refinance calculator, how much of a rate cut to target, weighing closing costs and the break-even timeline, and other smart reasons to refi. Then, benefits expert April Brasher, knowledge advisor at the Society for Human Resource Management (SHRM), joins Sean and Elizabeth to discuss open enrollment choices beyond health insurance. They discuss what dental and vision plans usually cover and what they don’t, how and when to add to group life insurance provided by some workplaces, and how disability insurance works. They also discuss when accidental death and dismemberment (AD&D), hospital indemnity, and critical illness policies can make sense, how to avoid being over-insured, and why taking a quick personal and financial inventory before enrollment deadlines helps you choose only what you need. Want us to review your budget? Fill out this form — completely anonymously if you want — and we might feature your budget in a future segment! https://docs.google.com/forms/d/e/1FAIpQLScK53yAufsc4v5UpghhVfxtk2MoyooHzlSIRBnRxUPl3hKBig/viewform?usp=header In their conversation, the Nerds discuss: mortgage rates, refinance mortgage, refinance break-even, FHA mortgage insurance, remove FHA MIP, conventional vs FHA loan, housing market outlook, best time to buy a house, home buying season, mortgage closing costs, homeowners insurance shopping, lower mortgage payment, Fed rate cuts, housing inventory, open enrollment, dental insurance, vision insurance, life insurance through employer, supplemental life insurance, beneficiary designation, evidence of insurability, AD&D insurance, disability insurance, short-term disability, long-term disability, own occupation vs any occupation, hospital indemnity insurance, critical illness insurance, high deductible health plan, and limited purpose FSA. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [e-mail]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

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Get your first year for $2.50 a month. Learn more at pceexpress.ca. Here's a riddle. What are your teeth, your eyes, and your pets have in common? They all can use some insurance. Today, part two of our series on all the choices you're making during open enrollment. Welcome to Nerd Wallet's Smart Money Podcast, where you send us your money questions and we answer them with the help of our genius nerds. I'm Sean Piles. And I'm Elizabeth Ayola. Later this episode, we'll be reviewing all the decisions you have to make, during open enrollment season, including weather and how much insurance to get for your eyes and teeth and for your life.

But first, our weekly Money News Roundup, where we break down the latest in the world of finance to help you be smarter with your money. Our news colleague, Anna Hilhouski, is back with us. Hey, Anna. Hey, Sean. Hey, Elizabeth. I want to call something out. Every time we have you on, we say that you are our news colleague.

Someone wrote in and said, hey, what do you mean she's your new colleague? You've had this person on for ages now. And you are, in fact, the most tenured nerd on this podcast recording right now. You've been here for, what, over a decade? I have been here 11 years, if you can believe it. I was so young when I started. And not so much the case now. Still young.

Ever so slightly less young. Yeah. Exactly. Exactly. So, no, I've been here quite a long time. Yeah. So, yeah, just wanted to clear the air on that because you are not a new colleague. You are an old colleague, but you are our news colleague.

I appreciate that. as the S, especially pronouncedly, going forward. So, Anna, today we're going to talk about the housing market because it's showing signs of waking up. Yeah, mortgage rates are quietly falling again. And with that gradual decline, refinancing is making a comeback. Now, the rate decline raises some new questions for homeowners and homebuyers. Is now the right time to refinance? Will cheaper borrowing loosen up the housing market?

So today, Nurbalot Mortgage writer Holden Lewis is here to talk more about what the recent drop in mortgage rates really means for buyers, sellers, and homeowners. Holden, welcome back to Smart Money. Hey, it's great to be here. So some recent data shows that 30-year fixed mortgage rates have fallen and refinancing is surging. So first off, how significant is this drop? Okay, here's what's significant about it is that this rate drop sneaked up on people.

When you look back at July 4th, mortgage rates have fallen half a percentage point since then. Well, you know, that's four months. I have a percentage point is a pretty big drop, but over four months, it's a little bit hard to notice. And so people are actually starting to realize now that mortgage rates have fallen, and for a few people, it might be time to refinance just to take advantage of those lower rates. Unfortunately, most mortgages are not refinanceable right now, and by that, what I mean is that rates just haven't fallen enough. But a few homeowners can save by refinancing. I mean, activity has doubled from a year ago. I think last week, the Mortgage Bankers Association said that refinances are 111% higher than the same week, 52 weeks ago.

And so people are actually starting to catch on. With refi activity rising, what should homeowners consider before deciding whether to refinance their mortgage? You said that most mortgages aren't refinanceable. The main thing to do is just run the numbers through a mortgage refinance. calculator. So, you know, you're looking at how much do you owe right now. You can find that on your latest bill. What is your interest rate? And then what are interest rates right now? You can plug those numbers into refinance calculator and just see what's up. I mean, generally speaking, you want to cut your interest rate by at least a half percentage point, really preferably at least three

quarters of a percentage point, to make it worthwhile. And we can talk about what worthwhile means in a second. So lately, rates have been between 6% and a 6 and a quarter percent. So refinancing appeals to borrowers who have rates around 6 and 3 quarters percent, 7 percent, or higher. That's not a ton of people. It's fewer than 20 percent of people with mortgages. That said, think about how long you plan to keep the home. If it's just two or three years, a refinance, maybe it's not going be worth it. And here's why. You have to pay fees when you refinance. You know, I mean, any mortgage has fees associated with it. It could be 2% to about 6% of the loan amount for refinance. It's kind of on the lower end of that. And so when you pay those fees up front, what you want is for your monthly

savings to eventually exceed those fees you paid at your break-even period. It's usually a few years. And so if you think that you're going to sell the house within the next two or three years or so, you're probably not going to break even on a refinance. So it's going to take more than two or three years. What's typical? Typical is anywhere from like four to six or seven years. That's not always the case. I have a nephew who had a VA loan. He did VA refinance. And the fees were basically zero. And his interest rate reduction was so much. that it paid itself off in like two months. That was in 2019. That was a situation where he actually had to get married to his partner

so they could qualify for the VA loan. It's pretty wild. So for homeowners who have some of those older loans, and those older loans have higher rates, what's going to make refinancing worth it? So the main thing, of course, that's going to make refinancing worth it is, hey, you have a rate that's above 7%,

you're going to refinance to like six and a quarter percent. Yeah, okay, you'll save money every month. And if you plan to keep that house for a long time, sure, that's a good reason to refinance. But there's other reasons to refinance. One is if you have an FHA loan, when you have an FHA loan, federal housing administration, you are paying monthly mortgage insurance. This isn't private mortgage insurance. This is mortgage insurance that you're paying to the government. And the thing with the FHA is that you cannot cancel the mortgage insurance. You can if you have private mortgage insurance, but not with the FHA. So how do you get rid of FHA mortgage insurance? You refinance the loan into a conventional loan. So that might be a reason for some people to refinance is like they have more than 20%

equity in the house so they can refinance and get rid of those FHA premiums. And then another reason that a lot of people refinance is to get someone off of the loan paperwork, like an ex-spouse. You know, you get a divorce, you want to refinance the mortgage to get your ex off the loan. So that's a big driver, actually, of a lot of refinances. Let's talk a little bit about potential rate drops in the future. So last week, the Fed made its second rate cut of the year. And it's pretty widely anticipated that there will potentially likely be. another rate cut at its meeting in December. Now, mortgage rates have been coming down for a while.

So do you see the recent Fed cuts fueling a further drop? I really don't. I'm not happy to say that, but mortgages basically, they see where the Fed is going and they race to beat the Fed there. And the mortgage market has been assuming until recently that a December Fed rate cut was pretty much a done deal. That doesn't look like it's a certainty at all, and I'm pretty sure that the Fed is not going to cut in December. And so what you're seeing is the mortgage market is reacting to that by kind of plateauing. Rates are plateauing. They might even rise a little bit. The Fed might cut, probably will cut further in 2026. And so you might see rates fall when the Fed is sending signals that, yes, we're going to cut in the spring. Yes, we're going to cut in the summer,

but for the time being, rates might plateau. So you wrote an article recently pointing out that mortgage rates and the supply of homes for sale are linked. So when rates fall, more homes tend to hit the market. So do you think we'll see an increase in housing inventory or is there a lag? You know, it really depends upon the time of year. So when rates fall in the spring and the summer, that's home buying season. Home sellers and home buyers jump on that. Home sellers go, oh, mortgage rates have fallen. I know that there's going to be buyers coming out of the woodwork to buy houses, so I'm going to list my house for sale. But this time of year, like especially during the holidays, sellers aren't as eager to sell. I mean, who wants to decorate their house

and then have people walking through it, right? And buyers aren't really enthusiastic about it either. So you might seek a lag this time of year. I mean, I do expect to see more buyers and sellers next year, especially after the Super Bowl. I mean, I know that sounds kind of strange, but like a lot of house hunting happens on the weekends, and a lot of people are watching football on the weekends in December, January, and end of February. And honest God, the Super Bowl happens the next week. There's a lot more people looking at houses. I really didn't know that.

For buyers who've been holding off and they're waiting for rates to fall and they want to see if there's more inventory that's going to be opening up, is now the time to dive in? Is it more of a watch and wait scenario? All right, so if you're buying a house,

November to January is actually a good time to buy a home. Here's why. Sellers are motivated. I mean, if you're selling a house in December, it's pretty much because you have to, not because you want to. So the sellers are motivated, more willing to make a deal. Buyers face less competition and buyers have less inventory to choose from. That's true. But the sellers

do tend to be cooperative to put kind of a nice spin on that. I mean, the sellers are going to be pretty willing to make a deal if they're really, really eager to sell that house during the holidays. So unless you are someone who is pretty desperate to sell, it's not a good time to sell for the next few months. Yeah, if you can wait, wait until the spring. I mean, I think about two personal experiences of mine. In August of last year, I contacted a realtor and said, hey, I want to sell this house that I inherited.

And the realtor said, okay, that's fine. You're contacted me at the end of home hiding season. If you're not in a hurry, wait until April. April's a great month to list a home. and, you know, I was a little bit slow, and I listed in June, but, you know, the thing sold in 18 days, so I can't complain. But like the point being, home buying season does end around August, early September. And so, yeah, you know, if you can wait until this spring, that's probably the better time. What's one piece of advice that you'd give to someone with a home loan right now?

What should they do? Most people right now are really not in the money to refinance. Their mortgage rate right now is just too low to justify refinancing. If you are looking for ways to reduce your monthly house payments, one thing to do is to shop for home insurance. Your homeowner's insurance premium, it's a really big part of your monthly payment. And if you can shop and get a different policy at a lower premium, eventually your monthly payments will go down. It's maybe not as effective, maybe not as big of a drop as refinancing to a lower rate. But it is a way to save money, is to comparison shop, home insurance, and look for a lower premium. Well, then Lewis, thank you so much for your time today.

All right. You're welcome. And thank you, Anna, our news colleague. Up next, part two of our series on Open Enrollment. But before we get into that, a reminder, listener, to send us your money questions. Maybe you want to refinance your mortgage, but aren't sure how to shop around for the best lender. Or you're about to start a big, new chapter of your life and want some tips to make most of this opportunity. Whatever your money question, leave us a voicemail or text us on the NerdHoutline at 901-730-7373. That's 901, 730, and ERD.

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of a two-parter about open enrollment. We brought you all you need to know about signing up for health plans in part one. Today, we're tackling all other kinds of insurance you might be choosing. This could be everything from whether you need additional life insurance to dental and vision insurance, because for some reason, our system doesn't include our eyes and teeth with the rest of our bodies and our health insurance. So today, we're talking with April Brazier. She's a knowledge advisor with the Society for Human Resource Management, or SHRM. April, welcome to smart money.

Thank you so much for having me. I'm so excited to be here. Let's start with what Elizabeth was saying about having separate insurance for our eyes and our teeth. Can you talk with us about why the system is set up that way? Because, you know, I'm not a doctor, but I'm pretty sure that my eyes and my teeth are part of my body. So why aren't they part of my health insurance? That's a really good question, Sean. And definitely happy to answer or at least provide some information on why that could be.

So historically what had happened was when insurance plans, were originally put together, medical doctors had their own type of coverage, and they had their own credentials. And so dental and vision kind of went along with that. Now, medical is usually meant to cover emergency. So you're going for regular visits also, but you're going for emergency room, hospital visits, surgeries. Whereas dental and vision is much more preventative. So in most cases, we're not having emergency dental surgery. We're doing maintenance, making sure we're getting cleanings and those types of things. So that's one reason why they're separate because there's somewhat separate policies. The other option is that separating them allows people to choose,

kind of like an olig heart, what plans that they want to have. So oftentimes now there are people that are married. They may have medical through their own company, but maybe the dental vision isn't so great. So their spouse may have dual coverage. So it kind of helps people to choose, what they really need to have. Can you walk us through what we need to know about dental and vision insurance? Like what terms are people likely to come across that might need some explaining and generally what's covered and what's not covered? So a lot of the terms that you will see in dental and vision are similar to what you'll

see in medical coverages. For example, premium is a common one that we see. Premium is basically what you pay each month for the actual coverage. deductible is what you have to pay out of pocket until the insurance kicks in. This can be a high deductible, low deductible, just really depends on the coverage that you choose. Co-pay and co-insurance, in my experience working in benefits, copay and co-insurance were really confusing for people because they're so similar sounding. So a co-pay is a fixed fee for a service. So for example, you go into the doctor and you pay a $10 copay to go see your doctor. Co-insurance is

where you pay a percentage of the cost once you meet your deductible. So co-pay is a fixed amount. Co-insurance can vary depending on the type of service. So tell us a little more about what tends to be covered here and what's not covered. For dental, typically what's covered is going to be your preventative. So your cleanings, your fillings, x-rays. Those are usually covered at 100%. Most of the time you don't have to pay a co-pay for those because they're considered preventative. The major procedures are ones that are not going to be covered, or if they are covered, it's going to be at a very low amount. So crowns. Yeah, that's one of the most frustrating things about dental insurance. I had a root canal a couple of years back, and I paid a lot of money

for it. Yes. Same. Yeah, you did too. Yeah, it can be up to 50% at if at all. So some members will do other additional plans, things like limited use FSA plans to help cover costs for incidentals like that. May not be covered, things like cosmetic, like teeth whitening, or braces. Sometimes those aren't covered unless there's an add-on. And then when it comes to vision insurance, it seems like there are some types of procedures that might be covered, but newer forms of technology maybe aren't covered. I'm thinking about how when I go to the eye doctor, which I've been going to for many years, since I have such a bad vision, when I was a kid, I would have that little blow test on my eye to test whatever is going on in my eye.

and now they do a scan, but I have to pay, I think, $35 for that scan that is more comprehensive, but, again, my insurance won't cover it. And that may depend on the type of policy that you have as well. Most vision plans will cover exams, but they're not going to be covering things like the LASIC eye surgeries. And it's kind of an important point to mention here that dental and vision is really about maintenance. It's not about emergencies. It's not really necessarily about specialties. So when you go to get vision insurance, you're usually allowed one pair of glasses, one pair of frames, or contacts if you choose those. If you lose them, if you break them, you're out of pocket for that. So while they're inexpensive, they're pretty limited on what you can actually get.

But that's because they're relatively inexpensive. So what I'm hearing, April, is if I want fancy glasses, a second pair of fancy ones, that's on me. Pretty often, yes. Unless you have a really, really good vision plan. All right, let's move on from eyes and teeth and talk about some of the other insurance decisions people need to make during open enrollment. Maybe the kind that's supposed to help protect your income if something happens to you and you can't provide for yourself for your family. In other words, you're either disabled or you die. Now, Sean and I outlined some of this in a previous episode, but April, let's walk people through this and start with life insurance.

How does it work when you're getting it through an employer? When an employee starts at a position, an employer may already have group insurance or group health insurance. And it's usually a free policy at about one time your salary. So that's a pretty common amount. For example, if you earn $80,000, if something should happen to you while you're working with the organization, your beneficiaries would be paid $80,000. And I think you mentioned about beneficiaries, Elizabeth. It's really important that when you have life insurance policies that you do add a beneficiary, because if you don't, it can get stuck in probate and nobody knows where this needs to be paid out to. So that's a really, really important step. And often in open enrollment, you can't

finish open enrollment before you add those beneficiaries. Kind of an important part about doing this with the employer is there's usually no medical exams because it's a free benefit. So there's usually not medical exams that are required. One important part about this, though, is once you leave an employer, that's gone too. So it doesn't necessarily go with you. Yeah, I will say some plans are what's called convertible. So you can maybe take what is a group term life and turn it into your own whole life. And that's nice because sometimes you still won't have to have a medical exam for this, but going from term to whole can be a pretty expensive conversion typically. Yes, it is. And I'm glad you mentioned that, Sean, because there are some plans that are portable and there are

some plans that are conversions. Unfortunately, those are often much more expensive to transfer those into your own individual policy than it would be if you were paying for it with your employer. And is there anything else that folks should know about what's included in one of these group life insurance plans? We have a basic group life insurance plan here at NerdWallet, and the coverage isn't great. I want to say it's just $50,000 for the standard amount, and then you can pay for more on top of that. Sure. Yes, that's actually a very common feature. called supplemental group life insurance. And you can add up to five times your salary, but there may be a medical exam or an evidence of insurability called EOI. So that can also be a part

of the supplement group life plan. At what point in your life does it make sense for you to sign up for some of the optional life insurance that a workplace offers? Now, I would imagine that younger workers probably are like, no, I don't need that, but do they? And do you? And do you generally wait until you started a family? How expensive are these sorts of life insurance plans when they're provided through a workplace? As a person that's young, it is difficult to determine do I need to have life insurance, especially if you're single, you don't have kids, there's nobody really relying on you. A lot of young people don't feel like this is a big thing that they really need. However, getting life insurance when you're young is often a good idea. One, because

when you're younger, you're typically in better health. So you're going to get better. premiums. The other is, it's pretty inexpensive. You're looking at a couple dollars per paycheck, so maybe five bucks a paycheck for up to $100,000 of insurance. As you age, the coverage can go down. So you may be in your 60s and all of a sudden you're paying the same premium and you're getting half of that. So some of those policies can decrease with age. And then quickly, April, for younger people who may think they don't need life insurance, can you give maybe one or two examples of why they might, especially if they don't have any kids or any dependent. Well, because it's inexpensive. So that's one good option. And it can also kind of help you

set up yourself in the future. So you can lock in a rate for 20 to 30 years. So if you're 21 years old, yeah, you may not need life insurance right now. But 20 years from now, you may have a spouse, you may have children. And having that lower rate can help you get to a more responsible financial future. And even if you just have a cat at home, you are. life insurance benefit could go to maybe rehoming that cat. Giving support for your cat home. I get it. Cat dogs.

Yeah, it's fine. Think about who would have a hard time if you were gone financially? That's going to be your cat sometimes. That's true. Another aspect of open enrollment that a lot of folks will come across is accidental death and dismemberment, which is a little bit gruesome. Can you explain those and how our listeners should think about these options? Yeah, this is often known as a D&D, very.

Very rarely, in my experience, have I ever seen it actually spelled out. During open enrollment, it's really easy to go through all of these supplemental options and just completely miss exactly what it's for. So accidental death and dismemberment really pays out a lump sum if you die or you're seriously injured in some sort of accident. Car crashes, falls, or sudden unexpected, okay? If you die in an accident, you're beneficiary. get a payout. If you lose a limb or your eyesight or there's certain permanent injuries that you have, you can get paid while you're still alive. However, AD&D only pays for accidents. If you die from an illness, you get nothing. It's a good idea to have AD&D if you have a really risky job like construction, manufacturing, factory work, if you drive long distance, or if you're really, really active and you play in a lot of sports. That's generally when we'll see it. Well, could this be a substitute for life insurance, or is it something you have alongside life insurance? Generally, it shouldn't replace life insurance because it's an add-on. It only counts if you get in an accident. If you die, ADD does not pay out. I'm sorry, if you die from illness, it doesn't pay out. I apologize.

So, April, let's move on to disability insurance. Can you talk us through what it is and what it usually covers? Disability is a key, but often overlooked part of financial protection. So disability insurance will replace a disability insurance will replace a disability. portion of your income if you become sick or injured and you can't work for a period of time. It can help you cover bills, mortgage, groceries, basically day-to-day expenses while you can't work. Two different types. It usually covers when you can't perform your job, usually kicks in after a waiting period. Those may vary depending on the policy. And it covers about 60 to 70% of your income. So it's not 100%. Short-term disability usually covers things for up to six months. So for example, surgeries, when women have children, that's typically when short-term disability will

kick in. Long-term disability, hence the name, is a little bit longer. So it can last up to retirement age, depending on the policy. However, not a lot of employers offer it. So if you don't have long-term disability insurance, someone could actually review and find a long-term disability policy. And there are also different types of disability insurance that cover you based on how well or not you're able to do any type of work or your own type of work. I'm thinking things like any occupation or own occupation, employers don't tend to offer that specific type of disability insurance, right? Or do they? So when you're looking at disability plans, it's really important to check what the definition

of disability is in the plan. So there are some plans that will allow you to work. It will only pay if you're unable to work any job. Or there's some that will pay if you can't do your specific job. So your specific job is typically less expensive than it is if you can't do any job. So if you can't do any job at all, that's typically a more expensive policy. Well, what should people know about buying an individual disability policy? Well, I think it really depends on what your long-term goals are and what you really need from a disability policy. So look at your overall health, what your financial responsibilities are, and really try to determine what you may need that for.

All right, let's move on to something called hospital indemnity insurance. Is this something that's usually offered by employers in a benefit package? Absolutely, yes. And I've had experience with this particular benefit. So I had a really, really good friend that had a really high deductible plan. So I won't go into that since you guys have already talked about that. But her high deductible health plan, she had not met her deductible. and she was unfortunately transmitted to the ER for a really serious health illness.

We all know ambulances are not cheap. Hospital bills are not cheap. And she ended up having to stay for about two weeks and she had a surgery. So she did not have hospital indemnity insurance. And her bill was about $30,000. That was a really, really difficult time for her. After that, she got hospital indemnity. But what that does, it's a supplemental plan.

and it gives you a set cash amount so it can help you pay for your regular health insurance, things like surgery, deductibles, or everyday expenses that you may not have money for while you recover. It's pretty inexpensive. It's about $10 to $30 a month for open enrollment. And whether you need it really depends on your financial situation. If you have a high deductible health plan that you don't think you're going to hit very often, might not be a bad idea. If you have limited savings, might not be a bad idea either. But that really just depends on an individual. All right. Well, let's turn to critical illness insurance for us. It's pretty much what it sounds like, right? Insurance in case you get a critical illness. That's absolutely correct. And my sister

actually had to utilize this. What critical illness does is it pays you a lump sum if you are diagnosed with a serious condition like cancer or you have a heart attack or you have a stroke. It gives you a lump sum of money to help you pay for bills while you're recovering. My sister unfortunately had a very serious cancer diagnosis pretty recently. And she's doing great now, but at the time, we were really unclear. And she talked to me about this right before she went in for treatment. And she said that she had a critical illness insurance plan. And it paid her an X amount of money. So while she was in treatment and she wasn't getting paid, her family could still support themselves. And so it was a huge benefit for her. And she ended up doing the critical illness because our family unfortunately

has a high risk of cancer and stroke. So she added that onto her plan at open enrollment. So it was critical for her and it really made her illness much more manageable. I'm really glad that she had that, But hearing about the critical illness insurance and hospital indemnity insurance and then dental and vision, the standard health insurance, just having these all stacked up kind of underscores how absurd our health care system is. It's a lot. It's like a jenga stack of health care and, yeah, one wrong block and it's all toppling down. But it also reminds me how personal health insurance is and, you know, the example you just gave of your sister looking at your family health history and realizing, hey, this is something I need. the importance of maybe taking a personal inventory of your health and your finances along the other things and then choosing insurance that fits with that. Absolutely. That's a great point. And that's really what

doing open enrollment is about is really looking at your financial situation, what you have and what your goals are and what you need to provide for your family and yourself. Going back to critical illness coverage, can you define what exactly a critical illness is? You mentioned a couple. So I'll give you a couple of different examples. So, for example, cancer, if you have MS, so multiple sclerosis, ALS, stroke, it depends on the type of policy. Some of them have very distinct amounts of what is considered critical. Some are a little bit more flexible on that. I do know from my sister's experience generally in order to be able to receive those type of funds, a doctor would have to certify that you actually do have that. So you can't just call and say, yeah, I was diagnosed with this

to get that lump sum. There usually is some medical documentation that's applicable. And it's critical illness insurance cheap? What's the cost for this? Somewhat varies depending, again, about the state and the policy, but generally about maybe $10 to $30 a month. So not exceptionally expensive. But again, if you have a history of family illnesses or other diseases, you know, that $10 to $30 a month could pay off big time. I'm just thinking about people who are warriors and overthinkers and maybe. maybe over planners. And hearing this episode may make them feel like they need to get all of the insurances. So is it possible to be overinsured? Is it possible that maybe you're trying to cover

all the bases when life is just going to happen to you and you can't protect yourself from everything? I think that's a really good point because I was actually talking to a colleague and we were talking about over insurance. And she said, is that really a thing? And I said, well, it could be if you have too much coverage. So let's say you have a dental plan. Let's say you have a dental plan and you have a second job. So you have dental coverage with both. But what happens if your dental coverage doesn't allow dual coverage? So you have your primary care and it won't allow you to do a dual care. So you're paying for dental coverage that you can't use. So that might be an example of an overinsured. And really kind of determining what your lifestyle is, I think that's an important aspect in determining if you are overinsured. Does your medical plan fits your needs? I know as I got older, I used to have a high deductible health plan because I was healthy. I didn't, you know, I was young, 25, 26 years old, no big deal. But as I got older, that's when you need to start looking at your plans and going,

okay, do I really want to pay $40 every time I have to go to the doctor and doing all of these extra tests and blood tests and all this other stuff? Do I really need to do that? Or should I change my plan? So really taking the time to look at that and what your needs are. April, we've talked about a lot of different kinds of insurance here. But I'm wondering if you think there's anything else that we missed or maybe that folks should be aware of during open enrollment? I think one of the biggest things that people need to be aware of when doing open enrollment is to really take an inventory.

And I think I've said that a couple times, but it bears to be repeated again. A lot of people wait until the absolute last minute to do open enrollment. And they tend to just choose the same things over and over again without really knowing what they're getting. Sometimes plans can change. Sometimes coverage is changed. things may need to be adjusted in order to fit your needs. So, for example, maybe you got married. Maybe you had a child.

Maybe that particular dental plan may not work anymore. Maybe you need to add dependence. So not waiting until the last minute in order to really ensure that you have the time to review this information and really ensuring that you have the time to ask the questions. I remember in my previous role, I would have to chase people down to do open enrollment because they didn't know what to do. So if you don't know, ask. Spend the time, do your homework, do it the right way, and make a smart decision. Yes, absolutely. Well, April Brazier of Sherm, thank you so much for coming on and thanks for your help today.

Thank you, Sean. And Elizabeth, I appreciate your time. Everybody have a great day. And that's all we have for this episode. Remember that we are here to answer your money questions. So turn to the nerds and call or text us your questions at 901-730-6373. That's 901-730 N-N-E-R-D. You can also email us at podcast at Nerdphbal

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