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Which health plan for my situation?

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  • Which health plan for my situation?

    I' am looking for a little what would you do advice.

     

    My wife is a nurse practitioner and has the following attached options for coverage. I am a teacher currently applying to medical school and we have an 18 month old daughter. I have 35k federal student loan debt at 6.8% and 20k private student loan debt at a higher rate. We have 20k credit card debt at 0% we leveraged for her schooling and unforeseen bills related to the birth of our daughter. We own a home and have one car payment. The credit card debt should be paid off by June and no interest will be paid, we then plan on tackling the student loan debt. My wife will be contributing to her employer 401k up to the match and I have 11% taken out and put towards a pension plan that I will likely cash out if I get into med school.

    The buy down plan allows us to contribute to an HSA and the other plans give us an HRA to cover most of the deductible. I just don't know if we are in a position to be investing with student loan debt and expensive child wellness visits. Any help is appreciated.

    Thanks

  • #2




    I’ am looking for a little what would you do advice.

     

    My wife is a nurse practitioner and has the following attached options for coverage. I am a teacher currently applying to medical school and we have an 18 month old daughter. I have 35k federal student loan debt at 6.8% and 20k private student loan debt at a higher rate. We have 20k credit card debt at 0% we leveraged for her schooling and unforeseen bills related to the birth of our daughter. We own a home and have one car payment. The credit card debt should be paid off by June and no interest will be paid, we then plan on tackling the student loan debt. My wife will be contributing to her employer 401k up to the match and I have 11% taken out and put towards a pension plan that I will likely cash out if I get into med school.

    The buy down plan allows us to contribute to an HSA and the other plans give us an HRA to cover most of the deductible. I just don’t know if we are in a position to be investing with student loan debt and expensive child wellness visits. Any help is appreciated.

    Thanks
    Click to expand...


    See the pm I just sent you. Your debt is relatively low right now and you may not get into med school right away. I'd probably recommend going with the HSA if you can afford to, but, then again, I don't know your tax bracket and ages, which might affect my answer.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #3
      She is 31 and I am 27. I currently make just under 50k and she makes just over 105k, which may bump up to 110 or 115 in the next month or so.

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      • #4
        Kind of tough. Rethinking, I'd probably redirect that $$ to the higher rate loans. You're young and only in 25% bracket; should have many years to catch up on investing.
        Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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