This faith and finance podcast is underwritten in part by Christian Healthcare Ministries. Are you finding it increasingly challenging to find affordable healthcare? Christian Healthcare Ministries is a budget-friendly, biblical, and compassionate healthcare cost-sharing alternative that aligns with your Christian values. And it's available in all 50 states and around the world.
Learn more at chministries.org faithbuy. Well, it's open enrollment in America again for health insurance. Billions of folks have to decide on keeping their current plan or going with something else. Hi, I'm Rob West. Choosing a health insurance plan is probably right up there with paying taxes as an unwelcome annual task.
Wouldn't it be great if you never had to do it again? Lauren Gydeck is with us to tell us how today, and then it's on to your calls at 800-525-7000. That's 800-525-7000.
This is faith and finance, biblical wisdom for your financial decisions. Our guest today is Lauren Gydeck, Vice President of Communications and Media at Christian Healthcare Ministries and underwriter of this program. And Lauren, always great to have you with us.
Yes, thank you so much for having me. Lauren, open enrollment, which runs until January 15th, can be a really stressful time for folks, can it? Yes, it certainly can. And, you know, it doesn't really have to be, but in the United States, we're conditioned to think that insurance is our only option. That's not really true. Christian Healthcare Ministries is an option for your healthcare that you can enroll in any time of the year, even though this does happen to be the season when most people are looking. And this is a biblical option that you can join, like I said, anytime throughout the year and receive the financial support and prayer from Christians all over the country. Yeah, and I know this happens to be a busy time for you all, even though you can join CHM anytime, right?
Yes, that's correct. So, you know, like I said, it's the time when most people think about joining, either, you know, they're changing their insurance or they're looking for something more affordable. What's nice about CHM is that you can join, like I said, anytime.
There's no waiting period, and you don't have to worry about pre-authorization with your healthcare providers. So there's a lot of freedom with the option. And even though there are some limitations for pre-existing conditions, you can join and be a member right away. Yeah, and that's really helpful. Now, you mentioned this is health cost sharing. And although more and more people are becoming familiar with this option, for those who aren't sure, will you tell us how that works?
Yeah, I'd be glad to. So the first thing to understand is that CHM is not an insurance company. We are an alternative to insurance, but the end result is the same. And that is that your medical bills end up being taken care of.
You as the patient are in control. You receive the medical bills and you send them on to us. We work with your providers to get them discounted to make sure you're getting the best cost of your healthcare. And then we issue a check to you and you, the patient, is the one to pay your healthcare providers.
Yeah, very good. Now, how does the price of membership compare with that of traditional health insurance? Yeah, it's really interesting you asked that question. We just did an analysis of over 20 different gold insurance plans on healthcare.gov, which is the insurance exchange online. And in the monthly cost, CHM is about 50% less for individuals and 25% less for families. And then if you look at total cost out of pocket for the year, the savings are even more profound. CHM is 57% less expensive for individuals and 40% less for families.
Wow, yeah, that's significant. And of course, one of the benefits that your members love is that they can choose their healthcare providers, right? Yes, that's correct. So as long as the treatment falls under CHM guidelines, you as a member can go to your favorite doctor. You can go to the hospital you prefer.
You're not limited by it being close, it being far away. You know, you can get the best care for whatever your condition is. Yeah, that's really helpful. And how can folks get more information, Lauren? Well, you can go to our website, which is chministries.org. That's chministries.org. Or you can call us at 1-833-JOIN-CHM, and we'll be happy to answer your question.
Very good, and just about 30 seconds left. You mentioned this is a biblical option. Talk about that aspect of the ministry. Yes, so the Bible is the foundation of everything that we do here at CHM, and our foundational verse is Galatians 6-2, which is carry each other's burdens and fulfill the law of Christ. And that's what we're doing. We are gathering together as a large number of Christians across the country and helping each other with healthcare costs that a family or an individual just can't sustain by themselves.
I love it, and so many of our listeners have in fact taken advantage of it. Lauren, we're out of time, but thanks for stopping by today. Thank you so much.
Have a great day. All right, that's Lauren Gajdek with Christian Healthcare Ministries, the biblical alternative to health insurance. The website again, chministries.org.
That's chministries.org. All right, your calls are next, 800-525-7000. This is Faith and Finance, biblical wisdom for your financial decisions.
We'll be right back. Faith buys privilege to be on a remarkable journey with you, providing practical advice and biblical wisdom, helping individuals and families align their faith and finances. Our mission, equip Christians to integrate these decisions for the glory of God. Would you consider supporting our expanding outreach to help others? Give your financial gift at faithfi.com, and we'll send you a copy of the new book entitled Leverage Using Temporal Wealth for Eternal Gain as our thank you. That's faithfi.com. Have you downloaded the FaithFi app yet? You need to do that today because this is going to make your life easier. Yes, you can manage your money through the in-app envelope feature, but also plan out future goals. I want to buy a house in five years, and I'm on track to do that.
Here's also what I like. You can connect with people around the country. It's like social media, but better. Ask a question, get an answer, and share what you're learning about money and investing. So why don't you grab your phone right now and download the FaithFi app? Welcome back to Faith and Finance. I'm Rob West. We're taking your calls and questions today at 800-525-7000. Back to the phones we go to Noblesville, Indiana. Hi, Randall. Go ahead, sir. Hi. I am above 59 and a half, and my wife and I are considering using an investor we've met with already.
We haven't signed any documents or anything for him to take over as a Kingdom Advisor. However, there was talk about using our IRAs and 401Ks and putting them into an annuity, and I was wondering if that's smart, and what advantage is it to the investor? Yeah.
Well, what is it you're looking to accomplish? Why is he suggesting this annuity, or why was that explained to you? I'm not sure.
I don't need the money. Yeah. But are you very risk-averse? Not really, no.
Okay. You know, I wouldn't do that if it were me. I mean, you've already got the tax benefits of the IRA and the 401K in that you think about the IRA as like the umbrella, you know, and the investments are underneath the umbrella, and the rain is the taxes, and that umbrella is preventing the rain, the taxes, from having any effect on the investments underneath. And then when you pull it out, you pay the tax on it. But you've got this tax-deferred growth, which is a real benefit, especially if you don't need the money. And so putting that inside an annuity, you know, it doesn't really benefit you from a tax standpoint.
And then you've got, you know, a lot of fees, a lot of complexity. You know, you're not going to get the full upside on the investments, but you're going to miss some of the downside. But if you're not terribly risk-averse, I'd rather take that risk with a long time horizon, get the full upside based on whatever investment strategy you and your advisor decide on, and not tie that up inside a complex and often expensive insurance product.
So I'm just not sure. I mean, if you were to say to me, Rob, I told the guy, you know, that I just want a monthly income stream, I want it guaranteed, I don't want to take any risk. And he said, well, let's transfer that risk to an insurance company, that might begin to make some sense. But not the way you're describing it, where you're willing to invest this in a way that's prudent for your age and risk tolerance.
And you don't even really need the money. So if it were me, I'd probably get a second or second and third opinion. And I would probably encourage you, ultimately, you need to make this call, but I'd encourage you to do something that does not involve an annuity. Okay. And my wife has a question for you on the early retirement. Okay, great.
Yes, hi. So I think the idea was, is that we're hoping that I can take an early retirement at 62. Okay. And I think that's why the financial advisor may have said that, too, because we were looking at, you know, like a consistent income stream.
And that may have been why he was talking about that for my IRA. Sure. How much do you have in there? Right now, on mine, about 100.
Okay. And how much are you looking to pull from that to supplement your income once you retire? Actually, probably not anything for probably like three or four years, because my husband will continue to work.
And he has, we're saving in a TSP program very aggressively. Yeah, great. And how much do you guys feel like you're on track for retirement, just when you put all the retirement assets together that, you know, a reasonable income stream plus social security when that time comes will be enough to cover your bills?
Yes. And when we met with the advisor initially, we talked about estimated expenses, you know, monthly, yearly, and went through all of the possible pensions and investment programs and things that we're in. And they felt very comfortable that with the lifestyle we have right now, that we would be able to maintain that in retirement.
Yeah, that's great. Well, I mean, I think this is really personal preference. I mean, again, I just don't see the need for the annuity just based on what you're telling me. I mean, again, unless you're very risk averse, and you're just wanting a guaranteed product, I'd rather you stay outside the annuity, have complete access to the money if you ever need it, be able to invest it in a way that makes sense. Because keep in mind, when you hit retirement, you still have decades for this money to work and grow for you if the Lord doesn't return quite yet. So, you know, if you're in good health, we need this money to last into your 90s or beyond. And that means you can still have a long time horizon. And so I like the idea of you investing it in a mix of stocks and bonds, where yes, you're taking some risk, but you're getting the full upside potential of the investment strategy you deploy, you don't have kind of limited access to your money and some additional complexities, a lot of fees that would be wrapped up in those annuities. So that's why, you know, that's just not my first choice.
But for some people, they like the peace of mind, they'd rather just know that they've got a guaranteed amount that they're coming, they know that they're going to get a check every month, when the time comes from the insurance company, and they sleep better at night. And I get that you just have some trade offs in order to get that which is upside growth potential, complexity and fees and losing some access to your money without surrender charges and penalties if you needed more than just the monthly amount. So I think those are the considerations. And that's why ultimately, I'd probably get another opinion. And just make sure that this is being sold to you.
And I'm not questioning anybody's motives, but there's a lot of fees and commissions around these, these annuities when they're sold. And so let's just make sure it's the very best thing for you, not the best thing for the person who's recommending it. Okay, makes sense. Thank you very much. Great. Thank you very much.
Okay, you're welcome. Some of the 401ks and IRAs are being sold from one company to another, should we just keep it where it is? Or would you lump them all together? I like putting them together just because you know, the IRAs, the 401k can be rolled into the IRAs, if you have separate IRAs, long as they're the same type, they can be merged, as long as they're in the same person's name, you can't combine yours and your wife's. But I like simplifying because it just keeps everything in one place. It's one less account to keep up with. And we can coordinate the investment strategy a little better.
It's just a little harder to make sure that the investment strategies are consistent when we're applying it across multiple accounts. So I think where possible, I would I would try to combine them. Hey, thanks for your call today.
We appreciate you all listening to the program to Ohio. Hi, John, go ahead. Yes. So I'm 55. And looking down the road, I've been self employed for the last many years, but I just got a full time job. So back investing with a 401k. And I'm questioning whether or not I should max out and put it all in a Roth for the remainder of my time rather than a tax deferred 401k.
Yeah. So what do you have currently that you've been able to put away prior to this new job? I've actually put away, at least for the last three to five years, I've maxed out at least my wife's and mine rock contribution. But I've got a substantial amount that's in standard 401k that I rolled over from previous employers. How much is in there roughly?
Over 600. Okay, great. Yeah, so I would go with the Roth and max that out, because then you've got both buckets to pick from, because we don't know where the tax codes going, who's going to be in the White House, you know, whether we're going to see the tax cuts and Jobs Act expire, whether it's going to be renewed, you may not need the money right away, and the Roth would allow it to continue to grow without any required minimum.
So having both buckets available, and then you can choose which one to pull from based on which makes the most sense from a tax standpoint, I like so I keep the managing that old traditional and add new money to the Roth. Thanks for your call, john. We'll be right back.
We'll be right back. My grocery bill went up 11% this year, gas utilities rent all went up, but my paycheck, the same. I also pay for my own health care, a huge expense. A friend recommended Christian Health Care Ministries as an option to insurance and CHM helps pay for medical needs while allowing some breathing room in my budget. Open enrollment is here.
So make the switch today with potential cost savings up to 40%. Christian Health Care Ministries at chministries.org slash faith buy. We're grateful for support from eventide investments on the faith and finance program. eventide approach to values based investing is grounded in the belief that humankind was created in the image of God. With intrinsic dignity, value and worth eventide calls this investing that makes the world rejoice. More information is available at eventide investments.com. That's eventide investments.com. Welcome back to faith and finance.
I'm Rob West. The number to call is 800-525-7000. Now before we get to your calls, I want you to know that faith by is here to help guide you with practical biblical wisdom and tools every day. We share resources to help you steward what God has entrusted to you from now through December 31st. We're offering the new book entitled leverage using temporal wealth for eternal gain with a gift of any amount. Give that gift right now by going to faithfi.com. That's faithfi.com. Let's dive in.
We're going to go to Oklahoma first. Hi, James. Go ahead, sir. Yes, thank you very much for the ministry of faith by and thank you for taking my call, Rob.
Thank you, sir. I am currently have a bank. I've been with them in a number of years. And through that bank, I have two credit cards. And one actually I carried before I ever opened that bank account, I'd carry that credit card for 25 years. And it's so it's a pretty smooth operation, you know, and you have the two credit cards in the bank and then the credit or savings and checking account. But I've heard that this bank closed an account for a senator in Kansas not too long ago, because I guess the only reason seems to be the conservative senator.
I've kind of gotten concerned. And also I have money in the account with the bank that's earning only pennies a month, you know, that they don't pay any interest, basically. I need to at least move a significant amount of money from there somewhere else. I don't know where to go, what to do or whether I should close that bank account or one or both of those credit cards. I've been offered another credit card. Just recently, I have a couple more days to decide on it, whether I would apply for it and it would actually pay more cash back than I in the card I normally use.
So trying to make all these decisions. Yeah, very good, James. Well, I appreciate that. Is the bank does it happen to be JP Morgan Chase? Yes, it is. Yeah, I figured, you know, Jerry Boyer, who's our resident economist actually put this on the shareholder meeting agenda submitted this topic for the company leadership to respond to around asking them to explain why it's good for business that they would be de-banking anyone when they're in the business of providing banking services to customers. And they didn't end up addressing that particular question.
But he posed it nevertheless. You know, I think we live in a time here, James, where we have the opportunity to first of all, know what our convictions are. And I think this is a conviction matter. This would be a Romans 13 issue, let each one be fully convinced in his own mind as to who we want to do business with. And that can include who you bank with. It can also include your deployment of capital, how you invest, what kinds of companies are you investing in and do their primary business activities align with your values and convictions.
I think this is a conscience matter. You can even look at how they use their corporate profits and determine whether you want to be aligned with those companies. There's even options now through faith based investing, to screen in companies who are really promoting human flourishing and even seeking a kingdom impact as a part of their value creation with investment.
So I think we've got options now that we haven't had in the past. And clearly, if you have a conviction that this is not an institution you'd like to do business with, well, I would say that's reason enough for you to look to make a change. Now, where do you go? Well, I think if you're looking for a banking partner that shares your values, one option to consider would be Christian Community Credit Union. You could learn more at JoinChristianCommunity.com. That's just one option. There are certainly others. And so whether you stay with one of the big national banks because you believe that they have a better banking platform or you want to be able to walk into a local branch, I would certainly understand that and you could do your due diligence on each of them.
A helpful website is InspireInsight.com. You can actually type in any ticker symbol of a stock, a publicly traded company of which the banks you would likely be considering are those and it will give you a report on all of the areas where they're using corporate dollars to support initiatives that may conflict with your values. And then you could use that information to determine which bank you wanted to go with. Now, in terms of the credit card, I mean, obviously, we have no problem with credit cards. The credit cards aren't the problem.
It's the way we use them. So as long as you're using them for budgeted items, paying them off at the end of the month, they can be very convenient and offer great benefits, including cash back rewards. In terms of comparing who has the best cash back reward offers right now, I would encourage you to go to either NerdWallet or Bankrate.com or CreditCards.com. Any of those would allow you to search and sort by the type of benefit you're looking for, whether it's travel benefits or cash back, and then find which banks or credit card companies are offering the very best terms right now and reward benefits so you could make that selection. And what you may decide is that the credit card you choose to use moving forward may be different from the banking partner that you select. I think with regard to savings, you probably want to look at those same websites I mentioned like Bankrate.com and see if you might want to form a relationship with one of the online banks that you would then link to your primary checking account because you could probably do a lot better in terms of your interest rate on your savings.
So with the online banks, you can get up four, four and a half percent right now with no fees, no minimums, and that could be linked electronically to your checking account. Is all of that helpful, James? Very much, very much. Thank you. All right. Well, we appreciate your call today.
I know this is challenging and nobody likes to, you know, if we especially if you have bill pay going on and you've got recurring debits and charges taking place, I realize it can be a hassle, but I would say it's worth it for you to really prayerfully consider your convictions and then decide who you want to be doing business with. Hey, thanks for being on the program today, sir. We're grateful for you and that's going to do it for us today. I really appreciate your taking time to listen to this program and to committing the principles we talk about each time to your financial life.
You see, God's plan isn't difficult, but it does take discipline and I hope we can encourage you along the way as you listen to this program. Incidentally, if you've been helped by what you've heard here, would you mind helping us this broadcast, the FaithFi app and the other great resources we provide wouldn't be possible without the financial support we receive from listeners like you. If you're not yet one of our financial partners, but would like to be, would you visit our website, faithfi.com, and then click the give button to sign up. We'd certainly be grateful. In the meantime, please set an alarm on your phone and make plans to join us again next time for another edition of Faith and Finance. Faith and Finance is provided by FaithFi and listeners like you.
