Finance and health are two overarching topics that go hand in hand in their complexities and importance. Because of this, in 2021, Investopedia and Verywell—two of the largest educational leaders in their respective fields—came together to answer your biggest financial and healthcare questions at Your Money, Your Health, a summit that covered health and finance industry developments following the height of the COVID-19 pandemic, and the global impacts felt by consumers.
The second annual summit, hosted by Investopedia, Verywell Health, and Parents, occurred on Oct. 20, 2022. This year's live summit, Your Money, Your Health: Planning For Your Future, explored planning and paying for different stages of life, including starting a family, investing for retirement, and seeking medical care as costs rise and technology moves our world quickly forward. The panels included:
- Budgeting for Baby, moderated by Parents Editor-in-Chief Grace Bastidas
- The New Rules of Investing for Your Family’s Future, moderated by Investopedia Editor-in-Chief Caleb Silver
- Paying for Healthcare At Every Age, moderated by Verywell Health Chief Medical Officer Jessica Shepherd, M.D.
- How Health Tech Impacts Providers, Patients, & Investors, moderated by Investopedia Editor-in-Chief Caleb Silver
This page serves as a resource to you, our readers, answering questions about the event itself, as well as related topics of planning financially for a family, for retirement, and for the emerging future of health care.
Your Money, Your Health
Planning for Retirement
A 401(k) plan is a company-sponsored retirement account to which employees can contribute income, and it's typically offered by most companies in the U.S. With a 401(k), you agree to have a percentage of each paycheck paid directly into an investment account. The employer may match part or all of that contribution, giving you an extra opportunity to put funds toward retirement.
A tax credit is an amount of money that taxpayers can subtract directly from the taxes that they owe. Tax credits reduce the actual amount of tax owed, unlike deductions, which lower the amount of taxable income. The value of a tax credit depends on the nature of the credit; certain types of tax credits are granted to individuals or businesses in specific locations, classifications, or industries.
Vesting is a legal term that means to give or earn a right to a present or future payment, asset, or benefit. In the context of retirement plan benefits, vesting gives employees rights to employer-provided assets over time. It can be seen as an incentive for employees to perform well and remain with a company.
Health insurance is a contract that requires an insurer to pay some or all of a person's healthcare costs in exchange for a premium. More specifically, health insurance typically pays for medical, surgical, prescription drug, and sometimes dental expenses incurred by the insured. It is often included in employer benefit packages as a means of enticing quality employees.
The healthcare sector consists of all businesses involved in the provision and coordination of medical and related goods and services. It is one of the largest and most complex sectors of the U.S. economy, accounting for 18% of gross domestic product (GDP).
A retirement planner is a financial planner who specializes in helping people to prepare a retirement plan that works best for them. These professionals focus on what the client’s needs will be once they stop working, taking into consideration how much they wish to have, where they live, and other important financial metrics. This means not only ensuring that retirees have a big-enough pension to live comfortably, but also addressing other requirements such as estate planning and insurance.
Family and Medical Leave Act (FMLA)
The Family and Medical Leave Act (FMLA) is a labor law, enacted in 1993, that protects the jobs of employees who need to take a leave of absence for personal or family reasons.
High-Deductible Health Plan (HDHP)
A high-deductible health plan (HDHP) has a health insurance plan with a sizable deductible for medical expenses. An HDHP usually has a larger annual deductible (usually four figures) than a typical health plan but charges lower monthly premiums. Plans fully cover routine preventive care, which means that individuals aren't responsible for copays or coinsurance.
U.S. Department of Labor. "The Family and Medical Leave Act of 1993."