This Week’s Money Map:

• 🚗 The $10,000 car loan deduction most drivers don't know about

• 🔌 How to cut your electric bill by 30% before summer hits

• 🏳️‍🌈 Why finding good health care is harder when you're LGBTQ+

• 😷 Cancer changed everything. Here's how to get life insurance now

🚗 The $10,000 car loan deduction most drivers don’t know about

If you bought a new car in 2025 or plan to buy one before 2028, the federal government is offering one of the best tax breaks in years. Most drivers haven’t heard of it yet.

The One Big Beautiful Bill Act, signed into law on July 4, 2025, created a new deduction that lets eligible buyers write off up to $10,000 in car loan interest per year on their federal tax return. No itemizing required.

How it works
This deduction is available for tax years 2025 through 2028. It applies to the interest you paid on a qualifying vehicle loan during the year. You claim it on Schedule 1 when you file your 1040. Your lender will send a Form 1098 showing the interest paid, similar to how mortgage interest is reported.

The deduction is above-the-line, which means it lowers your taxable income whether you take the standard deduction or itemize. For someone in the 22% tax bracket paying $6,000 in annual car loan interest, that’s roughly $1,320 back in their pocket.

What qualifies
Not every car qualifies. To claim it, all of these must apply.

• New vehicle only. Used cars don’t qualify.

• Final assembly in the United States. Check the VIN on the NHTSA VIN Decoder tool. VINs starting with 1, 4, 5 or 7 indicate U.S. assembly. VINs starting with 2 (Canada), 3 (Mexico), J (Japan) or W (Germany) don’t qualify.

• Personal use. The vehicle must be purchased for personal use, not commercial purposes.

• Purchased after Dec. 31, 2024. Loans taken out before that date aren't eligible.

• Income limits apply. The deduction phases out starting at $100,000 in modified adjusted gross income for single filers and $200,000 for married couples filing jointly.

Eligible vehicle types include cars, SUVs, vans, pickup trucks and motorcycles weighing less than 14,000 pounds, as long as final assembly occurred in the U.S.

A few things to watch
Most states haven’t updated their tax codes to conform to this federal deduction yet. As of April 2026, you may get the federal benefit without any matching state deduction. Check your state's tax authority website or ask a tax professional before assuming state-level savings.

Auto insurance
Buying a new car is also the right time to review your auto insurance. New vehicles often require updated coverage, and rates vary widely by insurer. 

If you’re already making payments on a qualifying vehicle, you can claim the interest going back to when you started paying in 2025. If you’re shopping for a new car now, the U.S. assembly requirement should be near the top of your checklist.

This deduction is real, confirmed by the IRS, and most qualifying buyers aren't taking advantage of it yet.

🔌 How to cut your electric bill by 30% before summer hits

Summer electricity bills can feel like a second rent payment. The average American household spends more than $2,200 a year on energy, and nearly half of that goes to heating and cooling. Before the heat arrives and your bill spikes, here are practical changes you can make this week to cut your electric bill by 30% or more.

Start with your thermostat
Your HVAC system drives roughly 50% of your electric bill. Every degree you raise the thermostat in summer reduces energy use by up to 3%. Set it to 76 to 78 degrees when you’re home and bump it up when you’re out. A programmable or smart thermostat automates this so you don't have to think about it. Models from brands like Ecobee or Honeywell often pay for themselves within one cooling season.

Block the heat before it enters
Closing blinds and drapes during daylight hours cuts solar heat gain by 33% to 45%. That means your air conditioner runs less, and your bill drops. It costs nothing. Blackout curtains in bedrooms and south-facing rooms take this even further.

Kill phantom power
Electronics draw power even when turned off. This phantom load adds 5% to 10% to your annual electricity costs. Plug your TV, gaming console and computer setup into a power strip and switch it off when you are done for the night. That one habit saves most households $100 to $200 a year.

Shift when you run big appliances
Dishwashers, dryers and washing machines are energy hogs. Running them after 9 p.m. takes advantage of off-peak rates if your utility offers time-of-use pricing. Check your provider's website or call to ask. Switching to cold water for laundry alone can cut energy use per load by up to 90%.

Maintain your HVAC before the heat hits
A dirty air filter forces your system to work harder, raising energy use by 5% to 15%. Replace filters every 30 days during heavy-use months. An annual professional tune-up improves system performance by up to 15% and extends the unit's lifespan. Neglecting your HVAC system can also void your manufacturer's warranty.

One more angle worth checking
Energy efficiency upgrades like smart thermostats, insulation improvements or new ENERGY STAR appliances may qualify you for discounts on your home insurance policy. Some insurers offer lower rates for updated systems because they reduce claims risk. Ask your provider or compare policies to see whether your upgrades lower your premium.

You don’t have to overhaul your home to see real savings. Stack three or four of these changes together, and a 30% reduction in your electric bill is well within reach before Memorial Day.

🏳️‍🌈 Why finding good health care is harder when you’re LGBTQ+

Health care should be simple. You feel sick, you see a doctor, you get treated. But for millions of LGBTQ+ Americans, that's not how it works.

A 2025 KFF Health Tracking Poll found LGBTQ+ adults are nearly 64% more likely than non-LGBTQ+ adults to need medical care they can't afford. They're 73% more likely to have unaffordable mental health costs. Harvard Medical School research also found one in five sexual minority adults and more than one in three transgender adults avoid or delay care because they feel unsafe or unwelcome with their provider.

The health consequences are real. Higher rates of depression, anxiety and substance use. Skipped cancer screenings. Untreated chronic conditions. These aren’t minor gaps. They’re serious, documented and preventable.

What makes it so hard
The obstacles show up at every stage of care. Some providers have never treated a transgender patient and make it obvious. Some ask questions rooted in outdated assumptions. Others are outright dismissive. On top of that, many insurance plans still exclude transition-related care or fail to recognize same-sex partners as dependents, creating financial barriers before a person even walks through the door.

Fear also drives avoidance. People who’ve experienced discrimination in a medical setting are far less likely to go back. That pattern compounds over the years, leading to serious health consequences.

How to find care that works for you
Start with directories designed for this. The GLMA (Gay and Lesbian Medical Association) at glma.org maintains a national provider database. Local LGBTQ+ community health centers often keep vetted referral lists as well. Word of mouth from trusted friends or support groups remains one of the most reliable filters.

Look for practices that explicitly state they’re affirming, not just ones that post a rainbow flag in the window. Ask upfront whether staff have training in LGBTQ+ health needs.

Review your insurance coverage carefully
Check your current health plan closely, particularly what it excludes. If your plan denies care you believe should be covered, appeal the decision in writing. Many denials get overturned with proper documentation. If you’re shopping for coverage, marketplace plans through healthcare.gov may offer broader coverage than your employer plan.

Mental health care is health care
Given the documented rates of depression, anxiety and trauma in the community, finding a therapist who's genuinely affirming matters. Look for providers who specialize in LGBTQ+ mental health or have specific training in gender-affirming care. A therapist who treats your identity as a problem to solve isn't the right fit, and you don't have to settle.

When you experience discrimination
Document it and report it. File a complaint with your state medical board, your insurer or a civil rights organization. Your complaint may not fix the immediate situation, but it creates a record that contributes to systemic accountability.

You deserve care that takes your health seriously. The system isn't always going to make it easy, but knowing where to push back helps.

😷 Cancer changed everything. Here’s how to get life insurance now

Beating cancer is hard enough. Then you try to get life insurance, only to hit a wall. Traditional insurers see your medical history and either quote you premiums that feel punishing or turn you away entirely. But coverage does exist. You just need to know where to look.

Why insurers react the way they do
Life insurance companies price risk. Cancer — even cancer that’s fully treated and years behind you — raises a red flag in underwriting models because insurers look at recurrence statistics, not just your oncologist's good news. How an insurer responds depends on your situation.

If you’re in active treatment, most traditional policies won’t issue coverage until treatment ends. If you've been in remission for less than two years, expect limited options and higher premiums. At the five-year mark and beyond, your options expand considerably, and costs drop.

Cancer type also matters. Non-melanoma skin cancer is treated very differently from pancreatic or lung cancer. Early-stage breast cancer survivors often qualify for traditional coverage within two to five years. Prostate cancer survivors diagnosed early may qualify in as little as one to three years post-treatment.

Your realistic options right now
If you’re in active treatment or very early remission, guaranteed issue life insurance is likely your starting point. No medical exam. No health questions. Approval is automatic. The trade-offs are real: coverage is often capped at $25,000 to $40,000, premiums are higher, and most policies include a two-year graded benefit period, meaning full death benefits don't take effect immediately.

Simplified issue policies ask a few basic health questions but skip the medical exam. They offer more coverage than guaranteed issue at a lower cost, though qualifying still depends on your history.

If you're working, don't overlook your employer's group life insurance. Group plans often require minimal underwriting during open enrollment and offer the best value for people with complicated health histories. Max out whatever your employer offers before looking elsewhere.

Strategies that improve your odds
Work with an independent broker who specializes in high-risk life insurance. A specialist knows which companies are more favorable toward specific cancer types and can shop multiple insurers at once. It's faster and more effective than applying to each one on your own. USAA (for military families), Banner Life and Nationwide are among the companies MoneyGeek rates highly for cancer survivors in 2026.

Come prepared with detailed medical records: pathology reports, treatment notes and a letter from your oncologist confirming your current status. The more complete your documentation, the fewer reasons an insurer has to decline.

How much it costs
The financial difference is real but manageable. A healthy 40-year-old woman pays around $19 a month for a $500,000 term policy. A cancer survivor with a similar profile could pay closer to $42 to $54 a month for the same coverage. That's a real gap, but not an impossible one, and it gets smaller the further you are from treatment.

Don't wait. As your time in remission increases, your options improve and your premiums drop. Start exploring now and reapply as your health picture strengthens.

Smart Cents gives you actionable tips and mindset shifts to help you reach your financial happy place. Thanks for being a part of our community.

The MoneyGeek Team

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