This Week’s Money Map:

• 💪 Do young adults really need health insurance?

• 🧐 Instantly calculate your life insurance costs

• 💸 Become debt-free faster in today’s economy

• 💰 Interest alert!: The new high-yield cash account with a 4% APY

💪 Do young adults really need health insurance?

The short answer is yes (obviously!), but starting your adult life shouldn't mean choosing between rent money and health coverage. You can get solid health insurance without breaking the bank or paying for coverage you'll never use. Let’s talk about how.

The Parent Plan advantage
If you're under 26, staying on your parents' health insurance is often your cheapest option, even if you're married, working full-time, or live across the country. This coverage typically costs your parents nothing extra, and you'll enjoy the same benefits they have. Before shopping elsewhere, look into your parents’ plan's network coverage in your area and whether it includes your preferred doctors or hospitals.

Pro tip: Even if your employer offers insurance, compare the costs using this free online health insurance calculator. Your parents' plan might still be cheaper than your workplace coverage, especially if your job requires high employee contributions.

Catastrophic plans: Maximum protection, minimum cost
Catastrophic health plans are designed specifically for healthy adults under 30. These plans feature rock-bottom monthly premiums (often under $200) but come with high deductibles, typically around $9,200 for 2025. 

What makes these plans valuable is their built-in protection. After you hit that deductible, they cover 100% of your costs. Plus, they include three primary care visits per year and preventive services like annual checkups and vaccines at no cost, even before meeting your deductible.

Did you know?: If you're over 30, you can still qualify for catastrophic plans if you face financial hardship or can't find affordable coverage in your area.

Bronze plans: The middle ground
Bronze marketplace plans offer more predictable costs than catastrophic coverage. Although monthly premiums are higher than catastrophic plans, the deductibles are typically lower, ranging from $6,000 to $8,000 for 2025. These plans make sense if you occasionally visit doctors or need prescription medications.

The key advantage is cost-sharing. Once you meet your deductible, you'll typically pay 40% of costs while insurance covers the remaining 60%, providing more predictable expenses for ongoing care.

More money-saving options
Student health plans often provide excellent value if you're enrolled in college. Many schools negotiate group rates that beat individual marketplace plans. Similarly, if your income falls below 138% of the federal poverty level (about $20,783 for individuals in 2025), you likely qualify for Medicaid, which provides comprehensive coverage at little to no cost.

Money-saving trick: Apply for marketplace coverage even if you think you earn too much for subsidies. Premium tax credits are available for individuals earning up to $62,040 annually, potentially reducing your monthly costs by hundreds of dollars.

Set a reminder to review your options every year during open enrollment (November 1 to January 15). Your needs and income change, and so do your best coverage options.

🧐 How to calculate your life insurance costs instantly

Wondering how much life insurance you really need and what it might cost? Online life insurance calculators make it easy to get a personalized estimate in just minutes, helping you find coverage that fits your budget and protects your loved ones.

How life insurance calculators work
These tools ask you to input key information, such as:

• Your age, gender, height, and weight (the younger you are, the cheaper it is — plus, women often pay less due to longer life expectancy)

• Smoking status and overall health (smoking, high BMI, or pre-existing conditions increase premiums)

• Outstanding debts like mortgages or loans

• Desired coverage amount based on your family’s financial needs (longer terms and higher coverage increase premiums)

• Existing life insurance policies you may have

Using this data, the calculator estimates a coverage amount tailored to your specific situation — typically sufficient to cover debts, replace income for several years, and fund future expenses such as college or funeral costs. Then it provides premium estimates from multiple insurers so you can compare costs.

Why use a calculator?

• It instantly gives you a ballpark figure without lengthy forms or calls

• It reflects your unique health, lifestyle, and financial obligations

• You can see a range of prices from different companies to find the best deal

• You’ll avoid overpaying for coverage because you’ll know how much you actually need

Getting life insurance shouldn’t feel like a mystery or a sales trap. Use our free life insurance calculator to see your options fairly (without the add-in costs from your agent), set your budget, and breathe easier.

💸 How to become debt-free faster in today’s economy

Feeling like your debt will never go away? You’re not alone. With sky-high interest rates, rising prices, and unexpected bills, getting out of debt can feel like running uphill. But there’s good news: you can pay off debt faster, easier, and with less stress. Here’s how you can turn the tables and finally become debt free, even in this economy.

Stop the interest bleeding first
Interest is your biggest enemy when you’re in debt. The longer you take to pay, the more you owe.

Here’s a simple fix: transfer your high-interest credit card balance to a 0% APR card while the offers are still hot. As of July 2025, the Wells Fargo Reflect® and Citi Diamond Preferred are offering up to 21 months of 0% APR on balance transfers. That means you could have until 2027 to pay off debt with zero interest — just make sure you pay more than the minimum. Calculate your debt-to-income ratio to compute your loan eligibility. 

Pro tip: Most 0% APR offers charge a one-time balance transfer fee (3–5%), but it’s usually cheaper than another year of 25% credit card interest. Want to know more? It takes just 30 minutes to educate yourself about balance transfer cards with this guide. 

Use cash back apps like free money
Start turning your everyday spending into debt payments. Apps like Upside, Rakuten, and Fetch offer real cash back on things you’re already buying, such as groceries, gas and restaurants.

Link your card, scan receipts, and cash out. Then take whatever you earn — $5, $15, $50 a month — and throw it at your highest-interest debt. It’s like finding money under your couch, but better.

Automate your plan (and your progress)
Free tools like Undebt.it or EveryDollar help you create a payoff strategy that fits your income. You can use the debt snowball method (smallest balance first) for quick wins or the debt avalanche method (highest interest first) to save the most money. Either works, what matters is consistency.

Then, automate your payments. Set them to go out right after payday. Don’t wait until the end of the month when money’s already tight.

Pause the spending
No judgment here. Amazon and TikTok made it too easy to “just buy one thing.” But while you’re focused on getting debt-free, press pause.

Delete shopping apps. Use debit or cash only. Unfollow accounts that tempt you to spend. This isn’t forever. It’s a reset.

Ask for help, before you're in trouble
If you're behind, call your lenders now, not later. Many credit card companies and hospitals offer hardship plans, payment pauses, or lower minimums if you just ask. These options aren’t advertised, but they can save you hundreds.

Also, check for unclaimed money through your state treasury. It takes two minutes and could turn up forgotten refunds or old paychecks.

Getting debt-free in 2025 isn’t about being perfect. It’s about using the right tools at the right time and staying focused, even when it’s hard. Automate your plan and protect your mindset. You don’t need to be rich to be debt-free. You just need to start, today.

💰 Earn 4% APY with Wealthfront’s High-Yield Cash Account

Your money shouldn’t sit in a checking account earning 0.01% while inflation eats it alive. Enter: Wealthfront’s High-Yield Cash Account, offering a very real 4.00% APY with zero monthly fees and no account minimums.

It’s like your cash just got promoted.

Why it’s a smart move

• 4.00% APY (as of this writing) is 10x the national average

• FDIC insurance up to $8 million (via partner banks)

• No fees, no minimum balance, just $1 to open

• Free instant withdrawals, even on weekends

• Use 19,000+ fee-free ATMs; get two $7.50 out-of-network reimbursements monthly

• Unlimited transfers, unlike traditional savings accounts with limits

• Make purchases with a Wealthfront Visa debit card

Wealthfront’s account is technically not a checking or savings account but a cash management account. That means you get the benefits of a savings account with the flexibility of checking.

Is it safe?
Yes. Wealthfront spreads your funds across partner banks to extend FDIC coverage well beyond the usual $250K limit. Easily move funds between your Cash Account and Wealthfront investment accounts to get your money working harder as soon as you’re ready.

What to watch for:

• No paper checks or physical branches

• Interest rate may change with market conditions

• Ideal for short- to medium-term savings, not for investing or daily spending

Want your emergency fund, travel money, or house down payment to work harder while staying safe? This 4% APY offer is one of the most competitive rates on the market. Use MoneyGeek’s savings calculator to see how much your money will grow if you add to your savings regularly.

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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