Gen Z Guide to FI

This year, I started balancing #LivingInTheNow2023 with my obsessively frugal personality. #LivingInTheNow2023 is my attempt to become less of a compulsive planner and enjoy life in the moment. Don’t get me wrong, planning is great but it also adds a ridiculous amount of stress and anxiety to my daily life.

Some back story: I started therapy late last year initially to come up with ways to survive the holidays with my family. I found out that my company covers 6 free mental health sessions per year (therapy/medication management) through an app called Spring Health. I saw $FREE.99 so you know I jumped on that shit.

So I’ve been in therapy for about 3 months now and every session has been empowering. I’ve unlocked doors I didn’t know existed and I’m seeing endless possibilities for how I can live a fulfilling life by properly managing stress & anxiety.

That being said, I have 2 sessions left for this year so let’s talk cash. First of all, I want to acknowledge how weird US healthcare is. I’ve been racking my brain trying to figure out how to add 1 session per month to my budget without living on beans & ramen for months hehehe (I already don’t eat well but its my laziness). Each 1 hour session costs $195.

After talking with the representatives at Spring Health, it turns out my insurance plan will cover 80% of therapy after I’ve met $1500 medical deductible. If any of those words turn you off, then congratulations, welcome to America baby. Basically, once I spend $1500 on medical expenses, my insurance will cover 80% of my therapy costs. 

The summary is I will have to pay $195 per session till I meet the $1500 requirement. Then I will still pay out of pocket for 20% that coinsurance doesn’t cover once that kicks in. So you know I’m ready to throw my mental health back in the trash because what in the sugar daddy cash is that?

However, my homies, there is a loophole that I recently discovered. My Health Savings Account (HSA) covers therapy. Now don’t confuse HSA & HYSA. Read my article in HYSA. HSA is a tax shelter account that you can use solely for qualified medical expenses. I’ll write a separate post on why you should open one if the option is available. Stay tuned!

I have been contributing to the HSA for 2 years now (to reduce the amount of taxes I pay) but I assumed that mental health was not covered. I guess I was wrong so therapy is covered baby! Let’s live for today my friends, tomorrow is not guaranteed. But like plan for tomorrow just in case you don’t die young lol.

xoxo gossip, oops I meant gen Z Fire Baby 😉