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ALEX ROCA: Hello, and thank you for joining Women Talk Money. My name is Alex Roca, and I am your host for today. Happy Women's History Month. Today, we're going to be covering a really important topic, and that's the health costs for women. We know that this topic can be a little taboo, but as women, we also know that our planning may look a little different. please welcome me in introducing and welcoming our panelists. Today we're going to start with Sasha Heathman. She is a workplace financial consultant with Fidelity.
SASHA HEATHMAN: Hi, everyone. Yes, as a workplace financial consultant, I'm here to understand what your financial goals are, help you put a price tag on those goals so that we can create a plan through saving and investing to help you reach those goals. So just like Alex, I am so excited to be part of this conversation today.
ALEX ROCA: Absolutely. Next up we have Karen Volo. She is the head of health and benefit accounts with Fidelity. Welcome.
KAREN VOLO: Hi. Good afternoon, and also share the excitement of being here today. I have overall responsibility for our health savings account and reimbursement account business. I work with employers and their employees to make sure they're getting the most of their health benefits.
ALEX ROCA: And finally, our special guest for today is Kate Ryder. She is the founder and CEO of Maven Clinic.
KATE RYDER: Hi, everybody. It's so great to be here today. I started Maven about 10 years ago, and we cover all sorts of journeys across women's and family health, so look forward to discussing more today.
ALEX ROCA: Absolutely. It is wonderful to have all three of you with us today. Now lastly, I want to share just a quick agenda of what today's discussion is going to sound like so that you know exactly what to expect. We have three sections. First, we're going to talk about some of the realities of women's health today and why it's so important to have these conversations. Then we're going to get into some of the specifics, things you may not know that you should be thinking about. And then we're going to get real and tactical about what you should be doing right now to plan for these health care costs. Now I want to start with you, Kate. You just shared you have done all kinds of stuff, but you have had a varied career. You were in venture capitalism, you were a journalist, and now you're leading a company that specializes in women and family health. What led you to focus on women's health and specifically to start your company Maven?
KATE RYDER: Sure. Well, 10 years ago, I just turned 30, and a lot of my friends were starting to have kids. I have three kids of my own today, so I have also now since been on those journeys. But one of the things that was just so apparent was here I was, working in venture capital, covering some of the early digital health companies, and there was nothing focused on women-- women as the primary consumer of health care, women, as the chief medical officer of her home, and particularly women as starting this huge health journey when they built a family. And so as I observed some of my friends, I had one friend who had her first baby and got postpartum depression, another friend who had infertility, and so she only could afford one IVF cycle. And so today, she only has one kid. She probably would have had a lot more if she had the coverage options that so many women have today. And so I think that technology has reimagined so much of our world. And I couldn't understand why nobody had used it to reimagine a health system that really centers women and families. And so that's really where we are today. And today, we work with over 2,000 companies. We're proud to partner with Fidelity on their benefits across pregnancy and fertility journeys and menopause and parenting and pediatrics journeys. We cover $17 billion lives. We work in 175 countries around the world. And I can tell you what is just the common theme across all of that is that women are very underserved and under supported. And there's a lot they don't know. And so it's just a real privilege to bring a lot of Maven-- I know we'll talk about what our product does later. But it's a real privilege to bring Maven's virtual solutions to so many women and families.
ALEX ROCA: That's so encouraging. Honestly, I'm glad somebody is paying attention to us because women's health has seemed to be on the back burner. In fact, Karen, I want you to talk to us a little bit more about why we need to put a bigger spotlight on women's health, and why it's been harder for women to get help from the start.
KAREN VOLO: Yeah, I mean, like Kate said, despite health care advances in the past few decades, we still face wide gaps in research and treatment ability for areas unique to women, like maternal health or menopause. So why the spotlight? Well, to level set, before 1993, women were rarely even included in clinical trials, which is hard to believe. And that's just clinical and research. Add on to that the old tendency to keep discussion about women's health behind closed doors, if it happened at all. So we're at this critical time now to spotlight women's health and platforms like Maven that are working to help close the gaps in care and offer solutions. Women are speaking up more and more. They're telling their employers what's missing, what they need. It's just so important to advocate for yourself. In fact, employee input led us to adding Maven to one of our Fidelity benefits. The reason it matters is women will spend about 18% more on their health care than men, which translates to about $15 billion a year in spend. So the bottom line is, being a woman shouldn't come with hidden or higher costs, and no one should have to choose between the care they need and the care they can afford. And that's why it's so important that we talk about it now and that we keep talking about it.
ALEX ROCA: Absolutely. In fact, Sasha, Karen just talked about that hidden cost. That's exactly what it felt like. Can you elaborate a little bit more on that? What are some of the things that women may need to plan for that maybe men don't have to think about when they're doing their plans?
SASHA HEATHMAN: Sure. So if you have attended any of our Women Talk Money sessions previously, we all know that women face different realities than men, both physically and financially. In fact, I just got back from maternity leave a few months ago, and I can definitely attest that we have different health needs than men. Now this can seem overwhelming, but the good news is that we can plan for those reality realities. We just have to do it a little bit differently. So a few of those differences to note. As Karen mentioned, we tend to live longer, which means we need even more money to continue living our lives comfortably. The gender pay gap is still real, and we're more likely to be primary caregivers for our family. And then also, as Karen had mentioned previously, women, we end up paying 18% more in health. So for us to plan now for both expected and unexpected life events can really help you feel more confident and secure that if plan A doesn't work out as expected, then you can seamlessly pivot to plan B. And I always say that you're not alone in figuring this out. Call us.c. We're here to help you create a plan that works for you both now and in the future.
ALEX ROCA: That's great, Sasha, Thank you for that. And I want to dive just a little deeper into this hidden costs because it's so much more than just the one we think about. So, Kate, what about the hidden costs that are related to our physical health as women? What are some of the risks that we face for not prioritizing ourselves and our health?
KATE RYDER: Sure. Well, maybe starting with that kind of preconception and reproductive health period before you started a family-- so what we see from so many of our members and why one of our biggest and fastest selling products is fertility benefits is that, a lot of times, you actually don't know your fertility profile and your reproductive health profile before you're trying. So you actually don't know what kind of journey you're about to go on. So I would say, first and foremost, one of the most important things to do as a woman in her 20s and early 30s, right before that family forming journey, is to go to a doctor understand, do you have any preexisting conditions? Male infertility is really important part of this, too, particularly if you have a partner at this point. Getting sperm checked is really important. It's part of our actually fertility benefit because 40% of infertility is female. 40% is male. A lot of people don't know that. And so it's really just to take stock, OK, what does my health look like as I enter this family forming journey? And how easy will it be to get pregnant? Because we're often taught how not to get pregnant, but we're often not taught how to get pregnant. So once you have that baseline of what your reproductive health is, then you can figure out the best pathway for you. But I will say IVF-- these can be really costly journeys. An IVF cycle can cost $20,000 to $25,000 per cycle. And it often takes about two to three cycles to get pregnant. That's where national benchmarks are today. And so this is a lot. And depending on what your employer covers or what your health plan covers, maybe only one cycle is covered or two. Maybe it's going to take you four. You just don't know. And so that's why it's so important to really get on the right pathway for you early on. Surrogacy, adoption-- these are also pathways that many people take but do come with hidden costs. And so it's really important to really understand what the right pathway is for you. I also think one of the true gifts that younger women have today, that many women that we work with in their menopausal years often talk about wishing they had is the option to freeze your eggs. And so that just gives you a total gift that you can have babies later. It's not foolproof. It is a little bit of an insurance policy, but that too is something that a lot of women are opting to do that does carry, typically, an $8,000 to $10,000 price tag if it's not covered by your employer or your health plan. I think also what we see, of course, pregnancy, parenthood-- I'm living it with an eight, six, and three-yearold-- there's tons of costs all the time. But the other thing that we have a menopause product, and that menopause product is very popular, and those costs as well-- there has been such a dearth of research in menopause. Women have been left to fend for themselves. I think it's about 80% of OB/GYN residents don't even know how to talk to a woman going through menopause. Just today, in today's workforce, that's one of the things that women talk about the most is kind of being told just to manage their symptoms and being left to their own devices. And so you also do see a lot of spending during this time because no pathways are the same. Some women experience a lot of weight gain, which they'll incur costs trying to manage that-- others brain fog, sleeplessness. There's just so many symptoms that women need help with. And so we also see from a spend standpoint and a hidden cost standpoint, menopause also being a time where spend goes up and it's something that, again, we have a menopause benefit where we offer HRT, which definitely helps with a lot of this, but it's just still not easy for many women to navigate this. And there are things that then they just take into their own hands that aren't necessarily covered. And so that's another time to just really be vigilant about seeing providers that know how to support you and send you on the right journeys versus kind of wild goose chases that are going to both waste your time and waste your money.
SASHA HEATHMAN: Definitely. And I mean, when we don't physically feel good, then that can trickle down into other aspects of our lives, both professionally, financially, socially, family, which two years ago, when I had my son, I was definitely physically exhausted. But compound that by the emotional demands of being a new mom, caring for an infant, and then when I returned back to work, I didn't feel like I was operating at prebaby excellence until I was, like, 12 months postpartum. Which I still feel overwhelmed with all my new responsibilities now that I have two little ones-- I have little daughter Madison. She's eight months this month. And like you had mentioned, Kate, women, we're expected to just navigate it, navigate those personal and professional life events, and many of us don't have the proper resources or know what resources are available to help us with those things, which can potentially lead to burnout and less productivity, which being less productive at work when those promotional opportunities or career advancement opportunities come up, that may not be favorable for us. And so we had mentioned earlier that women, we also tend to be the caregivers of the family. And we make most of the medical decisions, which, because we prioritize others, our own health may be put on the back burner. And then even if we do prioritize our help, seek help from providers, and sometimes, our symptoms might be dismissed or maybe overlooked, which can leave us feeling frustrated and discouraged. So that's just why we have to be our own biggest advocates, fight for ourselves, and plan ahead, which, remember, you're not alone in figuring this out. Kate and her team can help navigate all of the health side of things. And I and my Fidelity team of planners can definitely help you navigate the financial side of it, too.
ALEX ROCA: I love that, and thank you so much for sharing, Sasha. I can only imagine how stressful it must feel with a new baby at home. And Kate, I feel like I've already learned so much from what you've shared today. It's actually a great segue as well because I want to talk now about taking action. So, Karen, how do you know what kind of resources or benefits are available to us? How do we figure that out?
KAREN VOLO: Yeah, so first, don't be afraid to ask questions. Ask questions at your doctor, at your pharmacy, at your job. All employer benefits are different, so you'll have to work with your HR and benefits department to see what's available to you and ask for help comparing different plans and options, and then find creative ways to save-- maybe the use of walk-in clinics or urgent care versus the emergency room, or getting your flu shot at a local pharmacy versus at your doctor's office or asking your doctor to prescribe a generic brand drug versus a name brand drug all lead to healthy savings. Also, employer benefits can be powerful tools to ensure your financial future. You could have retirement plans. Take advantage of those retirement plans, particularly if they come with an employer contribution. Always consider health expenses when you're planning for retirement as well because there's going to be a huge financial obligation in retirement to pay for unreimbursed medical expenses. You may have access to HSAs or FSAs, health savings accounts or flexible spending accounts. Those are both great tax-smart ways to specifically save for health care expenses, both now and in the future. And then there could be additional benefits, like student loan refinancing, counseling or mental health, platforms like Maven that might be available to you, and even shopping discounts. All of these things add up to savings for you. So find out what's available to you wherever it is you get your benefits.
ALEX ROCA: I love that. And then, Kate, is there anything that you would like to share about what Maven's research looks like in this arena?
KATE RYDER: Yeah, no, absolutely. So we do see about 46% of employees' issues with their benefits involve unexpected expenses, like, for example, confusion about what's reimbursed or what's not reimbursed. Sometimes, reimbursement takes months, if not, honestly, over a year. And so just really working and understanding with your team what works in that department and just kind of working through that confusion. And then the other thing is just employers really are leaning in more to support working families to help them balance work and children because a lot of these unexpected expenses really can cause a lot of stress. And so I think it's really important as well that better benefits are essential to attracting and retaining employees. And so it's something that we've been so happy to see so many companies lean in on. And I will say there is a QR code here to see if you're eligible for Maven. And we do work, again, with 2,000 companies. 17 million lives are covered, so it might be you. And if not, certainly you should ask your employer for Maven as well. But we hope we can help. And the other thing is you can still download Maven even if you're not covered. And we're in the App Store. And so you can still at least cash pay for appointments with a lot of different providers that understand menopause, that understand the fertility journey, and can at least give you a little bit of guidance.
ALEX ROCA: That's fantastic. And I think, Karen, all of us-- we've shared such great information. But what if I'm self-employed? What if there isn't an HR department that I can talk to? How can someone find what they're looking for? What resources would you recommend? Sasha, can you take this one?
SASHA HEATHMAN: Sure. So for freelancers, independent contractors, small business owners, you can put together your own DIY benefits package. But you do have to be proactive about it because like Alex said, there's no HR department sending you emails or coordinating a benefits fair during open enrollment. So to help you get started, consider breaking up your DIY benefits package into three sections. Those sections should include health insurance, retirement plans, and supplemental insurances. So I'll start with the health insurance. So you may have some straightforward options available to you, like extending your previous employer's plan through COBRA, or maybe joining a spouse or a domestic partner's insurance plan. But if you don't have straightforward options like that, then the marketplace, like Stride, can help you find affordable health care options. So on their site, you can search and compare public and private health insurance plans and even get recommendations which private health insurance before Medicare could cost you on average between $300 and $800 a month. And that's based on what your personal health concerns are, preferred doctors, budgets, and other needs. So then the next section of your DIY package should include retirement-- several options depending on your situation exist. And remember, you want to aim to save at least 15% of your pay to help you stay on track. So as a self-employed professional, you have access to options like a self-employed 401(k), SEP IRA. Fidelity has a small business retirements team, so if you're not sure what your business structure could qualify to help you save for retirement, we're happy to talk you through that. And then, finally, the third piece of your benefits package should include some supplemental insurance, like life insurance to protect-- protect your business, protect your loved ones, vision, dental, disability insurance, et cetera. Now I realize this was a lot, but again, please remember you're not alone in figuring this out. Fidelity does have great resources on our Learn Hub that provide you with education and links to help you get started and really navigate your options.
ALEX ROCA: Sasha, thank you for talking about the Learn Hub because it's actually one of my favorite resources when I'm talking to clients myself. And people will ask, how do I know what I don't know if I don't know it? And that is such a fantastic resource on our Fidelity webpage, to be able to learn a little bit more about the different parts of your financial plan. Now, Karen, earlier in the conversation, you had mentioned HSAs. And I know there is so much interest on the HSA And so I want us to talk a little bit more about the benefits of the HSA and how they can help women specifically.
KAREN VOLO: Yeah, and let's start with that. As Sasha said, women often find themselves shouldering multiple financial priorities. They're striving to maintain a balance between managing their household expenses while saving for the future, maybe paying off debt, insuring their family's financial well-being. Couple this with the persistent gender pay gap and high cost of education and childcare, which just exacerbates the stress women experience in relation to their finances. Midlife women, ages 36 to 54, are also likely to have a mortgage, a car payment, maybe some credit card debt, and 36% of them say that credit card balances or loans create stress for them. So where can you get help? Well, for short-term and long-term medical expenses, there is some help with two specific benefits, as you just mentioned, Alex-- both the health savings account and the flexible spending account. I mentioned them both because there's a lot of confusion between the two types of accounts, so HSA and FSA for short, and you're looking at a chart that tells you the differences between them. The big difference is in the way you use the S. The S in an HSA is a savings account. The S in the FSA is a spending account. FSAs, flexible spending accounts, are intended to be used in the year in which they are created. So you pay for your expenses throughout the year. And in fact, if you don't use all of your money in your flexible spending account by the end of the year, you lose it. A health savings account, on the other hand, gives you the ability to save for both short-term and longterm medical expenses in an account that you own. You take that account with you whether you change jobs or addresses or locations, that account belongs to you. HSAs are one of the most powerful savings tools out there. They're the only triple tax-advantaged account that's available. So your contributions go in on a tax-free basis, they grow on a tax-free basis, and as long as they're used for medical expenses that are qualified, they also come out on a tax-free basis. It also gives you the opportunity to save for the future. We talked before about wanting to have health expenses in retirement-- always be a part of your planning for retirement. HSAs are a vehicle that can help you get there. Today, you have to be enrolled in a high deductible health care plan to be eligible for an HSA, and that's intended to help you offset the cost of those deductibles in the short-term. But it also, as I said before, gives you the opportunity to save for the long-term in health savings accounts as well. So you can spend your money in the current year, you can save it, or you can even invest it if you want to consider the health savings account as a part of your overall retirement strategy. And by the way, as I said before, an HSA is an individual account. So even if your employer doesn't offer one but you are participating in a high deductible health care plan, you can open one of those accounts.
ALEX ROCA: And I want to just interject here real quick, Karen, because you mentioned something about the qualified medical expenses. And I think sometimes people don't really understand what that means or may think it's something more complicated than what it actually is. Can you tell us about what those qualified medical expenses look like specifically for women? What that can include?
KAREN VOLO: Yeah, and also the industry has made it easy. About 95% of our health savings account expenses are paid for using a debit card. And most of the consumers that you would purchase these products through are connected to a system that allows you to know whether that expense is qualified or not. In fact, there are also retailers that have HSA or FSA-eligible stores. So understanding what a qualified medical expense is being made easier every day. But it can help you pay for more than you think, especially for women. Kate mentioned family planning, like fertility treatments, pregnancy tests, breastfeeding-related expenses. All of those are eligible expenses under your HSA. Menstrual care products, menopause relief-- I think Kate also mentioned hormone replacement therapy-- all eligible expenses under your HSA. And if you think about it, you're sort of giving yourself a discount. And everyone loves a good discount. So think about the discount in terms of your tax bracket. For example, if you're in a 25% tax bracket and you go to pay a health bill and it costs $100, you're going to pay $100. If you use your HSA to pay that same bill, you're really only paying $75 for that expense because you've gotten the benefit of the tax break according to your tax bracket. So you have the opportunity to give yourself a discount on the things that you're spending as well. And as Sasha said, it's complex. I think the world is trying to make it easier for you, but certainly, there are plenty of resources. If you have questions about HSA eligibility, how you establish an account, we can all help. Absolutely. And if you have any more questions on the HSA, we actually did an entire session on the HSA. So you can call us or you can go check it out. And we are always happy to help. Now, Kate, I want to say that-- let's say you're prepping with your HR department. What questions should we prepare to ask our department? As a woman in the workforce, what's important for us to know?
KATE RYDER: Sure. And by the way, on the HSA topic, one of the things that we see as well is a lot of the really cool new digital health companies that have physical products, like diagnostic testing or wearables, increasingly, a lot of them are getting covered under HSA plans, too. So it's changing all the time. And just what was covered 12 months ago, you might even find more that's covered now. So HSAs are great for really taking care of your health as well. So if you're a woman working at a company, and as we're even prepping to really understand what companies are offering today, we really look at what is their kind of women's and family health strategy? And so when we started 10 years ago, really, the conversation was only around pregnancy. What do you do for maternity leave? What do you do when women return to work? And now it is that much broader. And it's been really nice to see now, the question is not just what do you do for pregnancy, but it really is what is-- every employer thinks and is increasingly realizing they need a comprehensive women's and family health strategy. And so what that includes is what? What does my employer do for family planning? So do they offer adoption or surrogacy or fertility or infertility treatments? What's covered? What's not? Do they offer egg freezing? What's covered for me? What is my copays and what is my pregnancy plan if I'm on maternity? What kind of coverage do I have there? And on average, what should I expect out of pocket? What is postpartum support like? What is return to work and childcare support like? Do I get any kind of stipend? What is parenting and pediatric support look like? What if I have a child with special needs? Or what would my options be there? Menopause-- it's honestly our fastest growing product over the last few years. Increasingly, that is as a core part of a comprehensive women's and family health strategy. And so what is my employer offer for menopause support? It's been hard to get HRT from doctors if you go into bricks and mortar setting. And so increasingly, employers are really leaning into virtual options. And then one of the big things we ask is it's not just the employee that's incurring costs, it's the company, too, because if you're over about 1,000 employees as a company, you're the one incurring your health costs. And so for us, one of the reasons that so many employers are also investing here is it's a double bottom line benefit. It not only supports employees in the workforce be more productive, it attracts and retains talent, it helps you bring your whole self to work, and be supported along all these journeys. But it also helps the employer manage costs because fertility and maternity can be among one of the top costs that employers are facing from a health care standpoint. And so it's really it's both the employer and the employee benefit when they have that comprehensive women's and family health strategy.
ALEX ROCA: Absolutely. Would you have-- and I'm going to bring it back to you because would you have two or three questions for somebody to ask their HR department?
KATE RYDER: Sure. I would ask them what-- I would actually go specifically through some of these categories. So what are my family building benefits and what's covered? How many cycles do I have if IVF is covered? What is the maternity leave policy? What kind of return to work support do you have? Sasha mentioned, coming back from leave is no walk in the park. And so how do you support me doing that? And then what is my menopause support? And then how do you measure the success of these benefit offerings is another big important question. I think the last one is if you change jobs or if the benefit is changed or removed, you just want to understand what the standard policy is around transition, which is actually a really important question to ask, particularly for those going through IVF.
ALEX ROCA: Absolutely. Thank you for sharing those. I'm sure people wanted to jot down one or two more questions, so thank you for sharing that. And then, Sasha, I want to bring it to you because aside from employer benefits and HSAs, people want to know what else can we be doing to be more proactive about planning so that we can feel more confident and prepared for the future? What else is there?
SASHA HEATHMAN: Sure. So for me, this is a two-part answer. So first, I'd say to make sure that your money is working hard for you. Now everyone's financial situation is different, everybody's journey. So definitely in the health space, expanding your family, going through menopause, everybody's situation and then definitely financial situation is different. So there's no one-size-fits-all approach. But an important question to ask yourself in order to get your money working is what is your cash actually doing? Is it just sitting in your bank checking or savings account earning maybe less than 1%? Put your cash to work because the longer your money is earning interest, the more time it has to potentially grow and take advantage of that compounding growth so that you can afford to do things that you want to do. And Kate has definitely listed out a few services and what the costs are. And so you want to make sure that your money is working towards those things. And then the second part of my answer is to really understand the benefits of working with a financial professional. So if you're not sure where to start or what questions to ask, that's OK. We do. If you're not sure which accounts might be right for you, that's OK. We do. And then, additionally, working with a financial professional can help you really identify and prioritize your financial goals so that it will help you determine which options apply to you because we've covered a lot of material, which sometimes our journeys may not turn out the way that we're expecting. And so you may not pursue all the different options that we talked about, so working with a financial professional, we can help assess what's important to you and then how we can create that plan to help you accomplish those. So you see our phone number down there. Give us a call so that we can start helping you plan for your future.
ALEX ROCA: Those are some great tips, Sasha. Thank you for that. Kate, I want to ask you something about planning when you're single. Are there any additional considerations that somebody who doesn't have a planning partner should be thinking about when thinking about their health care costs?
KATE RYDER: Yes, of course. And I'm glad you asked. There's more and more people that are single parents by choice. And so they'll go through the IVF journey with egg donors or sperm donors. And so I think if you're a single parent by choice, then it's that much more important to understand what's covered on the sperm donation and egg donation side. And so it's to go much deeper into those fertility benefits and really hone in on all of the different things you need. And so on Maven, we have egg donor consultants. We have so many different types of consultants that can actually walk you through this process. Adoption-- same thing. And so just remember those are different journeys, and those also could have hidden costs, and so to make sure that you have really, talk to people who have been through them before so you know all the different questions to ask.
ALEX ROCA: That's excellent. And actually, Sasha, I want to turn it to you because I want us to think about the same question but from a financial standpoint. What would you tell somebody that comes to talk to you and has this question?
SASHA HEATHMAN: So I always say to take a quick step back and really self-reflect about where you are in your own life journey. So I say life because expanding your family, buying a house, paying off debt, going back to school, advancing your career--take a step back and identify where you are in your current life journey, and then write down what you hope to accomplish. So whether that be buying the house, building an emergency fund, retiring early, write down what's important to you. That's all of step number one of creating a plan. And then step number two is all about assigning your paychecks to help you accomplish those goals. So step number two is all about managing your paychecks and maximizing those dollars. And then, finally, step number three is you want to take action and put a financial plan in place. And what that means is says, based on your goals, you're saving money in the right types of accounts, with the right investment strategies. And that's what a financial planner can help you do.
ALEX ROCA: Absolutely. And actually, Karen, you have been a hit with the HSA information, but what if your employer doesn't offer an HSA? Is that the only way to be able to open that type of account? What other options are there?
KAREN VOLO: Yeah, so the most important thing is you have to be covered by a high deductible health care plan. So whether you get that through your employer or somewhere else, as long as you're covered by a high deductible health care plan, you can open an HSA. And you can go to any provider that offers HSAs. Fidelity offers them to our retail customers as well as to those who get them through their employers. And you could open that HSA, save to the IRS tax limit, whether you're saving as a single person or as a family based on our last conversation. You have the ability to do that through any HSA provider. But again, just the trick is make sure that you're covered by a high deductible health care plan because that automatically makes you eligible for the HSA. Remember that the HSA is an account that you own that you can take with you, and it doesn't have to be tied to your employer, although if your employer offers one, they might also offer a contribution into one. But if they don't, you can open up your HSA account at any provider that offers them, so long as you're covered by that type of high deductible health care plan.
ALEX ROCA: Kate, I have one more question for you When I saw it, I thought it was so interesting, and I think so many people, especially women, can relate to this question. What if you just don't feel comfortable asking your questions to your specific provider or doctor? What kind of tips would you provide our listeners today on how to advocate for yourself?
KATE RYDER: Sure. It's a great question, and one of the things that is so important to us, because we hear this a lot, particularly for women's health issues, is that on our network, at least, we have a culturallycompetent model. One of the biggest reasons that people are afraid to ask questions is they just they don't feel like their provider shares their lived experience or understands them or sometimes even speaks their language. And so that cultural competence is so critical. And so I think that if you're not feeling comfortable, I would encourage you to seek out a provider where you do feel comfortable because they exist. And when we see that kind of discomfort, it often is because you could have a woman who wants to talk about symptoms that she's having that are really embarrassing and she doesn't want to talk to a male provider, and that male provider is the only person in town. And so on our network, you can talk to a providers of a lot of different races, genders, sexual orientations. And so I would just encourage you to seek that out. And then virtual is also a great context. We also see and we hear from our providers as well that more and more people feel comfortable talking virtually than they do in person. You don't have to have your video on while you're doing it, so they don't even have to see your face if you're embarrassed. And so I think it's a really beautiful thing to be able to just seek out that provider virtually. And then you can keep your video off. You can do what you need to do. But put yourself out there a little bit because preventative care and taking care of yourself is so important, even for the most embarrassing of symptoms. And virtual now gives you that option to do it in the comfort of home, video off, with a provider who you have sought out that's not just kind of location-based that you feel the most comfortable with.
ALEX ROCA: I have to ask a follow up. What does that mean? Culturally-- you said competent?
KATE RYDER: Culturally-competent, exactly. So it means, let's say, you are a Black woman and you only want to see Black female providers. It's really hard if you live in certain areas of the US, particularly maternity care deserts, to see that provider. And maybe you don't feel comfortable with any other type of provider because they don't share your lived experience. And so on Maven, we have lots of Black female providers that you can see. And one of the most wonderful things that we hear, not just from patients, but from the providers too, is that when you can establish that trust, then you do share more, and you do seek out help more. And so, as an example, during COVID, when there was a lot of questions whether pregnant women should get vaccines and a lot of people were seeing local providers and they didn't totally trust them, we had providers that spoke Spanish, that were Black, that were female, that shared the lived experience with so many patients that didn't necessarily trust their in-person providers, answering questions, talking to patients, and giving them that confidence. And so that culturally-competent care model, which is hard to do, particularly in rural America, you actually do have it virtually, which has been one of the biggest reasons why we have so many successful outcomes between our patients and providers.
ALEX ROCA: That's amazing. And I just am absolutely moved by the fact that you've created this company that gives so much autonomy to people, and the way that they can choose the way they want their care. I think it's spectacular. I also want to thank each and every one of you because you've shared so much fantastic information. I'm sure everybody agrees, but I want you guys here to wrap it up. Give me one of the most important things, the biggest takeaway that you would want everybody in our audience to take away from this session, maybe one step or one takeaway. And actually, let's start with you, Sasha.
SASHA HEATHMAN: Sure. So I'll say it's not too late or too early to start planning. My dad always told me that prior planning prevents poor performance, and that has stuck with me through adulthood. And a financial plan is so important because it helps give us direction for what to do with our money. It grows with you over time. It evolves with you as you change jobs, advance your career, and retire. And that is what a plan should do. It should evolve with you. Karen, what about you?
KAREN VOLO: I'd say take advantage of your benefits. You don't know what you don't know, and you don't know if you don't ask. So set up some time with your HR partners and fully understand the range of benefits being offered. I like to say the benefits are a spectrum or a menu, and I happen to be on the other end of the spectrum from Kate and Sasha with three grown children. But you'll use different benefits at different points in your life. So just like Sasha said, your financial plan will grow and adjust with you and so will your benefit needs. So make sure you understand what they are. New benefits are introduced through employers every single year. Make sure you know what they are and make sure you know that you can use them. And understanding what benefits are offered can help set you up for success and you get what you need when you need it.
ALEX ROCA: And then, Kate, what would you say?
KATE RYDER: Yeah, I would just say we live in an era where health care really is about- - you need to advocate for yourself. So much in our system. And now there's more and more tools where you can. And so mine would be to educate and advocate for yourself and prioritize your health and preventative care, whether it's for your reproductive health, your mental health, your perimenopause journeys. But as Karen just said, you don't know what you don't know. And so knowledge is power. And the more you know, the more you can advocate for yourself and for your family.
ALEX ROCA: Absolutely. I want to thank each and every one of you again. So to our wonderful panel, thank you so much for all the great information that you have shared. I know that we covered a lot today. Now we're also going to put a slide up and that's going to share all of our upcoming events. And it's going to remind you different ways that you can get help. Now Kate, Sasha, Karen, thank you again. Thank you for joining. Thank you for being a part of our community.. Have a great day.