FTM's and Transitioning

[DapperButch]

Originally Posted by Linus

It's the paying up-front part that is the challenge. I can cover out of network but it's the initial amount: 10K. I can cash in some stocks to do it or some of my 401K but I want to avoid that. I've been trying to pay down some debt (from my move and other things) but it's been a bit of a hard slog. I'm waiting until after taxes to see if I get anything back from last year (thanks to the move). I might be able to figure something out.

Yes, I understand this Linus, I didn't even think about the up front cost..duh!

And yes, try to stay away from taking from that 401K! In the long run it will actually cost you a heck of a lot due to penalties, but ALSO of course the money that you would be making it if was still in there. If you have to go that route so, I would look to see if your work would let you qualify to get a loan from the 401K, not a "withdrawal" (that may be a long shot, though)

Sounds like you are indicating that you have a separate stocks in some account. I personally would take from that and then when you get money back from the insurance, buy back into the market.

Ok, so I am probably telling you things you already know!

With that said, I think sometimes it comes down emotional and psychological level. Sometimes what we need emotionally and psychologically outweighs what we would like our financial situation to look like (not taking money from 401k, for example).

Good luck with your decision making.