The Clark Howard Podcast: Episode Summary Title: Clark Answers His Critics on Clark Stinks / SAVE On Healthcare
Release Date: December 13, 2024
Host: Clark Howard

Introduction

In this episode of The Clark Howard Podcast, Clark delves into two primary themes: addressing listener criticisms through his "Clark Stinks" segment and providing actionable advice on saving money in the healthcare sector. Throughout the episode, Clark engages with his audience by responding to feedback, dispelling misconceptions, and sharing personal experiences to empower listeners in making informed financial decisions.

Clark Stinks: Addressing Listener Criticisms

Clark dedicates a portion of the episode to the "Clark Stinks" segment, where he addresses and responds to listener criticisms. This approach not only fosters transparency but also enhances the show's credibility by acknowledging and rectifying oversights.

• Donation Transparency:

  • Listener Feedback: John from New York City expressed disappointment over Clark not mentioning the potential for companies to match donations to Clark's Christmas Kids, a charitable initiative for children in foster care.
  • Clark’s Response (02:47):

    "John, thank you so much for ... and give this money to the kids in foster care. I appreciate it so very much."

  • Acknowledgment of Oversight: Clark appreciates the feedback and recognizes the importance of highlighting donation matching to amplify charitable contributions.

• Electronic Paperwork in Healthcare:

  • Listener Feedback: A listener voiced concerns about the push for electronic paperwork in doctors' offices, especially for elderly patients unfamiliar with digital tools.
  • Clark’s Response (04:11):

    "Think of it this way. It is the exception, not the rule, of people who prefer paper."

  • Clarification: Clark elaborates on accommodating those who prefer traditional methods while advocating for increased electronic efficiency.

• Financial Product Recommendations:

  • Listener Feedback: Russell pointed out that Fidelity also offers ATM fee reimbursements, a feature Clark hadn't mentioned, typically highlighting Schwab.
  • Clark’s Response (05:39):

    "Russell, thank you. I didn't know that Fidelity was doing the fee free ATM charges. And that's an oversight on my part."

  • Commitment to Accuracy: Clark acknowledges the omission and emphasizes that different financial institutions have their unique advantages.

• UGMA Accounts Clarification:

  • Listener Feedback: Gregory highlighted a factual error regarding the transfer of UGMA accounts to minors.
  • Clark’s Response (15:57):

    "It's exactly. There's a legal age where the money goes to the kid."

  • Correction and Explanation: Clark clarifies the legal obligations and practical realities of UGMA account transfers.

• Amex Platinum Card Transparency:

  • Listener Feedback: Andrew questioned Clark’s disclosure about holding an Amex Platinum card through Schwab, suggesting potential conflicts with his budget-friendly brand.
  • Clark’s Response (09:23):

    "I don't have the Schwab, Amex."

  • Transparency: Clark openly discusses his credit card holdings, differentiating between personal and recommended products.

Save On Healthcare: Reducing Medical Expenses

Healthcare costs in the United States remain a significant financial burden for many. Clark dedicates an extensive segment to dissecting the issues within the healthcare system and offering practical strategies to mitigate expenses.

• High Costs vs. Low Lifespan Rankings:

  • Key Insight: The U.S. spends a disproportionate amount on healthcare—18% of its economy—yet ranks 45th globally in life expectancy.
  • Clark’s Assertion:

    "We're spending it on healthcare with a lot of sand in the gears."

• Nonprofit Hospital Practices:

  • Issue Highlighted: Many nonprofit hospitals fail to fulfill their obligation of providing charity care, despite not paying taxes on profits.
  • Clark’s Commentary:

    "They have a responsibility to provide charity care to people who maybe have insurance but have really large deductibles and can't afford the bill."

• Personal Anecdote – MRI Costs:

  • Clark’s Experience (20:02):
    Clark shares a personal story about needing an MRI for his knee. At a hospital system, the cost was $2,400, whereas an independent freestanding facility charged only $300.
  • Quote:

    "I end up getting the MRI at a freestander owned by... I do have insurance and My share was $85. My share if I'd filed through insurance was more than they would have charged me at this place."

  • Lesson: Shopping around for medical services can lead to substantial savings, as hospital systems often charge exorbitant rates compared to independent providers.

• Atmosphere vs. Cost Efficiency:

  • Observation: Freestanding medical facilities often offer a more welcoming environment with amenities like snacks and comfortable seating, yet charge significantly less than hospital systems.
  • Clark’s Reflection:

    "They have soft music playing in the waiting room... but it was 1/8 the cost at the freestander as it is at the hospital."

• Call to Action:

  • Clark’s Encouragement:

    "When you're having something non emergency shopping around could make such a difference in what you pay."

Listener Questions and Feedback

Throughout the episode, Clark interacts with a variety of listener inquiries, providing insights and clarifications on diverse topics.

1. Credit Freezing with Smaller Agencies:

   • Listener Concern: A listener from law enforcement sought specifics on which credit bureau smaller agencies use, especially those targeted by criminals.
   • Clark’s Response (11:25):
     Clark acknowledges the oversight and commits to updating the show notes with the relevant information.

2. Electric Razor Maintenance and Utility Competition:

   • Listener Feedback: Chris from a listener questioned the maintenance of electric razors and the feasibility of increasing competition in the utility sector.
   • Clark’s Response (13:19):
     Clark discusses Texas's free-market approach to energy, emphasizing the benefits of competition in power generation and retailing while addressing the challenges of infrastructure monopolies.

3. UGMA Account Transition:

   • Listener Clarification: Gregory corrected Clark’s statement regarding the transition of UGMA accounts to minors, highlighting the legal obligation to transfer ownership upon reaching the age of majority.
   • Clark’s Response (15:57):
     Clark reiterates the legal framework and acknowledges the practical dynamics within families.

4. Condominium Association Fraud:

   • Listener Story: Patrick from Georgia described an incident involving fraud by a condominium association employee who forged a check.
   • Clark’s Advice (26:09):
     Clark advises that Conservice, the billing company, should rectify the situation, issue apologies, and cover any unjustified fees. He explains Conservice’s role in utility billing for condo associations and the common challenges residents face when dealing with third-party billing entities.

5. Google Fi Compatibility with iPhones:

   • Listener Inquiry: Stephen from Colorado asked about using Google Fi on iPhones, given the reported beta compatibility.
   • Clark’s Response (29:52):
     Clark shares his family's positive experience with Google Fi on iPhones, noting the need for manual configuration but affirming its functionality despite the lack of seamless integration between Apple and Google.

6. Sources of Clark’s Knowledge:

   • Listener Curiosity: Michelle from New Hampshire wondered about the sources from which Clark acquires his extensive financial knowledge.
   • Clark’s Response (31:05):
     Clark enumerates his daily reading regimen, including The Financial Times, Barron's, The Wall Street Journal, New York Times, Washington Post, and various industry publications. He emphasizes his passion for continuous learning and staying informed about financial and economic developments.

Closing Remarks

Clark wraps up the episode by reiterating the importance of patience and thoughtful spending during the holiday season. He encourages listeners to seek out meaningful gifts that may not be mainstream but are cherished by recipients, thereby ensuring financial prudence. Additionally, he emphasizes maintaining composure amidst the hustle and bustle of holiday shopping, reminding listeners to focus on the spirit of joy and giving.

Notable Quotes with Timestamps

• Acknowledging Oversights:

  • 02:05:

    "Well, maybe I'm wrong. Maybe I'm wrong. Maybe you're right, pal."

• On Electronic Paperwork:

  • 04:11:

    "Think of it this way. It is the exception, not the rule, of people who prefer paper."

• Discussing ATM Fee Reimbursements:

  • 05:39:

    "Russell, thank you. I didn't know that Fidelity was doing the fee free ATM charges. And that's an oversight on my part."

• Healthcare Spending Critique:

  • 20:02:

    "We're spending it on healthcare with a lot of sand in the gears."

• Freestanding MRI Anecdote:

  • 20:57:

    "I end up getting the MRI at a freestander... $85. My share if I'd filed through insurance was more than they would have charged me at this place."

• Utility Competition in Texas:

  • 13:19:

    "What Texas does in most of the state is there are power generators... because it is a free market for the generation and ultimate retailing of energy."

• On Continuous Learning:

  • 31:05:

    "I read, I read, I read, I read. I am really dull if you don't know that Michelle."

Conclusion

This episode of The Clark Howard Podcast effectively balances listener engagement with informative content. By addressing critiques transparently and offering strategic advice on navigating the complex healthcare landscape, Clark continues his mission to empower individuals in achieving financial freedom. His emphasis on continuous learning and adaptability underscores the value he brings to his extensive audience.