The BEST Health Insurance savings hack that you wish you knew sooner!đ
VloĆŸit
- Äas pĆidĂĄn 7. 07. 2024
- The BEST Health Insurance savings hack that you wish you knew sooner!đ- Call us today at iHealthBrokers at 888-410-0344. Our services are 100% FREE!
Call us today at iHealthBrokers at 888-410-0344. Our services are 100% FREE!
â ââ ABOUT THIS VIDEOâ ââ
0:00 Intro
0:30 Marketplace Insurance
0:59 MAGI
3:03 Silver Plans
3:20 Picking the Right Plan
4:31 Short Term Medical
6:09 Catastrophic Coverage
8:57 HDHP and HSA
11:45 BONUS
Youâll sometimes hear plans on the marketplace referred to as obamacare. These plans are part of the affordable care act.
All plans must offer the 10 essential benefits as detailed on healthcare.gov
Lower your MAGI- if you are still ineligible, there are other options.
Pick the Right Plan- more on HDHPâs later
SIlver Plans for Extra Savings
If a marketplace plan isnât for you either because you are ineligible for a premium tax or you need the flexibility that comes with a nationwide PPO plan, look into a STM.
In the past, STM were referred to as catastrophic coverage plans because they offered such bare bones coverage. Thatâs really not the case any more because so many plans offer such extensive benefits. However catastrophic coverage plans are still available and may be a great way to have access to a lower cost healthcare plan. They are another types of HDHP with a lower monthly premium.
Catastrophic plans on the marketplace will still offer some benefits prior to meeting your deductible. For example, you will have 3 primary care doctor visits per year covered even if you havenât met your deductible yet.
Other than that, your insurance will mostly be there for large medical expenses. You likely will not have any coverage until yourâve met not only your deductible, but your out of pocket maximum.
Your OOP is the maximum amount that you can be charged for medical spending in a given year. Once youâve met your OOP max, your insurance carrier will take on he remainder for any covered, in network benefits.
HDHPs are high deductible health plans. Some offer a special benefit called an HSA- health savings account. HSAs are only offered with HDHPs.
If you enroll in an HDHP, some services such as preventative care and wellness visits will be covered even prior to meeting your deductible.
If your HDHP offers an HSA, this is a great money savings hack.
HSAs are health savings accounts. You can contribute up to a certain amount and that amount is pretax. Basically this will lower your taxable income. This can possibly put you into a lower tax bracket to save money when you file or even make you eligible for a larger premium tax credit if you enroll in a plan through the marketplace.
The money that you contribute will sit in an interest bearing account. That interest is also not taxed. You can withdraw the funds for a qualified medical expense and the list is very long even including chiropractic care, dental bills or even OTC medications.
But you donât have to use those funds. You can let them sit there and continue to accrue interest. The account will roll over from year to year. You can even invest a certain portion of it. Anything earned from those investments will also be tax free.
Until you turn 65, there is no penalty for withdrawing for a qualified medical expense. After 65, it converts to a basic retirement account and you can use it as you see fit.
Finally, the easiest way to save money on your health insurance is to work with a licensed broker. They will listen to your needs and find you the best possible plan at the lowest possible rate. If you have any questions or concerns, please feel free to give us a call at (888) 918-0518 or schedule a call today.
Give us a call at (888) 410-0344 or visit us online at ihealthbrokers.com/
đSUBSCRIBE TO iHealthBroker's CHANNEL NOWđ
/ @ihealthbrokers
HSA & HDHP
âą Health Savings Account...
Calculating Your MAGI
âą How to Calculate MAGI ...
===================================
Estimating Your Income
www.healthcare.gov/income-and...
===================================
â ââ CHECK US OUT â ââ
WEBSITE: ihealthbrokers.com/
PHONE NUMBER: (888) 410-0344
F A C E B O O K: / ihealthbrokers
===================================
Give us a call or leave a comment below and we'll do our best to help! Make sure to "Like" and "Subscribe" today!
Awesome Hacks! Thank you! Really well explained đ
Thank you! Glad to be of help!
One thing Iâm going to have to deal with is moving from state to state. In late January Iâll be moving from NY which has its own marketplace to FL which uses the Federal Marketplace. That should be an interesting experience.
It'll definitely be a different interface. But the basics should all be the same! You can take a look at the plans now to research in advance to make enrollment when you move smoother.
@@iHealthBrokers I was wondering if I could do that ahead of time, thanks, Iâll take a look.
Hi Can I pick starting date on my plan on marketplace?
Interesting question! You can't really pick a starting date. There are enrollment periods and the coverage date is tied to when you enroll. However, if you don't currently need insurance, you may qualify for a special enrollment period which would allow you to enroll outside of open enrollment. I hope that helps!
@@iHealthBrokers thanks, can I make any changes in my application before picking up the final plan?
Does my stated income for the Marketplace include, or exclude my 401k contributions? For instance, if I make 100k and I contribute 20K pretax to my employer's 401k, is my income 100k, or 80k? TIA.
I should have mentioned, that I am going to retire in July, so I won't have any more income after June so when I put my estimated income in the Marketplace app, I don't quite know if I should put 100k or 80k.
If it's a traditional 401K and the contributions are pre-tax, that should lower your AGI and MAGI (which is what the marketplace looks at). As long as your contributions to your 401K are pretax, then you should be good. From what you've described it seems like you would estimate 80K. Thanks for your question!