The BEST Health Insurance savings hack that you wish you knew sooner!👌- 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!
★☆★ABOUT THIS VIDEO★☆★
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
You’ll 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 HDHP’s later
SIlver Plans for Extra Savings
If a marketplace plan isn’t 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. That’s 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 haven’t 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 your’ve 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 you’ve 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 don’t 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/
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HSA & HDHP
• Health Savings Account...
Calculating Your MAGI
• How to Calculate MAGI ...
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Estimating Your Income
www.healthcare.gov/income-and...
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WEBSITE: ihealthbrokers.com/
PHONE NUMBER: (888) 410-0344
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