HEALTHCARE INSURANCE
Understanding Health Insurance:
Health insurance allows individuals and families to receive the preventative care necessary to thrive. It is also able to protect people from the financial effects brought about by a catastrophic accident or illness. Since the Affordable Care Act was made law, the world of health insurance has undergone a major evolution. With the enactment of the Affordable Care Act, each health insurance policy must offer a certain level of coverage that includes the 10 essential health benefits. These policies are available from the state health insurance exchange. For individuals with lower incomes a subsidy to help pay for the insurance is provided. This subsidy can be taken back, via your income tax return, should your income be larger than anticipated at the time of application.
The Affordable Care Act eliminates the common dilemma of pre-existing conditions, as it is now illegal to deny an individual coverage, deny an individual treatment, or charge an individual more if they have a pre-existing condition.
If you would like to purchase a new health insurance policy or alter your existing coverage, you will need to wait for the annual open enrollment period. This is the only time you can enroll for coverage, unless you qualify for a special enrollment period after experiencing a major life event or loss of coverage.
Alternatives for Self Employed individuals:
Many self-employed individuals find the policies offered via the state exchange too expensive. If your income is high the subsidy to help pay the premiums is phased out. We offer programs that are cost & coverage competitive for the self-employed. For more information on these programs please use the link below. You will be able to get quotes, explore the various options, and enroll yourself & your family members if you decide to choose this coverage option. Unlike the state exchange you do not need to wait for an enrollment period to sign up. Unfortunately these programs are medically underwritten and you can be declined due to serious pre-existing conditions.
Do you need more information? Do you want to get a plan comparison? Are you ready to enroll in a plan yourself? Please use the link below to move forward without help.
Please use code: GRCT5871
Alternatives for individuals:
Many individuals find the policies offered via the state exchange too expensive. If your income is high the subsidy to help pay the premiums is phased out. We offer programs from health sharing ministries that are extremely cost competitive. These plans provide cost sharing for medical expenses provided the medical expenses do not result from disapproved actions taken by the participant. Disapproved actions are defined as actions taken in opposition to those moral standards set out by the plan. The moral standards of a Christian lifestyle as defined by the plan set the rules. For example the plan would not cost share expenses for liver disease from a member that abuses alcohol, there would be no cost sharing for abortions, or a car accident resulting from the member being DUI or DWI etc.
For more information on these programs please use the link below. You will be able to get quotes, explore the various options, and enroll yourself & your family members if you decide to choose this coverage option.
A Strategy:
If you decide to pursue a health plan that saves money (raising the deductible, switching to a cost sharing plan etc.) we encourage our clients to open a Health Savings Account (HSA). The HSA account allows an individual to save money which is earmarked to pay for health related expenses (not health insurance premiums unfortunately). Typically the money deposited into the HSA is an adjustment to income on your tax return lowering your taxable income (has the same effect as an IRA). If the individual reaches 65 years of age and still has a balance in the HSA account the money can then be used for any purpose the individual desires.
This becomes a very powerful tool for dealing with insurance plans that typically carry high deductibles. If you have a balance in your HSA of let’s say 20K you can now get a catastrophic only type health insurance plan, at a very reasonable premium, to cover a major event. The HSA money is then used for the lower cost, relatively minor, type health costs. If you remain healthy and do not use the money it can help supplement your retirement after you turn 65.
For more information on these plans consult your tax professional and your local bank who provides these accounts.
Each Person has a unique set of circumstances:
Please provide your contact information below for a complimentary consultation. We will guide you towards the right plan for you.
We will guide you towards the right plan for you!
