Whether you're shopping for more coverage, trying to find the best raid, or recently lost your job and looking to find the best plan. This article is for you, although everyone, my name is mattre guru and if we're meeting for the first time, welcomes to my site on this site.
What I do is, I help individuals navigate to their ideal retirement through financial planning and this article. We're gonna focus on health care, health insurance, and how to get the best plan will be going over three tips on how you can best save the most money on health care.
Tip number one is using: what's called the income calculation to get some form of a subsidy? So what we're gonna do? Are we're, going to go jump into the computer and figure out how to do that correctly? Alright, so, if you click the link in the description below you & # 39, ll be able to find my website for health ripple calm.
This is how we can find a plan in your area and apply the cost savings. So if you put in your zip code - and I'm gonna put in my zip code here, if you do type in these things, it'll, save and notify me that someone has filled out my forms.
If you want to remain anonymous, I just leave that all blank. So in the beginning, you have to put in your age and if you have a spouse, of course, if you're a tobacco user, if you know you have any of those programs, please do fill that out, most likely it will disqualify you, though, So make sure you fill this out to the best of your knowledge.
The next is gonna, be your tax household. So pretty much. If you have just two of you falling for taxes jointly, then just two, if you have kids, make sure you add them. If you are single make sure you just put one, this is an estimate of your 2020 household income before taxes.
So this is anyone you're claiming or follow taxes with, even if they're, not getting coverage so, like I said, if you have kids that are on your tax return, make sure you add them, and even if you have Folks on your tax return that are not applying for coverage because they have a chip, which is the child health insurance program or if they have a covered planet where, but they are not allowed to cover spouses.
For some reason, you can add them here and then add their income as well. So for this example, we're gonna put 50,000 for the two of us, and if you really wanted help finding your actual income, you can go to the calculator and the frequently asked questions is very helpful because it does tell you exactly what They want you to add, and, of course, what they don't need you to add, so, keep in mind for the federal boost of unemployment that $ 600 needs to be added, and the $ 1,200, though, does not need to be added.
It is a tax credit, so I covered that in a prior article, but that does not count in this calculation and you can go ahead and see per month. So if it's per month, you can put it in there per year per week or if you're a project base worker, you can do it per project.
We're just gonna put 50,000 for me, and my wife continues. So look at that. We can save 534 dollars based on my location and the age and the income, and let's, go ahead and say that we lost coverage and member here you must have lost either coverage 60 days or be losing coverage in the next 60 days.
So if this does not apply to you, sometimes the change in eligibility, meaning income has changed or if you had moved or if you had some kind of change in household size, make sure you do pick one of these because you do need a special enrollment to enroll In these plans if it's outside of November 1st to December 15th, and it's, gonna continue in this city, you can add your doctors and your hospitals.
For this example. We're gonna just go ahead and skip both of them. The drugs we don't need to put that in for this example, and there we go to Hawaii. We have two certified ACA plans, one administered by Kaiser and the other one administered by HMS you can shop here and figure out which plans gonna be the best for you plan details here.
It shows you exactly how much you will be paying based on the estimates and gives you all of the coverages amounts that you are paying for and there we have it now. The next thing kind of wanted to show you folks is that if you, your income is lower, then you can click here and it automatically changes it and you can get a cost-share reduction and this applies to the silver plan.
So what this looks like is: let's, go filter out the Kaiser and just have HMSA. Your plans can be very low for the bronze again. These are high deductible plans. Six thousand dollar deductible. This plant has an 80 150 deductible per person.
Out of pocket max is the same, and these gold plans are gonna, be here with a thousand dollar deductibles, but the silver plans. The difference between the silver plans, with the cost-share reduction and a normal silver plan, is, of course, it is gonna cost.
A little bit more like this silver plan is actually more expensive than the gold plan. But when you go their plan details there's. Cheaper hospital visits, cheaper prescriptions, lower deductibles, the normal, lower out-of-pocket max.
So here the silver plan has an out-of-pocket maximum, be a lot lower. It's even lower than the goals and the platinum plans, so it offers you a little bit more protection. This plan, or this type of a cost-sharing reduction plan, its gonna be for people who are a little bit more on the medical needy side but cannot afford to pay for these types of out-of-pocket maximums.
As you can see, the bronze plan and the gold plan both have the same out-of-pocket max, while the silver plan has a lower out-of-pocket max, and if this is confusing to you, I do apologize. I'm going kind of fast.
You can watch this article again or if you fill this out, and you want me to help you - I'd, be more than happy to walk you through the reasonings, and if you do want a personalized plan, projection, or analysis, you can go ahead And leave a comment, and I can reach out to you, but that's, pretty much how you can use the link down below to figure out how you can save the most money on your plans and how much it's.
Gon na really cost you tip number two, so tip number two is utilizing the different high deductible health plans so that you can save money on the premium and utilize an HSA or savings to cover the deductible.
Now the cost savings from the bronze plan and the platinum plan could be anywhere from two to three to even $ 400 per month per person in premium savings. So if in tip one you didn't qualify for the subsidy, this tip will allow you to actually save some money on the premium, but take a little bit more risk on the deductible.
Now, as you can see, in some of the bronze plans, the deductible and the max out-of-pocket are the same amounts, which literally means after you paid your deductible. The health insurance plan pays for everything else, so your responsibility now is to figure out how to manage that deductible, and if you can find a way with an HSA FSA and H MA, you can use those tools to buffer that deductible.
The third tip is gonna be looking outside of the Affordable Care Act. Looking at things like the cost-share ministry, many people might not know this, but seven of the cost-sharing ministry plans actually got an ACA exemption now.
I know many of you know the tax penalty, isn't for every state. Some states have them as some states don't, so that really depends on where you are so cost-sharing. Ministries might be for you. If you need health insurance.
You can't, afford those high premiums from the ACA and are very healthy. So if you want a deeper dive in all of your options for health care, you can go ahead and check these articles over here or I go deeper into the actual different options you have like the cost, share ministry, short-term, medical, Cobra, and, of course, the Affordable Care Act,