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Posts made in April, 2018


Health insurance offers significant medical security for your family, along with the obvious monetary benefits. In the event of large medical bills, your insurance will kick in to cover charges over the amount of your annual deductible and co-pays. Yet, for some people, reaching that deductible still presents a challenge. For example, if your deductible is set at $6,000 per year, this means you will pay for the first $6,000 in medical bills before your insurance plan takes care of the rest. If you’re like a lot of people, perhaps $6,000 dollars in medical bills sounds like a heavy burden to shoulder all at once. A health savings account offers a creative solution to this problem. With an HSA, you can set aside pre-tax dollars in a special savings account. The money can be used on qualified healthcare expenses, such as co-pays, deductibles, and prescription medications.You can also access your HSA to pay for uncovered medical expenses, like vision and dental services. For convenience, you can even have the money diverted directly from your paychecks and into the account. If you don’t use all of the funds in your HSA during any given calendar year, the money is not lost. Funds roll over from one year to the next, and you can even carry the account with you into retirement. At that point, any unused funds can be used for Medicare premiums and other qualified medical expenses. So, not only can an HSA help you now; the money will always belong to you and can even be used as a secondary way to save for medical bills in retirement. Since the funds are deposited on a pre-tax basis, you won’t owe income taxes on the amount you divert into the HSA. In this way, an HSA can also function as a valuable tax benefit. Only some health insurance plans allow for a health savings account, most notably the Bronze high-deductible policies. To find out whether you’re eligible for a health savings account, give us a call. If you already have an HSA Qualified Plan, set-up your HSA, don’t delay. If you do not, it is something to consider at the next Open Enrollment when you can change...

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3 Alternatives to COBRA Coverage

3 Alternatives to COBRA Coverage


Posted By on Apr 13, 2018

Going without health insurance brings significant financial and health risks into your life. Luckily, even if you quit your job or get fired, COBRA allows you to continue accessing your employer’s group health insurance plan. Of course, the problem with this scenario is that you will often incur high expenses, because you’re now paying your previous employer’s part of the premium in addition to your own. Luckily, if you feel like COBRA coverage will be too expensive for you, there are some other alternatives. Utilize the state exchange. Losing your job (and health insurance coverage) qualifies you for a Special Enrollment Period through the state health insurance exchange. You might also qualify for a subsidy to help cover the cost of premiums. Independent health insurance. An independent health insurance policy can sometimes offer suitable coverage for lower premiums than COBRA. You can choose deductible and copayment plans that suit your needs, and this coverage can last as long as you need it. High deductible health insurance. These types of plans offer low monthly premiums, but the high deductible means you’re responsible for a considerable amount of medical bills before the insurance kicks in to cover the rest. If you choose this option, you will be eligible for a health savings account, which can offer significant tax benefits. Sometimes just staying with COBRA is your best alternative. There is more to consider than just the cost of COBRA. Have you met your current plan’s deductible or out of pocket maximum? Do you have a surgery scheduled or need another service in the near future? This is why you should always contact a qualified insurance agent to discuss your particular situation and review the best options for you. If you’ve lost your job, or feel that an employment change is imminent, give us a call. We can help you evaluate your health insurance options and choose a path that works for your...

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