“When you’re born, you’re born with 30,000 days. That’s it. The best strategic planning I can give to you is to think about that.” Avery told a group of American entrepreneurs, investors, and journalists.
It means consideration of:Tax status - what is the income for you and/or your family after all applicable expense?Social status - how the Social Security System sees you and for how long?Immigration Status - Are you a citizen or permanent resident, or do you have another status which might qualify in case to use financial assistance when buying health insurance coverage.
The relationship Taxpayer - Insurance:
If you pay taxes, you can independently buy insurance through the Marketplace. Your income will play role when premiums are calculated. If you are financially supported or staying at home for a different reason, you have to join the income earner in case to apply for health insurance through the Marketplace (filing taxes jointly or as dependent as well) If your income is below taxable levels, you have to rely on Medicaid and apply for it.
When I am not obligated to purchase health insurance?
If you are in jail; If your adjusted income is below $ 10,000 / $ 20,000 family;If the insurance cost is > 8.5% of your income;If you do not have a green card or citizenship or some other legal status which allows you;or if you belong to a specifically recognized and excluded from this obligation group.
Health Insurance through Employer
If he offers coverage for each employee and employee's family:
you have to accept his offer if it does not cost you more than 9.5% from annual family income
If it costs more, you can purchase coverage when using financial assistance through the Marketplace
if the employer is offering coverage only for you, but not for your family, you should use the Marketplace for your spouse & dependents (if not with CHIP) coverage.
If you do not purchase health insurance
Fines for 2014 are:
$ 95 adult, $ 47.50 per child: $ 285 per family or 1% of its income (whichever is greater)
Fines for 2015 are:
$ 325 per adult, $ 162.5 child , $ 975 for a family or 2% of income (whichever is greater)
From where to start?
Based on your adjusted gross income, see if you qualify to purchase from the Marketplace.
If your income qualifies you, follow the enrolment process or call us for help.
Choose to do it yourself or by using an insurance agent or navigator.
Last step is to choose an insurance plan. They are specific plans available through Marketplace application.
Health Insurance Plans
Bronze 60%
Silver 70%
Gold 80%
Platinum 90% and HMO only
You can buy Bronze and Silver plans with subsidy. Some Gold plans also might appear as available.
РРО or НМО?
These are different sized groups of doctors.
The first covers much more doctors' networks than the second and therefore health insurance plans with it are more expensive.
If your plan is in the second, You can pay less, but you have to get particular reference from your doctor when going to a specialist and many more restrictions will apply.
What means Deductible?
This is the amount that must be paid if you have a medical event.
Deductible does not affect the annual check up costs.
It is ranging from $ 0 to $ 6,350 per person for the policy year.
What means Coinsurance?
This is the % of the payment which is paid by the client, but this payment has yearly ceiling/cap. The ceiling/cap is considerably smaller amount than deductible.
Example: 80% coinsurance means that you only pay 20% but up to a certain ceiling, as up to $ 250 or max up to $1,500.
What means Out of Pocket?
This is the amount of deductible and coinsurance all together. Some charges do not apply to Out of Pocket.
Deductible+Coinsurance
Our life is far more complex:
We have to be prepared for major issues as
Losing our job
Becoming sick and being unable to work
Being suddenly dead
Being found liable
I hope this seminar helps you toward building your personal and family protection, at least when protecting your health. Thank you for reading or listening. Call me if any questions. Anna
Here we will list all programs, ready to help people who have low income, no legal immigration status, very high deductible copared to their income, and some combinations from all these factors.
