Can you REALLY retire a MILLIONAIRE with an HSA? Maybe! Check out this video to learn more!

Call us at iHealthBrokers today at 8884100344. Our services are 100% Free!

★☆★ABOUT THIS VIDEO★☆★
0:00 Intro
0:22 HSA Basics
2:06 Qualified Medical Expenses
4:54 HDHP
10:14 Maximize Your HSA
13:46 Final Thoughts

If your workplace employs more than 50 full time employees, they are required to offer health insurance and COBRA. Basically, COBRA is a way for you to keep your exact same employer sponsored health insurance for a specific period of time even after you are no longer working for your employer. You and your dependents will have a seamless transition because there is no change in insurance, unless of course you want there to be. When you enroll in COBRA, you can consider it a new open enrollment period, so if there are any changes to your insurance that you’d like to make, you can do so at that time.

Usually, you will be eligible for COBRA for a period of up to 18 months. So if you’re only retiring a little early, perhaps this is an option for you. However, COBRA can definitely be cost prohibitive. With group health insurance, your employer will cover at least 50% of your monthly premiums. With COBRA, you are responsible for the entirety of the costs plus a possible 2% administrative fee.

Another option is, of course, marketplace insurance. COBRA is only for a set period of time, so unless you are very close to Medicare age, you will need another type of insurance to bridge the gap. Marketplace insurance covers all of the essential benefits as defined by the affordable care act. You can find more information on healthcare.gov.

You can enroll in marketplace insurance during the open enrollment period which is every year from Nov. 1Dec. 15 (although many states offer an extended open enrollment period). You can use healthcare.gov to browse all of the plans available to you and filter based on your needs. You may also qualify for a special enrollment period.

Marketplace insurance provides comprehensive coverage, but when compared to employer sponsored group health insurance it can be costly. Many qualify for a tax credit which will lower your monthly premium significantly.

A good money saving option is short term medical insurance.

Positives:
They are very inexpensive compared to traditional health insurance. In fact, a healthy single person can get a plan for less than $100/month
They afford many of the same benefits as ACA plans including doctor’s visits and prescription drug coverage
You can enroll at any time
They’re not so short term. In many states, you can enroll in a plan for up to 36 months
Nationwide PPO coverage


Negatives:
If you have many or expensive preexisting conditions, they may not be ideal for you
Preexisting conditions will not be covered in the first year of a plan and may never be covered if they are expensive or difficult to treat
Pregnancy is not covered
They are not ideal for people with young children; too many doctor’s appointments
They are not offered in every state


There are also many state specific programs that you may qualify for if your income is below a certain level. You can contact your local medicaid office for more information.

If you have any further questions, please feel free to contact us here at iHealthBrokers at 8884100344 or https://ihealthbrokers.com/'>https://ihealthbrokers.com/


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