How to Pick the Best HealthCare Plan in 2024- Call us today at iHealthBrokers at 888-410-0344. Our services are 100% FREE!
In this video, we'll show you how to pick the best healthcare plan in 2024!
The premium tax credit for health insurance is a valuable tool that you may be able to use to purchase a health insurance policy. We'll explain the different types of health care plans and how each works, and we'll also show you how to calculate your premium tax credit.
So whether you're looking to buy health insurance on your own or are considering signing up for a health insurance policy, this video is for you! We'll show you the steps you need to take to find the best healthcare plan for you in 2024.
How to Pick the Best HealthCare Plan in 2024
Call us today at iHealthBrokers at 888-410-0344. Our services are 100% FREE!
★☆★ABOUT THIS VIDEO★☆★
0:00 Intro
0:15 Healthcare Costs
3:11 10 Essential Benefits
4:46 Metal Tiers
6:20 HSA & HDHP
10:17 HMO, EPO, & PPO
11:54 STM
To pick the best healthcare plan, you want to make sure you’re getting the most bang for your buck. So let’s talk about some of the costs to consider:
Premium- your premium is the amount you pay on a monthly basis to keep your insurance active. For marketplace plans you may be eligible for a premium tax credit based on your household size and your income.
The marketplace will ask you to estimate your MAGI for the upcoming year. Basically, they are asking you to estimate your AGI which is the amount when you file taxes plus a few extras thrown back in. They do not consider any assets or bank accounts- just income sources.
If you are eligible for a premium tax credit, you will see this reflected when you compare the plans. Under the monthly premium you will see the original price plus your discount.
Remember, these are just tax credits paid up front so if you underestimate your income, you may have to pay some of these tax credits back when you file.
Deductible- this is the amount that you have to pay out of pocket before your insurance begins to contribute to the cost share. There are some exceptions to this namely basic and preventative services as part of the 10 essential benefits (more on this on a moment).
Remember, plans with higher deductibles tend to have lower monthly premiums and vice versa. There are also such things as HDHPs- more on that in just a moment as well.
Copays/Coinsurance-Once you have met your deductible services and medications will have either copays or coinsurance. A copay is a fixed amount. Coinsurance is a percentage of the cost.
Out of Pocket Maximum- finally there are OOP maximums. These limits are designed to protect you from major medical bills. If you hit your plans OOP Max, your plan will take on the cost for the remaining plan year’s in network, covered services.
Even if you choose a plan with a higher deductible, there are several services covered even prior to meeting the deductible. There are also benefits that are mandated for every plan. These are the 10 essential benefits.
Let’s talk about HSAs and HDHPs. HDHPs are high deductible health plans. The minimum deductible to be considered an HDHP is set by the IRS every year and in 2024 it is not less than $1,600 for self-only coverage or $3,200 for family coverage. These offer the triple tax advantage and are very popular in the FIRE community.
To pick the best plan, you should also understand the difference between HMO, EPO and PPO. HMO will have the lowest costs and least flexibility. PPOs will have higher costs but more flexibility- they are also very rare on the market place. EPOs are somewhere in between.
If you need PPO coverage, perhaps for a digital nomad lifestyle. You may want to look into short term medical plans. There is medical underwriting, but younger, healthier people can benefit from lower costs and more flexibility of benenfits.
Finally, the easiest way to save money on your health insurance is to work with a licensed broker. They will listen to your needs and find you the best possible plan at the lowest possible rate. If you have any questions or concerns, please feel free to give us a call at (888) 918-0518 or schedule a call today.
Give us a call at (888) 410-0344 or visit us online at ihealthbrokers.com/
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HSA & HDHP
• Health Savings Account...
Calculating Your MAGI
• How to Calculate MAGI ...
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Estimating Your Income
www.healthcare.gov/income-and...
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