It is that time of the year again - Open enrollment for those of us who do not get our Health Insurance from our employer.
If you haven't done so already, you may want to discuss your insurance with a Financial Advisor. He may be able to structure your income in a manner which would make you eligible for Premium Tax Credits. Many of our early retirees have been pleasantly surprised at the amount we have saved them without really altering their lifestyle.
The amount of assistance is calculated from the cost of the second lowest silver plan, your age, your modified adjusted gross income (magi), and the size of your household.
The assistance levels are also very well defined. For example: a person, age 60, making $48,000 will receive $415 per month in premium tax credits. That is $4980 per year! If that same person makes just $300 more per year, they will receive $0. We may be able to help you avoid falling off this cliff.
Your current financial position can also go a long way in helping you decide which policy to choose. HSA qualified policies are typically lower in cost. These policies allow you to contribute to an HSA account and take a tax deduction. If you use this HSA account to pay for your medically related expenses, you will not be taxed on the amount withdrawn.
I could go on, but it would be better to stop in and discuss your situation with us.
Investment advisory services offered through Financial Investment Team, Inc., an investment adviser registered with the state of Oregon. Securities offered through Peak Brokerage Services, LLC. Member FINRA/SIPC. Financial Investment Team, Inc. is a separate and independent entity from Peak Brokerage Services, LLC.
California Insurance Licenses OG28007, OE79360
Financial Investment Team
15350 SW Sequoia Pkwy., Ste. 150
Portland, Oregon 97224