Well, we'd be fine as long as no one pulls up with cancer or a stay in intensive care. Then we're screwed. I'm going to look at the share type plans again and see if they might work for us now.
Yeah, I got horror stories for days if you need some. Medicaid is a prime example of why government run healthcare would suck.
What we are seeing is called inflation. It’s not just food and energy. Let’s just pray they don’t pass the 2 trillion dollar human infrastructure bill.
The only people that don’t want a change are the 4 categories I listed before. Those in those categories are getting to be fewer each year.
I'm 5 years older than my wife. She was still working when I retired so it worked out great for us. Her company decided to close doors and move to Houston so she retired early at 62. We were paying around $1500 a month for a 10K deductible policy on obumercare.
Our insurance agent said since we have farm income that we could create a group policy like an employer. Knocked about $300 a month off the bill.
She turned 65 last month so those premiums went away.
Our insurance agent said since we have farm income that we could create a group policy like an employer. Knocked about $300 a month off the bill.
She turned 65 last month so those premiums went away.
This is right, but not right.
I'm going to get in the weeds here a just little, so skip this post if you don't have a business making active income. (landlords I don't think qualify because it's passive income).
First, your health insurance premiums should never, ever, ever be paid by yourself. They should be paid for by your business. If you pay for them yourself out of your pocket you cannot, by law, deduct the premiums. Let me say it plainly: THE GOVERNMENT SHOULD BE PAYING YOUR PREMIUMS. You made this money, don't lose it by giving it to the government.
Second, if you have a simple LLC and make more than 40k/year you're doing it wrong. You should convert to an S-Corp or just shoot yourself because you're losing a ton of money. That S Corp will pay your premiums.
Third, don't look on healthcare.gov for your HDHP (High deductible health plan, $2800 or more). Check out a site like Health Sherpa
Many plans offer FREE doctor visits etc, even with a high deductible for hospital work.
Once you find your high deductible health plan and get all the subsidies you qualify for, you can start your HSA. I think it's $7k you can put in per year for families. You cal also wait until something medical pops up, then put money in your HSA and immediately write a check to the doctor before the money gets cold. Poof! tax deduction.
Once it's funded, if you don't spend it right away, invest it. If you let it sit in an account that's dumb. You're losing money off of inflation. Invest every penny so you'll grow it while you sleep.
You can also pay out of pocket for HSA qualified expenses and just get reimbursed from your HSA account if you have the funds so you don't have to sell investments to pay for your doctor expenses.
HSAs are funded before tax, they grow tax free, you can invest them in anything (almost) that you want, and they pay out at any time for medical crap you don't want to pay for anyway.
Some stupid things you can buy with your HSA:
Tylenol and Advil
Heartburn pills
Allergy meds
Tampons and pads
Dental work and braces
Contact lenses
Over the counter meds
Heating pads
House smelly devices (like a diffuser)
Baby monitors (that you can use for security cameras.....)
First aid kits (we loves those here, don't we?)
and so much other stuff you wouldn't imagine.
Another thing about HSAs, if you turn 59 1/2 you get to pull all the money out if you want for any reason, you just have to pay tax on it. By that age you should have enough in your deduction bucket you're carrying over every year that the taxes should be near zero.
And if you die, it goes to your wife's HSA. If she dies? It turns into an IRA for your kids. This money never, ever disappears and it just follows your family around forever for them to use as they see fit.
Hope that helps. It's what we do and honestly we've got more in there than we'll use in the next 10 years unless something catastrophic happens, all growing tax free.
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