Join Tiffany as she sits down with Morgan Robinson, a licensed health insurance agent. They break down deductibles, copays, HDHPs, gap insurance, and more. You don't want to miss this! This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy
Deductibles must be met before insurance coverage kicks in
Traditional plans often require paying 100% of costs until the deductible is reached
Marketplace deductibles reached about $8,100 for individuals in the recent year
Preventive services are typically covered at 100% without needing to meet the deductible
Private insurance can offer lower premiums for healthy individuals
Private plans are underwritten, requiring good health to qualify
Lower-risk pools mean lower premiums compared to marketplace plans
Marketplace plans spread costs across all participants, including those with pre-existing conditions
Short-term gap plans are temporary solutions only
Gap insurance is meant for brief coverage periods between jobs
These plans are significantly cheaper but offer limited coverage
Always review fine print carefully before relying on gap coverage
COBRA coverage requires paying 102% of the premium
When leaving a job, employees must cover both their share and the employer's portion
The extra 2% covers administrative fees
COBRA has time limits and can become very expensive
HSAs provide triple tax advantages for medical expenses
Contributions are tax-free
Growth is tax-free
Withdrawals for qualified medical expenses are tax-free
It's like going to the dentist. People know that they have to, but they kind of cringe on the inside.
I did my co-pay. But I have insurance. Right. But I did paying, you know, the co-pay and I've been paying monthly like I'm supposed to. What is this? Your deductible is this much.
The deductible this year in the marketplace was about $8,100 for an individual.
It has a triple tax advantage. So the money that you put in is tax free and then it grows tax free. And then when you take the money out for medical expenses, it's tax free.
With the rate that you're going to be paying for, of being a healthy person, you're basically paying for somebody that is sick. That's why the rate is so much higher.
When you leave your job and they offer COBRA to you, you're actually having to pay 102%, not just 100%.
Really seriously, don't do it by yourself... It can be very frustrating and confusing. And you don't want to end up with something that you don't understand.
You never know when anything can happen. It's the truth. So you could just be crossing the street and have an accident.
