You're welcome! Glad the video was helpful 🙂. Let me know if you have any other questions. I'm planning on putting together a follow up video and want to know if there's anything more I should include.
Those rates are ridiculous. That's the problem, yes, you can get a card showing you have insurance but the rates will kill you. You can't accord to use the insurance.
Very helpful video on how to select a government healthcare plan. The Pennsylvania healthcare website is very easy to follow with your guidance. New York State website not as clear on the UI! I will try to use your navigation on the NYS website to make my selection. Very helpful, very clear instruction from you! Thank you very much. I have shared your link on Reddit due to recent conversations regarding confusion on how to pick a state healthcare plan!
Thanks! And good timing. I'll be doing a live Q&A tomorrow (12/11) at noon EST about health insurance (and maybe some other stuff), So if you have any questions, come hang out!
great information, thank you. I have 2 questions if I may. Question 1: how far in advance do you need to start this process in order to have it accepted and in place by a certain date (life event where I'll age out of my current plan)? Q 2: Do you apply to more than one plan at a time (in case one doesn't accept you) or do you have to decide ahead of time on only one to apply to?
Great questions! I actually put together a video to unpack the answer a bit more than I'd be able to do here in the comments: th-cam.com/video/vhUbTsFtnW8/w-d-xo.html
It says I have possible eligibility for Medicaid. But says I have 15 days to enroll in a plan but all the plans are 200$+ a month?… How do I get Medicaid??
Each state has their own requirements and application process. I'd recommend Googling "apply for Medicaid in [your state]" to get pointed in the right direction.
@@SelfEmploymentSidekick I had Medicaid last year but it expired December of 2022. Not sure how to renew it. It’s important because I just got prescribed something and since I don’t have insurance it costed me 110$ for a 30 day supply which is obviously not ideal :(
Ugh. Sorry to hear that. I think the renewal process is the same or similar as the initial application process (hopefully a bit easier if they already have most of your information on file). In the meantime, check out GoodRX or SingleCare for discounts on prescription medicine.
Medicaid or state insurance is a low rate while you are alive, but the second you die the state comes after your house and everything you own. There is a secret bill you will never see while alive, I talked to a person with the state medicaid they looked up what my bill is he came back with a figure of $26,000. for 2 years of insurance and only seeing a doctor 3 times total fraud and they will not let me see the charges.
Thank you for the video; it was very helpful!! Can you please make a video about setting up paying the health insurance cost from your LLC? Or if you already made one, I’d appreciate the link.
I'm glad you found it helpful! That's a good suggestion for another video. I'll try to put that together soon. But the short answer is, you can just bill your insurance to your business credit card or bank account. I'll read up a bit more on this, but I didn't think it makes a huge difference tax-wise where you pay your premiums from. You claim the deduction on your personal income tax return either way. But putting it on your business books keeps things a little tidier.
It doesn't hurt to speak with a broker if you have any questions or specific healthcare needs. But enrolling in a Marketplace plan really is pretty straightforward. Glad the video was helpful!
December 15th is the last day for open enrollment. I made more income this year that will im afraid lose medi cal. I am very scared and need health insurance with pre existing condition!!! no scams!
Depending on how much your income increased this year, you should still be eligible for some amount of premium tax credit to help keep your plan costs down. And it's my understanding that eligibility is based on your *adjusted* gross income (after you subtract the standard deduction). But I'm not a tax expert and not sure of your state's specific requirements. Most health insurance exchanges should offer some sort of support to help double check your eligibility and answer your specific questions.
I'm losing my mind rn about it, Im no longer gonna be on my family's health insurance, to my knowledge since they disowned me, so I'm trying to look for insurance but my problem is I can't figure out how to properly report my annual income due to my job giving me very sporadic hours and every check being completely different. I don't wanna accidentally underestimate my income and end up oweing on taxes after using the tax credit if I'm qualified for it.
I totally get it! The health insurance stuff really freaked me out, and it actually deterred me from going full-time self employed earlier than I did. I have a very similar situation with variable income, and I didn't like not knowing exactly what sort of tax credit I would qualify for (I still don't like it, but I figured out some ways to make it a little more predictable). I would recommend playing around with the calculator on the marketplace website. Plug in the lowest income you would reasonably expect to receive next year, and then run it again with the highest income you could imagine receiving in the year. See how much the premium tax credit changes between those two numbers. If you want to play it safe: estimate high, pay a slightly higher monthly premium, but then you can collect a bigger tax refund when you file your taxes if you end up making less than you estimated.
In short, Marketplace plans are eligible for premium tax credits that could bring the cost down depending on your income and family size. Also, all Marketplace plans must be ACA-compliant (the main perk here is they cannot deny you coverage or charge you more if you have a pre-existing condition). Many health insurance companies privately offer plans that are identical to what you'd find on the Marketplace. But they may also offer more affordable options - they'd wouldn't cover as much, but if you're relatively healthy and don't have a pre-existing health condition, it might be a good fit. A health insurance broker/advisor would be able to help you evaluate the best options for your situation.
Really enjoyed this video! Just one clarifying question...does the tax credit make your actual monthly payment $244 instead of $700+ OR do you just receive a tax refund for that in your tax return every year? Wondering about this for cash flow purposes.
Great question. I pay a discounted premium each month. But I believe you have the option to pay the full amount and take a big ol' refund when you file your tax return. Glad you enjoyed the video!
No. Not necessarily; especially if you're just starting out and side-gigging. There's probably going to be a cost involved with managing an S-corp (you'll want to hire someone or a service like Formations to help set it up properly and handle your books). If the tax savings outweigh the cost, then go for it! Folks estimate you need to be making $40K-$60K before it pays off.
"Open Enrollment" is the 2-3 month period everyone can enroll in a plan. I believe you can cancel the plan anytime. And there are other qualifying events (like losing a job or having a baby) that open up your own special enrollment period anytime in the year.
My concern is, i make about 56,000 a year. I pay over 1k a month in insurance. Im healthy. My kids are healthy. Can i just cancel my insurance through my job and choose a plan through the market place?
You can get Marketplace insurance even if you have access to insurance through your employer. However, you probably won't be eligible for premium tax credits unless your employer-provided insurance doesn't meet the standards of being "affordable." I'm not sure how they calculate this. But $1,000 a month in insurance premiums doesn't sound very affordable to me... So maybe you're in luck. Here is an article I found with a little more information: www.healthcare.gov/have-job-based-coverage/ You might also want to consider getting your kids on CHIP. Then, whether you get insurance through the marketplace or through your employer, you would just need coverage for you (or you + your spouse) and drop your premium a bit.
@SelfEmploymentSidekick we decided to take the jump. We were approved. From face value, everything appears to be the same, if not better. My maximum out of pocket is 7k lower and 50 dollar co pay. I had no other choice. Financially I was drowning. Had about 150 every couple weeks for groceries and gas and other essentials. Going with healtcare.gov, I am saving 700 dollars a month. It just feels too good to be true. I'm so used to being abused by the system.
@@SelfEmploymentSidekickfrom what I was able to understand. We are eligible for the tax credit for a family of 5. The limit is 400% over the poverty level in texas. I'm well under that.
@@SelfEmploymentSidekick In other words, our socialist BS system decides what is 'affordable' and what isn't. You'll sit therer and enjoy your government-mandated increases, whilst those who wish to avoid such government interaction are made to feel secondary. I cannot wait until 2025. This system will be dismantled and this crap will go away.
Look like Texas have the insurance more expensive in the world. I check for my daughter she only 11 years and the take out the health CARE because the said im not qualified for Chip or Medicaid for Chip , and the funniest part the dont considerated we paid rent , food , light and other necessities important. So basically everything comes worst.
Ugh. Sorry to hear that! Do you know why you aren't qualified for CHIP? Earlier this year, when my family was applying to renew our coverage, they disapproved us as well. But it was because some documentation I needed to provide got lost in the mail. Thankfully they were able to get that sorted out. Maybe it's a paperwork snafu that can get fixed?
@@SelfEmploymentSidekick I send them twice the papers but the don't received on time , and i SEND a second time and when i CALL the told me the received all the papers , but after THAT the SEND me a paper said i don't have bills for doctors , i said how come not ? I send them prove i have bills for doctors , i'm not ABLE to applied after 90 days. Let SEE what happens.
😔 Yeah, the application process for any government program is going to be SUPER frustrating. Fortunately, it sounds like it's just a matter of getting the paperwork figured out. Most likely you are qualified for CHIP, but they need to figure out how much financial assistance you are eligible for, and if your past medical expenses are able to be covered. Stick with it! It's a headache to apply, but it's a very valuable program.
Renewing should be simple. If you want to keep the plan you're already on, I don't think you need to do anything (except keep making payments). If you haven't already, you should receive an email from your insurance company soon with more info.
@ nah apparently i forgot to get benefits but i got some now and thank god we got the internet so i can figure out what they mean if this was 1985 i would know what to do and i dont got my parents anymore to help me
@@nonic4vic600 I'm glad you're figuring it out! And for real. TH-cam has saved my life so many times. If you have any more questions about all this, let me know. I'm putting together another video and want to cover anything I might have missed.
You might want to talk to a health insurance broker. There are lots of other different options out there, and I've heard of people patching together a couple lower cost plans to get the coverage they need.
Oh wow... you're a family man and going with Silver? I wonder if someone single (mid 40s, male) should spring for that or Bronze. I guess Silver just for that "peace of mind", but above that may be overkill
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
It is the worst experience I've had in my life. I've lived in multiple states, and I can't stand the rhetoric in this state (NY). It's like someone is looking me in the eye and saying, "Hahahaha, this isn't for you." It is a terrible system. The coverage I had at the beginning of the year was something $1000/month, with a $600 deductible. That's now up to $1400/month. PER MONTH. Then, you get to pay a higher and higher deductible. So I really really really cannot relate how all of you (presumably leftist) folks are so accepting of this nonsense. I guess it's kind of like, you get to go completely broke from this, and then when you're broke, you get to sign up for welfare.
This video is saving me a lot of stress.. shopping for insurance at 23 y/o is not easy, thank you for making this video!!!
You're welcome! Glad the video was helpful 🙂. Let me know if you have any other questions. I'm planning on putting together a follow up video and want to know if there's anything more I should include.
Thank you for the explanation, using your personal scenario and if you were a single person. Very clear, concise video.
So glad you found the video helpful!
I’m about to be 26 and I’m panicking 😵💫 thank you for this video
You're welcome!
Thank you for explaining health insurance so simple. I have been trying to understand this for years.
You're welcome! Glad the video was helpful 🙂
Hey man, thanks for a no BS talk.
You're welcome. Thanks for watching!
Great value in return for my view, like, & comment.. this video explained to me what I was looking for!
Thanks! I'm glad the video was helpful! I appreciate the algorithm boosts 🙂
appreciate this easy to understand video on a complicated subject
Thanks! Glad you found the video helpful!
Thank you for helping to understand some more the [[Harvard-Phd-degree-needed-to be-understood]] US Healthcare system
😊 You're welcome! It does feel like you need to learn another language to understand some of this stuff sometimes.
Those rates are ridiculous. That's the problem, yes, you can get a card showing you have insurance but the rates will kill you. You can't accord to use the insurance.
🤔🤔🤔🤔
Very helpful video on how to select a government healthcare plan. The Pennsylvania healthcare website is very easy to follow with your guidance. New York State website not as clear on the UI! I will try to use your navigation on the NYS website to make my selection. Very helpful, very clear instruction from you! Thank you very much. I have shared your link on Reddit due to recent conversations regarding confusion on how to pick a state healthcare plan!
I'm so glad the video is helpful! Thank you so much for sharing it! 😀
thanks for the breakdown ..you did a great job explaining it in lames terms and i enjoyed the memes also
Thanks! And good timing. I'll be doing a live Q&A tomorrow (12/11) at noon EST about health insurance (and maybe some other stuff), So if you have any questions, come hang out!
Very helpful, thank you for your time 🙏🏼😊
You're welcome! I'm glad the video was helpful.
I am shopping for a plan now. When reading the document for benefit details for one plan. The copay for prescription is $500 copay PER Prescription.
Eeeesh. That's crazy. You might want to check out something like GoodRx to supplement an insurance plan with crappy prescription coverage.
great information, thank you. I have 2 questions if I may. Question 1: how far in advance do you need to start this process in order to have it accepted and in place by a certain date (life event where I'll age out of my current plan)? Q 2: Do you apply to more than one plan at a time (in case one doesn't accept you) or do you have to decide ahead of time on only one to apply to?
Great questions! I actually put together a video to unpack the answer a bit more than I'd be able to do here in the comments: th-cam.com/video/vhUbTsFtnW8/w-d-xo.html
It says I have possible eligibility for Medicaid. But says I have 15 days to enroll in a plan but all the plans are 200$+ a month?…
How do I get Medicaid??
Each state has their own requirements and application process. I'd recommend Googling "apply for Medicaid in [your state]" to get pointed in the right direction.
@@SelfEmploymentSidekick I had Medicaid last year but it expired December of 2022. Not sure how to renew it. It’s important because I just got prescribed something and since I don’t have insurance it costed me 110$ for a 30 day supply which is obviously not ideal :(
Ugh. Sorry to hear that. I think the renewal process is the same or similar as the initial application process (hopefully a bit easier if they already have most of your information on file). In the meantime, check out GoodRX or SingleCare for discounts on prescription medicine.
Medicaid or state insurance is a low rate while you are alive, but the second you die the state comes after your house and everything you own. There is a secret bill you will never see while alive, I talked to a person with the state medicaid they looked up what my bill is he came back with a figure of $26,000. for 2 years of insurance and only seeing a doctor 3 times total fraud and they will not let me see the charges.
Very good information here.
Thanks Tony!
Thank you for the video; it was very helpful!! Can you please make a video about setting up paying the health insurance cost from your LLC? Or if you already made one, I’d appreciate the link.
I'm glad you found it helpful! That's a good suggestion for another video. I'll try to put that together soon. But the short answer is, you can just bill your insurance to your business credit card or bank account.
I'll read up a bit more on this, but I didn't think it makes a huge difference tax-wise where you pay your premiums from. You claim the deduction on your personal income tax return either way. But putting it on your business books keeps things a little tidier.
Thanks I did not know that I could do it without a broker. Going to apply November 1 .
It doesn't hurt to speak with a broker if you have any questions or specific healthcare needs. But enrolling in a Marketplace plan really is pretty straightforward. Glad the video was helpful!
Absolutely great video. Super helpful so thanks for taking the time.
Glad it was helpful!
That was greatly Explained, Thanks a lot. 🙏🏼
Thanks! I'm glad you enjoyed the video and found it helpful.
Deny. Defend. Depose.
December 15th is the last day for open enrollment. I made more income this year that will im afraid lose medi cal. I am very scared and need health insurance with pre existing condition!!! no scams!
Depending on how much your income increased this year, you should still be eligible for some amount of premium tax credit to help keep your plan costs down. And it's my understanding that eligibility is based on your *adjusted* gross income (after you subtract the standard deduction). But I'm not a tax expert and not sure of your state's specific requirements. Most health insurance exchanges should offer some sort of support to help double check your eligibility and answer your specific questions.
I'm losing my mind rn about it, Im no longer gonna be on my family's health insurance, to my knowledge since they disowned me, so I'm trying to look for insurance but my problem is I can't figure out how to properly report my annual income due to my job giving me very sporadic hours and every check being completely different. I don't wanna accidentally underestimate my income and end up oweing on taxes after using the tax credit if I'm qualified for it.
I totally get it! The health insurance stuff really freaked me out, and it actually deterred me from going full-time self employed earlier than I did. I have a very similar situation with variable income, and I didn't like not knowing exactly what sort of tax credit I would qualify for (I still don't like it, but I figured out some ways to make it a little more predictable).
I would recommend playing around with the calculator on the marketplace website. Plug in the lowest income you would reasonably expect to receive next year, and then run it again with the highest income you could imagine receiving in the year. See how much the premium tax credit changes between those two numbers. If you want to play it safe: estimate high, pay a slightly higher monthly premium, but then you can collect a bigger tax refund when you file your taxes if you end up making less than you estimated.
What is the difference if you don’t go to government marketplace, vs just going to a specific broker that represents a trusted name and insurance
In short, Marketplace plans are eligible for premium tax credits that could bring the cost down depending on your income and family size. Also, all Marketplace plans must be ACA-compliant (the main perk here is they cannot deny you coverage or charge you more if you have a pre-existing condition).
Many health insurance companies privately offer plans that are identical to what you'd find on the Marketplace. But they may also offer more affordable options - they'd wouldn't cover as much, but if you're relatively healthy and don't have a pre-existing health condition, it might be a good fit. A health insurance broker/advisor would be able to help you evaluate the best options for your situation.
Really enjoyed this video! Just one clarifying question...does the tax credit make your actual monthly payment $244 instead of $700+ OR do you just receive a tax refund for that in your tax return every year? Wondering about this for cash flow purposes.
Great question. I pay a discounted premium each month. But I believe you have the option to pay the full amount and take a big ol' refund when you file your tax return.
Glad you enjoyed the video!
@@SelfEmploymentSidekick that’s perfect! Thanks for the reply man!
Happy to help!
@ 9:20 thays wrong. EPO Is basically PPO with restriction. Not HMO
Gah! You're right. Thanks for the catch. I'll add a note to the description.
So you recommend every freelancer set up an S corp, right? Just to be clear.
No. Not necessarily; especially if you're just starting out and side-gigging. There's probably going to be a cost involved with managing an S-corp (you'll want to hire someone or a service like Formations to help set it up properly and handle your books). If the tax savings outweigh the cost, then go for it! Folks estimate you need to be making $40K-$60K before it pays off.
Cancellation of Open Enrollment during anytime?
"Open Enrollment" is the 2-3 month period everyone can enroll in a plan. I believe you can cancel the plan anytime. And there are other qualifying events (like losing a job or having a baby) that open up your own special enrollment period anytime in the year.
What webpage do I go to if I live in minnesota?
It looks like Minnesota's marketplace is www.mnsure.org/
My concern is, i make about 56,000 a year. I pay over 1k a month in insurance. Im healthy. My kids are healthy. Can i just cancel my insurance through my job and choose a plan through the market place?
You can get Marketplace insurance even if you have access to insurance through your employer. However, you probably won't be eligible for premium tax credits unless your employer-provided insurance doesn't meet the standards of being "affordable." I'm not sure how they calculate this. But $1,000 a month in insurance premiums doesn't sound very affordable to me... So maybe you're in luck. Here is an article I found with a little more information: www.healthcare.gov/have-job-based-coverage/
You might also want to consider getting your kids on CHIP. Then, whether you get insurance through the marketplace or through your employer, you would just need coverage for you (or you + your spouse) and drop your premium a bit.
@SelfEmploymentSidekick we decided to take the jump. We were approved. From face value, everything appears to be the same, if not better. My maximum out of pocket is 7k lower and 50 dollar co pay. I had no other choice. Financially I was drowning. Had about 150 every couple weeks for groceries and gas and other essentials. Going with healtcare.gov, I am saving 700 dollars a month. It just feels too good to be true. I'm so used to being abused by the system.
@@SelfEmploymentSidekickfrom what I was able to understand. We are eligible for the tax credit for a family of 5. The limit is 400% over the poverty level in texas. I'm well under that.
@@SelfEmploymentSidekick In other words, our socialist BS system decides what is 'affordable' and what isn't. You'll sit therer and enjoy your government-mandated increases, whilst those who wish to avoid such government interaction are made to feel secondary. I cannot wait until 2025. This system will be dismantled and this crap will go away.
Look like Texas have the insurance more expensive in the world. I check for my daughter she only 11 years and the take out the health CARE because the said im not qualified for Chip or Medicaid for Chip , and the funniest part the dont considerated we paid rent , food , light and other necessities important. So basically everything comes worst.
Ugh. Sorry to hear that! Do you know why you aren't qualified for CHIP? Earlier this year, when my family was applying to renew our coverage, they disapproved us as well. But it was because some documentation I needed to provide got lost in the mail. Thankfully they were able to get that sorted out. Maybe it's a paperwork snafu that can get fixed?
@@SelfEmploymentSidekick I send them twice the papers but the don't received on time , and i SEND a second time and when i CALL the told me the received all the papers , but after THAT the SEND me a paper said i don't have bills for doctors , i said how come not ? I send them prove i have bills for doctors , i'm not ABLE to applied after 90 days. Let SEE what happens.
😔 Yeah, the application process for any government program is going to be SUPER frustrating. Fortunately, it sounds like it's just a matter of getting the paperwork figured out. Most likely you are qualified for CHIP, but they need to figure out how much financial assistance you are eligible for, and if your past medical expenses are able to be covered. Stick with it! It's a headache to apply, but it's a very valuable program.
Me 19 renewing my benefits and not knowing what im doing
Renewing should be simple. If you want to keep the plan you're already on, I don't think you need to do anything (except keep making payments). If you haven't already, you should receive an email from your insurance company soon with more info.
@ nah apparently i forgot to get benefits but i got some now and thank god we got the internet so i can figure out what they mean if this was 1985 i would know what to do and i dont got my parents anymore to help me
@@nonic4vic600 I'm glad you're figuring it out! And for real. TH-cam has saved my life so many times.
If you have any more questions about all this, let me know. I'm putting together another video and want to cover anything I might have missed.
I might as well give up like i wont be able to afford it comfortably 😒
You might want to talk to a health insurance broker. There are lots of other different options out there, and I've heard of people patching together a couple lower cost plans to get the coverage they need.
Oh wow... you're a family man and going with Silver? I wonder if someone single (mid 40s, male) should spring for that or Bronze. I guess Silver just for that "peace of mind", but above that may be overkill
I'll double check my math, but I think I found the lower deductible and out of pocket max was worth the extra premium cost.
61 here and ready to retire 😁. Can I afford it? Hmmm let’s see lol
Hopefully!
This country is genuinely so cooked.
I just don’t understand why I pay more for insurance than I’ll be getting from my deceased husbands SS.
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
It is the worst experience I've had in my life. I've lived in multiple states, and I can't stand the rhetoric in this state (NY). It's like someone is looking me in the eye and saying, "Hahahaha, this isn't for you." It is a terrible system. The coverage I had at the beginning of the year was something $1000/month, with a $600 deductible. That's now up to $1400/month. PER MONTH. Then, you get to pay a higher and higher deductible. So I really really really cannot relate how all of you (presumably leftist) folks are so accepting of this nonsense. I guess it's kind of like, you get to go completely broke from this, and then when you're broke, you get to sign up for welfare.
bro ppl on the left sick of this shit too let’s fight it together. people over profits!!! $1400 a month is ridiculous.
Unless your income changed,
I'm from my the health insurance, it very different in common wealth
I'd rather die, because they refuse me treatment, than die trying to pay high ass insurance bullshit
¯\_(ツ)_/¯
@@SelfEmploymentSidekick Yea well, that's about what we expect from leftists.
Just wish it was more about saving lives without having to pay alot of money but idk
Wish it was free tbh