10 Tips REALTORS® Should Know About Health Care Coverage

Think you’ve heard it all about health care coverage? You might be surprised. Check out this informative list that covers everything from health sharing, inconsistent income, tax penalties, and a brand new type of coverage.

  1. The same exact medical service can cost very different prices. For example, an MRI can cost anywhere from around $400 – $2400. With the current high deductible plans you can save yourself a lot of money if you shop around.
  2.  You may be eligible to get a subsidy to pay for your health insurance at little to no cost if your modified adjusted gross income falls within the parameters set by the Affordable Care Act.
  3. The tax penalty for not having health care coverage in 2015 is increasing to $325 per adult / $162.50 per child OR 2% of your income up to $975, whichever is GREATER.
  4.  Is your income inconsistent? If your projected income is suddenly going to be higher than expected because of the sale of a high priced home there is a simple solution with the Life Change Event rules to modify your income throughout the year to avoid possible tax penalties.
  5. Most people are familiar with an HMO and PPO.  The newest type of a more affordable plan is called an EPO. These are Exclusive Provider Options with a very small, limited network which only provides coverage very close to home.
  6. Some prescription drugs cost less if you pay without insurance versus with insurance.  It’s best to ask the cash price without insurance before you pay.
  7. Have you ever heard of health sharing? It is recognized by the Affordable Care Act as legal and exempt from any tax penalties. Health sharing acts like health insurance but it is not insurance. For over 25 years health sharing has been a little known successful solution to share in medical costs while eliminating your large financial exposure.
  8. Health sharing is for health conscious, like-minded people who want to take control of their health care coverage.
  9.  With health sharing you can see any doctor in the country; it’s not limited to a network. Prices are far more affordable for those who do not receive a subsidy. Your maximum financial exposure is $500 for an individual, $1000 for a couple and $1500 for a family.
  10. Health sharing is a system set up by members for members to gain the best care at a price affordable to most. Price is stable year after year and the monthly fee is the same for all members ages 30-65 anywhere in the US.  Monthly price is $249/Individual, $349/Couple, $499 Family of 3 or more. Under age 30 receive a discount.

Guest blogger, Wendy Scipione is a DMAR Affiliate member. “We MPower Families and Businesses with the Education, Technology and the Products they need to regain Control and reach their Goals. We focus on both your Physical and Financial well-being. Together we ascertain your unique wants, needs and desires, then provide the products and tools to best achieve those goals.”