Nov 22, 2022
Healthcare can be very expensive and costs can spiral out of control quickly, especially if you’re paying out of pocket.
In this episode, Ben and Andrew work through the various options entrepreneurs have for health insurance coverage and the value of understanding how tax credits can work for or against you.
In this episode, you’ll also hear:
- Utilizing your spouse’s healthcare coverage or Cobra
- Individual healthcare marketplace options and understanding premium tax credit
- Self-employed health insurance and self-employment tax deduction
Must-listen moments:
[00:09:39] They limit your ability to just jump on [insurance] at any time…you have to have these qualifying events in order to be able to change that coverage up. That would be the biggest concern with switching over to the spouse's coverage.
Note: "You may qualify for a Special Enrollment Period if you or anyone in your
household lost qualifying health coverage in the past 60 days (or more than 60 days
ago but since January 1, 2020) OR expects to lose coverage in the next 60 days."
[00:12:15] Whether or not to pursue and utilize this really is just kind of depending on how long it is that you think you would need to be insured before you could come through another means of insurance.
[00:22:25] The whole point of the American Cares Act was to get people to participate in coverage even who otherwise found it too expensive.
Bona Fide Finance:
Website: https://bonafidefinance.com/
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Student Loan Tax Experts:
Website: https://studentloantaxexperts.com
LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/