Health insurance

We went with the exchanges.

 

We are on our own through a broker, it was nice to have someone to help with all the questions. Getting a 12.47% increase this year with absolutely no claims and two perfectly healthy young adults....sooo..... ACA is working just great for us.... Back to shopping rates again.

 

They based ours on previous income only. Remember, no preexisting conditions? Because we (wife owns the company, I own the truck) didn't pay me with a W2, we made more than we should have and pay over $400/week

Something else to consider, if your 2014 aren't done already, you just lost your gubment sponsored insurance.

 

I just chose a plan on healthcare.gov

 

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I also pay $400 a week with a massive deductible......have to hit like $5 grand before I even call .......that's Cobra style. I keep trying to figure out exactly what I'm paying for........it's more like extortion.

Tax deductions don't even kick until you exceed 7.5% of your AGI but your AGI is what is used to determine your capex limit.

My Uncle should have left the thing alone.......if it ain't broke......

JMO

 

You can make insurance and other medical cost 100% deductible through section 105. I have done it for 15 plus years. There are rules and it's best to use someone to keep you legal,
I use http://www.agriplan-bizplan.com never a question from the irs.

 

Fortunately, my independent high deductible BCBS health plan tied to a Health Savings Account got grandfathered in when Obummer care kicked in. Premiums did go up, but still not bank breaking. $515 a month for both me and the wife. Both of us in our upper 50's, wife has medical issues. For major medical issues, $5 million coverage.

Nice thing about tying a health savings account to a health plan, you don't have to play the 7.5% of adjusted gross nonsense. You put money in the savings account tax free and spend it as you go on medical out of pocket. You end up with 100% tax deduction on all medical expenses and premiums. A win-win. What you don't spend just rolls over. Not like those stupid company cafeteria plans. It is YOUR savings account and your money, and it doesn't go anywhere unless you spend it on medical.

It can be a plus when it comes time to pay for something. I had a serious flu about a year and half ago. Couldn't retain oxygen in blood. Went to emergency room, was hospitalized overnight, oxygen along with respiratory therapy every two hours, two doctors, chest X-rays, EKG, meds, single room charge, two meals. Typically would have been several thousand dollar cost. But since I was paying cash out of my HSA, the total cost was $895. Wasn't high enough to insurance to cover so I got the bill. No problem. All of that for a very reasonable amount. Cash is king. And all of it, 100% deductible. What a country!

And I used that episode to quit smoking! Totally smoke free since.

 

Yeah, I also used them to help me along. I did some research on nicotine just out of curiosity, and it is amazing the actual benefits of nicotine. It is all the other nasty stuff in smoke that it is the problem.