Individual Health Insurance 2022 Savings
Estimates are available now.
a. Use your 2021 income as a good “base case.” Link here: https://www.healthcare.gov/lower-costs/
b. The estimate will be your savings.
c. We will know plan premiums this month, so you can check with us here: https://bit.ly/3mkygqb
d. Once we know the answer to point c, you will be able to find out what your actual premium would be, after the discount. From here, we need to know about the small employer’s plan, if offered.
Why So Early?
The reason is that your small business employer may be able to save a lot of money with just a little bit of thought. The employer can offer to employees, and can set their contribution (which can be zero). That can allow some employees to “cherry pick,” and some other employees to get the APTC (Advance Premium Tax Credit). This is entirely possible with thought. That takes time, and conversation (with us, obv).
The difference here is in the $1000s a year, can be greater than $20000 a year, depending on the size of the employer. In short, worth the effort.
Large Employer Doesn’t Work (Usually)
The issue is that large employers usually contribute a great deal, and the result is that the employees cannot access the APTC, there are very technical rules regarding the cost to you vs your income (in order to get the APTC).
Both Complicated and Valuable
In order to get the most, for employers and employees, you need time to form a strategy. It needs to be explained to the small business employer, and then the individual employee needs to understand what they are signing up for.
All in a day’s work, here we go again.