30 Second Insurance Tips©

Tip 205- A Typical Marketplace Transaction

Just hours before the end of the 2015 Open Enrollment Period, ‘The Olson’s’ called to see if we could help them lower their health insurance costs. They had been shopping on The Marketplace – and had even created an account – but “got stuck.”

‘Dave’ is 63, ‘Anne’ 62. Their household income is about $62,000. Here a summary of what happened.

Old: a $5,000 deductible HSA plan with a premium of $1,600 a month. In this case, with two people covered under one policy, $10,000 of medical expenses had to be incurred before coverage kicked in.

New: Anne bought a $2,500 deductible HSA Plan with a premium net of tax credits of $373.17.Dave bought a separate $4,500 HSA with a net premium of $218.83.

Anne has chronic health conditions. Dave hardly ever sees a doctor. That means, on top of the $12,000 of annualized premium savings, their yearly out of pocket costs have been lowered by up to $7,500.

A “certified” agent from our office walked the Olson’s through the Marketplace enrollment in 45 minutes. The insurer will pay us a commission of $20 per policy per month.

What do you think; did we “help?”

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