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153R Navigating Health Insurance ChooseFI

Earlier this year, Jonathan and his wife welcomed a new baby into their family. With that joyous occasion cam an expensive year in terms of healthcare. Jonathan and his … See more

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URL: https://www.choosefi.com/navigating-health-insurance/

The Triple Tax Benefits Of The HSA ChooseFI

WEBHSAs combine the benefits of both traditional and Roth IRAs. Contributions to an HSA are pre-tax and decrease your taxable income. When you put money in an HSA, you lower the amount of taxes you pay. HSAs are also not taxed, and many HSA providers allow customers to invest the funds in their HSA once they have $2,000 in their account.

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How To Use Your HSA To Provide Income In Retirement

WEBA Primer On HSAs. In order to qualify for an HSA, you’ll need to be enrolled in a high deductible health insurance plan. The government defines this as a health insurance plan with a deductible of at least $1,400 for an individual, or $2,800 for a family. As of 2020, the HSA contribution limit is now $3,550 for a single person and $7,100 for

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A Guide For Open Enrollment 2020 ChooseFI

WEBFor 2020 coverage, most states’ open enrollment begins on November 1st and ends December 15. You can sign up for health coverage at Healthcare.gov or your state’s own exchange. If you miss the open enrollment period, you won’t be able to enroll in Marketplace coverage unless you have an event that triggers a special enrollment period.

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Planning For Healthcare In Early Retirement ChooseFI

WEBYou and your spouse have $50,000 in retirement income. You incur $15,000 in health insurance and out-of-pocket medical costs. Under the new tax law, you must first deduct 7.5% of your adjusted gross income, which is $3,750. That leaves you $11,250 in potentially deductible medical costs.

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Get Free Healthcare Insurance Quotes Through Policygenius

WEBGetting Healthcare Through Policygenius: Insurance Plan Options. Overall, I found Policygenius incredibly helpful, and they do show you a large variety of plans. I was offered plans that ranged in price from $171/month (with a $7,900 deductible) to $553/month (with a $1,500 deductible). Personally, I’m thinking of settling somewhere in …

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Insurance is a Financial Planning Tool ChooseFI

WEBIn addition to the “peace of mind” it provides, insurance is a financial tool critical to helping manage the things in life outside of our direct control. Simply put, the purpose of insurance is to control risk. We cannot stop floods, fires, hurricanes, or …

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How To Lower Your Healthcare Costs ChooseFI

WEBOnce you have established that your insurance company has a cost comparison tool, check it out! They are typically simple to use. You input the episode of care you will need (i.e. MRI, X-ray, specific surgery, etc.) your zip code and it will spit out a listing of facilities and/or providers and their average cost.

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How To Optimize Your Health With Dr. Scott Sherr Ep 127

WEBBasically, Scott recommends taking processed foods and sugars out of your diet. If you do that, then you will start to feel better. Plus, Scott also recommends taking out dairy even though it is more controversial. To improve your health, start with removing those three things from your diet.

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An Inside Look At Debt Collection And Forgiveness

WEBJerry and Craig co-wrote a book with Robert Goff, The Patient, The Doctor, and The Bill Collector . The book ended up getting them in front of John Oliver and led to them being on his show. Before the show, they had forgiven around $750,000 in medical debt. On the show, Oliver forgave $15 million!

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529 College Savings Plan: What You Need to Know ChooseFI

WEBA 529 college savings plan is an account that allows you to save for college expenses in a tax-advantaged way. 529’s are taxed like Roth IRAs. You can contribute to the plan with after-tax money (money you have paid income taxes on) but the money inside the 529 grows tax free and can be used without taxes or penalties as long as the money …

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How An HSA Fits With Your FIRE Plans ChooseFI

WEBA Health Savings Account (HSA) is the holy grail of financial independence. It comes with a handful of impressive tax benefits. You don’t pay taxes on your contributions, you don’t pay taxes when you withdraw funds, and you don’t pay taxes on your HSA earnings. Experts refer to this as the “triple tax advantage.”.

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Disability Insurance: The Most Important Insurance People

WEBSocial Security does offer long-term disability benefits through two programs–Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). SSDI is based on your income and requires you to work for at least 10 years. The maximum monthly benefit you can receive in 2019 is $2,861.

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060 Medical Tourism Myles Wakeham ChooseFI

WEBMyles Wakeham shares the little-known advantages of medical tourism, how he covers his medical bills and his personal journey to FI.

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The Triple Tax Savings of Health Savings Account

WEB102R | The Triple Tax Savings of Health Savings Account. Brad and Jonathan explain the long-term tax benefits of using a Health Savings Account to pay for medical expenses, discuss the benefits of new index fund investing options, review Monday’s episode with Timika Downes. Brad and Jonathan are getting back to …

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How To Shop For Car Insurance ChooseFI

WEBStep 3: Use Compare.com To Learn How Much You Can Save. Once you know what you’re looking for, go to Compare.com and start comparing rates. Compare is really the best place to start when looking for new insurance. I decided to give them a try since I’m thinking of switching insurance companies.

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Credit 101 The Ultimate Guide to Credit ChooseFI

WEBA score of 670 is considered a good credit score. Getting close to or reaching 800 should be your goal when achieving FI. Your credit score and APR are mutually inclusive. The higher your FICO score, the lower the interest rate you can command from credit card issuers.

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13 Life Optimization Hacks To Be Happy Now ChooseFI

WEBCheck out the research here. When someone becomes happy, a nearby friend has a 25% chance of also becoming happy. Spouses have an 8% chance of catching the happiness bug, and, surprisingly, next-door neighbors have a 34% chance at increased happiness. To increase your happiness today, seek out happy friends and environments.

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