Did You Know? Archives - DesignHealth Benefit Advisors

HSA for Retirement

November 30, 2015 December 21, 2022 / By Design Health / All Posts, Did You Know?, Health Insurance

Open Enrollment for 2016 healthcare plans are around the corner and we don’t want you to miss the benefits that a Health Savings Account (HSA) can offer you. An HSA is a tax-exempt trust of custodial account that can be set up to pay for future medical expenses. This type of plan is incredibly beneficial who are looking to save money for retirement and here is why. HSA accounts allow you to put tax deductible contributions into your account up to $3,300 for an individual or $6,550 for a family. If you were 55 or older in 2014 you can …

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A New Job Doesn’t Mean A Qualifying Event

November 23, 2015 December 21, 2022 / By Design Health / All Posts, Did You Know?

When the Affordable Care Act started, health insurance enrollment was limited to a three month cycle each year. For 2016 open enrollment is November 1st, 2015- January 31st, 2016, with the first date of coverage able to start on January 1st, 2016. Any enrollment outside of that time has to be triggered by a qualifying event (QE). Although, many Americans find themselves in a rock in a hard place as they are outside of employment and believe that they can get coverage when they start their new job. Unfortunately a new job is not considered a qualifying event. As a Colorado health …

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What Is A Section 105 Plan?

November 22, 2015 December 21, 2022 / By Design Health / All Posts, Did You Know?, Health Insurance

When the Affordable Care Act (ACA) was passed there was a lot of confusion on what companies could or could not pay for when it came to individuals health insurance plans. As employer sponsored health plan prices continue to rise companies needed another option. A section 105 plan enables employers to reimburse employees tax-free for their own individual health plan. According to Zane Benefits, “Section 105 plans are a tax-advantaged employee benefit as outlined in the Internal Revenue Code section 105.” For an employer this means, reimbursements are tax-deductible and payroll taxes (FICA/FUTA) are lowered. This option is much better …

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Less Than A Month Away For A January 1st Enrollment Date

November 17, 2015 December 21, 2022 / By Design Health / All Posts, Did You Know?, Health Insurance, In The News

There is less than a month left for a January 1st start date so don’t miss out on the December 15th enrollment deadline. If you are someone that understands health insurance plans backwards and forwards then you are way ahead of the game, but many Americans do not understand the other language that is “health insurance.” I encourage you to reach out to a broker that is well versed on the language and let the help you understand. Once you enroll in a health plan during Open Enrollment for 2016 you are locked into that plan for the entire calendar year unless …

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How are Health Insurance Subsidies Determined?

November 16, 2015 December 21, 2022 / By Design Health / All Posts, Did You Know?, Health Insurance

Each year during open enrollment individuals are able to see if they are eligible for health insurance subsidies to help supplement their health care costs. The determinations are based on projected adjusted gross income (AGI) for the year compared to the cost of the second lowest silver plan in an individuals state of residence. These two factors along with how many individuals are in the household will determine eligibility to receive assistance. The only way to receive assistance is to enroll in either your state based exchange or on Healthcare.gov. Documents are required to verify the income that you are claiming is in fact correct. If you qualify …

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The Benefit of an HSA and Being Over 65

November 9, 2015 December 21, 2022 / By Design Health / All Posts, Did You Know?, Health Insurance

We covered in previous posts what a Health Savings Account is and how they can be beneficial. One of those benefits is the ability to pull money out of your HSA account once you reach the age of 65 as tax-free dollars even if you are not using it for healthcare expenses. This enables individuals to use their HSA as a part of a retirement plan. You pay into your HSA account each year and accumulate funds that earn interest. If you build upon that at age 65 that money can be used for expenses other than healthcare, and withdraws are …

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