More Than Just Insurance

When people think about health insurance, they usually think about their doctors, prescriptions, deductibles and monthly premiums. And of course, all those things are important. But health insurance is often more than just insurance. It can also connect directly to your overall financial plan. A good example of this is income. For example, if you’re on Medicare, what you make can’t impact what you pay for Medicare Part B and part D.

This is known as IRMAA. And it can create additional monthly costs if you are above certain levels. This can also matter before Medicare, especially for someone who retires before the age of 65 and needs marketplace coverage. In this situation, what you expect to earn for the year may affect whether you qualify for a tax credit. To help lower your monthly premium.

That can be a big deal, because a small change can sometimes affect what you qualify for. A decision about when to retire, when to collect Social Security, whether to do a Roth conversion, or where your retirement income comes from, can all have an impact on health insurance costs. For many people, health insurance is one of the bigger expenses they have to plan for.

Because of that, it is important to understand the different ways your costs and coverage can be impacted. So the goal is not just to find a health insurance plan. The goal is to understand how that plan fits into the bigger picture. We want to help you look at health insurance as part of your overall financial plan. Health insurance is important, but it is not always just about the insurance.

It is about how it fits into your life and your retirement plan.