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Affordable Under 65 Health Insurance Options


Lee: Casey, another question we get all the time is, hey, I’m not 65, Can you guys help me? 

Casey: Yeah, well, I want to answer that question, but I want to answer the question you didn’t ask because we have clients say, well, it’s Teton Medicare. 

Lee: Yeah. It’s true. Right.

Casey: Where does people who are not 65, are not eligible for Medicare come in? Listen, we’ve both been helping people with Medicare plans since 2009, 2008. So we’ve been doing that a long time. But we’ve been helping people with under 65 Obamacare, ACA, group plans, small group, medium size group, access plans. There’s all kinds of different plans that are not Medicare for health insurance. And we’ve been helping people with those for quite some time. And so just because it says Teton Medicare, don’t think that we don’t have some fantastic. We have agents that do that all the time. We have agents that are bilingual that do it. So Spanish speaking agents that can help our clients, fluent Spanish, speak Spanish speakers. So we can help. Let’s talk about what your options. So there’s there’s a few terms that are used. ACA is a very common one that’s thrown around in our circle. That’s Affordable Care Act. That’s Obamacare. So a lot of people will call it ACA. That’s Obamacare. 

Lee: Yep. 

Casey: So and you’ve got different names for that, even. You’ve got Exchange, On and Off the Exchange, you’ve got all these things. But we could give you five or 6 or 7 different names for it. It’s under 65 insurance for people who need health insurance. And there’s all kinds of options. You’re going to hear the metal plan. So gold, bronze, silver. The thing I’m going to tell people is when you’re looking for health insurance, go back to what you said earlier in our conversation. Come to us, ask us questions, and let us answer them for you because there are some stipulations. If you are offered an employer sponsored plan and you deny it, you decline it. That’s going to affect the cost of Obamacare, believe it or not. If you are in between enrollment periods, that’s going to affect when you can enroll. So there’s a lot of different nuances that we’re going to help you with. One of the things to keep in mind is that those plans can be very, very, very expensive.

I remember a husband or wife that were, 63 and 64 years old. They weren’t quite eligible for Medicare. They’re paying $1700, $1,800 a month. Well why is that? Their income was really high.

Lee: Right.

Lee: Or, maybe they didn’t talk to an agent or broker that could help answer the question if they qualify for what we call a tax subsidy.  So let’s talk about when you have an Affordable Care Act, Obamacare. There’s something called a tax subsidy. And and I’m going to be very, un-technical for a minute. So don’t hold me accountable to this. But when we talk about a tax subsidy, basically what happens is the state and or the federal government are helping pay your premium. And in some cases, they’re actually bringing down your cost out of pocket as well. 

Lee: Yep. 

Casey: So based off of your income, we have clients all the time that have a family of 2 or 3, and they may pay $80, $200, $300 for a fantastic plan for the coverage. Then you have people that are the same situation. They’ll pay zero or they’re paying, like I said earlier, $1,700, depending on your situation. So what is an Affordable Care Act plan or ACA or exchange, Obamacare? It’s health insurance for people who are not on Medicare. And that’s an important point to point out – that’s a lot of points!

Lee: Make your point already. Let’s go. 

Casey: Let’s point that out. So if you become eligible for Medicare and let’s say that you’re on an individual plan, Obamacare or something like that. Once you become eligible for Medicare, you lose any subsidies you had. So most companies, at least in Idaho, they’re going to kick you off anyway. 

Lee: Yep. 

Casey: Some other states, that doesn’t happen. They’ll have you keep going on the plan. And now you’re paying for a plan that you do not want. If you’re eligible for Medicare, you need to come off an individual plan and go on to a Medicare plan.

Lee: Love it. 

Casey: Okay. There are some things now. There’s some recent legislation that’s changing this. They’re called short term PPO plans. We used to be able to kind of reenroll you every, you know, six months a year. That may not be the case in the future. And they’re talking about limiting how long can you be on a short term plan. But again, call us and we can ask those questions for you. Absolutely.

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