#067: Traditional Insurance vs. Health Sharing Arrangements
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 9 April 2018
⏱️ 32 minutes
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Summary
Devin and John explore one popular alternatives to traditional health insurance: health care sharing arrangements.
John has about 20 employees, and he provides health insurance to the employees (but not the families.) This is a high-deductible plan, so the employee still pays $3,000 to $4,000 per year before the insurance kicks in. So, as a general rule, John knows that he (and his employees) will see virtually no benefit from this very expensive coverage.
Because a health care sharing arrangement is not traditional health insurance, there are some important secondary results. For example, these plans don't make you eligible to use a health savings account (HSA). It also doesn't count as health insurance to be deducted as self-employment insurance premiums on your taxes.
Bottom line: if you are out there in the open market looking for health insurance, you should at least explore these health care sharing arrangements.
For more information, visit the show notes at http://www.bigpictureretirement.net/067
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide specific tax, legal, or financial advice. |
| 0:05.1 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:12.9 | Hello everyone and welcome to the Big Picture Retirement Show, |
| 0:15.9 | where we deliver insight on what you need to know for a meaningful and successful retirement. |
| 0:21.7 | If you are planning for or living in retirement, this is the show for you. I'm Devin and John Ross is here with me |
| 0:27.8 | again today. Hey John. Howdy. So John, when it comes to health care options, specifically |
| 0:36.4 | ways to pay for health care. |
| 0:39.1 | Right. |
| 0:39.5 | We have a few more options today than we used to have. |
| 0:44.5 | Almost on the whole, I get very frustrated with insurance. |
| 0:49.3 | I don't like paying for it. |
| 0:51.0 | Right. |
| 0:51.3 | Basically, I think like most consumers, I know that ultimately I am not going to get what I am |
| 0:56.3 | paying for. |
| 0:57.8 | Right? |
| 0:58.4 | So, you know, I have a large term life policy to provide some asset in the event of my loss, |
| 1:06.6 | loss of me, you know, but I know I'm probably not going to use it. |
| 1:09.8 | So I'm just basically wasting my |
| 1:10.8 | money. And once I get all these teenagers out of the house, I'll cancel it and I will have wasted |
| 1:16.3 | the last 20 years of payments. Right. Car insurance, same sort of deal. The one that drives me |
| 1:24.4 | baddie the most is health insurance. |
| 1:28.0 | Oh, yeah. |
... |
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