Properly functioning bodies and minds may be the most valuable asset we have, which is why taking care of our health is an investment worth making.
Whether the best fit for you and your family is a traditional health insurance plan or a medical cost sharing plan, Strategic Benefits is here to help!
Tax credits are a major part of the decision! The majority of Strategic Benefits clients are independent contractors, often referred to as self-employed or “1099”. This can be a major factor in determining the right plan because many businesses report a level of income to the owner that qualifies for tax credits.
There are two types of tax credits. One type lowers your premium and the other lowers deductibles and max out-of-pocket costs. They are not mutually exclusive, meaning you can qualify for both!
Another advantage of traditional insurance is that it is a deductible expense for independent contractors, so weighing that into the mix is important.
Tax credits to not apply to medical cost sharing plans, nor are the monthly contributions to cost sharing plans deductible. However, medical cost sharing can be an attractive alternative to traditional health insurance because the cost can be significantly less.
All in all, there is no single plan that is right for everyone, and Strategic Benefits takes a consultative approach to helping you pick the right plan. We are also here to help with any service or billing needs, so if you’re not sure who to call, call us, and we will help you navigate the sometimes complicated waters of the healthcare system.