Jae'$ Corner Podcast
COVID-relief bill might save you a LOT of health insurance money
COVID-relief bill might save you a LOT of health insurance money (or mistakes can leave too much $ on the table)
In this podcast: Real-life example, this comes across to me very frequently. Client intends to open a Roth IRA account. Her income is 30,000 but has savings, enough to contribute the maximum towards a Roth or a traditional IRA. If she had chosen a traditional IRA, she would've saved over $1000 on her health insurance premium in 2021. If she chooses a Roth IRA, she can get future tax benefits (since capital gains, dividends and interest are not taxable later, however, the clients needs to be at least 59 1/2 and the account needs to be 5 years old). Given that she has an income of 30,000, the extra $1000 due to lower health insurance premiums? That is very much worth considering. That is an individual's choice. Not knowing the interaction exists? There is a reason for that, i.e. advisor don't know, and some even take pride, in knowing anything about health insurance. Except now, it involves taxes, because the health insurance subsidy is actually a tax credit.
A good place to start estimating: https://www.healthsherpa.com/?_agent_id=jae-oh.
Your first call has no-obligation and is FREE https://calendly.com/justjae/30minBe sure to SUBSCRIBE to this Channel: bit.ly/2ZX9st7
CONNECT:
Sign up for the MYM Newsletter: http://eepurl.com/dhigN5
Maximize Your Medicare Facebook Group: https://www.facebook.com/groups/32134
Book website: http://www.maximizeyourmedicare.com
Twitter: https://twitter.com/JaeOhCFP
Twitter: https://twitter.com/MaxYourMedicare
- Broadcast on:
- 09 Mar 2021
COVID-relief bill might save you a LOT of health insurance money (or mistakes can leave too much $ on the table)
In this podcast: Real-life example, this comes across to me very frequently. Client intends to open a Roth IRA account. Her income is 30,000 but has savings, enough to contribute the maximum towards a Roth or a traditional IRA. If she had chosen a traditional IRA, she would've saved over $1000 on her health insurance premium in 2021. If she chooses a Roth IRA, she can get future tax benefits (since capital gains, dividends and interest are not taxable later, however, the clients needs to be at least 59 1/2 and the account needs to be 5 years old). Given that she has an income of 30,000, the extra $1000 due to lower health insurance premiums? That is very much worth considering. That is an individual's choice. Not knowing the interaction exists? There is a reason for that, i.e. advisor don't know, and some even take pride, in knowing anything about health insurance. Except now, it involves taxes, because the health insurance subsidy is actually a tax credit.
A good place to start estimating: https://www.healthsherpa.com/?_agent_id=jae-oh.
Your first call has no-obligation and is FREE https://calendly.com/justjae/30minBe sure to SUBSCRIBE to this Channel: bit.ly/2ZX9st7
CONNECT:
Sign up for the MYM Newsletter: http://eepurl.com/dhigN5
Maximize Your Medicare Facebook Group: https://www.facebook.com/groups/32134
Book website: http://www.maximizeyourmedicare.com
Twitter: https://twitter.com/JaeOhCFP
Twitter: https://twitter.com/MaxYourMedicare