How to bring your health insurance costs down to as little as $1 per month.

First off, let’s introduce you to Chuck – a self-employed business owner living in Santa Barbara, California. Prior to talking to Venteur, he paid a hefty $1,000 per month in premiums. We’re not even talking about the co-pays, co-insurance, and other costs of going the doctor. This was just the monthly premium. He knew of Covered California and had even started an application earlier in the year. But, as a busy business owner, keeping up with the latest health insurance regulations isn’t really top of mind. We get it. We’ve been there!

So, we’ve distilled it down. Here’s the three things you need to know to make sure you’re not leaving savings on the table:  

The American Rescue Plan expanded financial assistance‍

Even if in past years you might not have been eligible for assistance, you may qualify now! This year, the US government expanded financial assistance to improve the affordability of health insurance. On average, consumers saved 40% on their monthly health insurance premiums. This calculator from the Kaiser Family Foundation provides a quick look at what assistance you could get.  

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Offered health insurance by your spouse’s employer?

Double check to see if it meets affordability and minimum value requirements. Most employer plans do, but a second look doesn’t hurt.

• For 2022, a plan is considered affordable if you spend less than 9.61% of your household income on your health insurance premiums.  
• Your health plan meets “minimum benefit” requirements if it covers 60% of the cost of covered benefits and provides substantial hospital and physician services (or in other words, its equivalent to a Bronze plan).

If the plan fails to meet either of these requirements, you might be eligible for financial assistance. (And in case you’re wondering, this is how we unlocked savings for Chuck)

Have an LLC? Factor in the tax trade-offs.

‍You can likely deduct 100% of what you pay in health insurance premiums. We recommend consulting a licensed tax professional on the details. But if you’re looking for a quick estimate, log into the Venteur benefits platform to get a personalized benefits report. More often than not, you might find that the health plan that offers the best return on investment isn’t what you initially thought.

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