[Jewelry making - Article 01431] - Re: [Orchid] Healthcare For The Self Employed

[Lauren]

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    Speaking as a programmer in the health insurance industry (I'm
    learning jewelry fabrication because it brings me joy)... I work on
    the software that pays your claims, so I have more than passing
    familiarity with how they work. 

    If you can afford the high deductible plan that Neilthejeweler
    mentioned, with the pre-tax HSA (Health Savings Account), it's often
    the best plan available for those with moderately to seriously high
    medical expenses, because those plans usually count *everything*
    towards your deductible, and more importantly, towards your
    out-of-pocket maximum. And with many of those plans (please do your
    homework, they're not all alike!), once that out-of-pocket maximum is
    met, your covered medical expenses are paid at 100%, with no co-pays.
    (For example, I submitted $44,000 in medical bills one year, and only
    paid my $2500 deductible. Good deal, eh?) 

    And if you're able to do so, check out the tax advantages of not
    actually using the money in the HSA for paying any of those
    expenses. With most plans (again, please do your homework, they're
    not all alike!), you can leave that money in there until after
    retirement, at which point it becomes non-taxable, and can be used
    for any purpose -- kind of like an extra IRA or SEP.
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