Podcast Episode - Suze School: Spending On Healthcare

Health, Health Insurance, Savings Account

March 28, 2021

Listen to Podcast Episode:

On this podcast, we go to Suze School for a lesson on everything you need to know about health insurance and the new Health Care law.

Podcast Transcript:

March 28 2000 And what? KT, wait a minute. Don't you want to tell people why I'm here on Sunday? 21 It is 2021. And it's Sun Sunday, and we all know what happens on Sunday. KT does not work. Then what are you doing here, KT? Well, there's a reason I'm here. I didn't want her to have the opportunity to celebrate alone. There's big reason. Big reason she's here. So, I said, listen, if you're going to be here, you're going to have to stay here. You're going to really excited to be here because we've been waiting, waiting, waiting. You know how you're waiting. And then all of a sudden you get bingo. Yay, alright, let's tell them who should tell them. Me or you? You Suze, you're the books. So, we've all been waiting for this. Which is all of you know, that since January 10th, I believe it was, right. We had an offer from the Alliant Credit Union, which really was one of the best offers ever, where you were paid to save. And just in case you don't even know what I'm talking about? KT is saying, come on, get to the news, anyway. All right. That offer was to expire on March 31st. It was like, nope, this offer is too good. We can't go further than that. We can't do it. But guess what? Tell him. KT. Okay. Dennis, the CEO of Alliant agreed to continue till the year end of 2021. December 31st. Suze's been begging and bugging Dennis and say, Please, you've got to keep this going, everybody, this is too good to end. I need America to be safe and to save. But everybody just so you understand the reason that it took so long, really to decide, is that this is a credit union and Dennis, as CEO of this credit union, his main responsibility is to his membership. Because when you join a credit union, you're a member of the credit union, and therefore everything is done for your benefit, which is why they offer higher interest rates on savings and lower interest rates on loans. He had to make sure that this was in the best interests of all the members. And after crunching all the numbers and everything to protect all of you, that are current members of Alliant Credit Union. The numbers came back and said Yes. Yes, this is great for everyone. So, there you go. It's good. Now, this offer where you put in $100 a month every month for 12 consecutive months. At the end of the 12 months, you will get $100 bonus, which comes out to be a 16.7% return on your money. And also you will be earning 0.55% interest on that money, which is one of the highest interest rates that you can find anywhere. What do you want to say, KT? I just want to say that that's why Dennis and the credit union had to really think about this. They're giving you money to say they're paying you to. This was Suze's brainchild, and we're just so excited that we have this. Yeah, and to all of that. Yeah. And I know KT doesn't like when I say this, but you have to know that we do not make one penny when you open any of these accounts people. So, don't think that we're so excited just because if you do, it's costing them, because of Suze it's costing them a whole lot of money. We don't get paid to do this. She just wants to find these opportunities for you. And we're just so excited. Yeah. So, I'm really proud because I wish I could open more under my name, but I have a great one. Yeah, that's great. Well, I put a lot of money in it. Well, of course you did. Because you wanted to make the 0.55% interest equally and all my family has it now. Everybody has it. The truth is, this was actually announced last night on HSN at 9 p.m. Where I did an hour show on the Ultimate Money Saving Opportunities, which was fabulous. And it will be again tonight at 6 PM east coast time Bobby, I love being with Bobby. So, tune in because everybody who got it on HSN is also going to be able to extend now until December 31st as well as all of you. And by the way, if you just want to sign up, go to myalliant.com. Right? But if you just go to Alliant directly and you sign up for a savings account. That won't be the ultimate opportunity savings account. You have got to go to myalliant.com or take advantage of the offer on HSN tonight. Okay, there we go. How's that? That's where celebrated. That's worth celebrating. I want to thank you, Dennis. Thank you. Love you Alliant. Yeah. We love you alive. That's a company that really cares. Michelle, Alison and everybody, Scott. Everyone's been working so hard to keep this going. So, we need a party. We need an Alliant party. What should we do to celebrate pizza? Pizza? Really? I love pizza. With what? KT? Well, Alliant based in Chicago, so pizza. We keep saying we've got to get pizza. We've got to get together when covid is safe. I love it. Everybody's trying to convert me to luminedies I love. Who knows? Pizza, Sausage, Pizza? Yeah, baby. Okay. But that's not why you have tuned in to the women and money podcast as well as the men smart enough to listen. So today I want to talk about other money saving strategies that you really, really need to know about. And one thing where all of you write in. And you're all really concerned about this one topic, and you should be. What do you think the topic is? Kate Insurance. It's always insurance. What kind of insurance? Health? That's my, especially during this past year. My goodness. Biggest, biggest topic. So, health insurance, especially for those of you who lost your job or you're not currently employed. This is a big deal. Here's what I want you all to know about health insurance because there are big changes that have happened, and I have a feeling you are not aware of them. And the role, KT, that I want you to play today is the, what does that mean? Ask questions, ask me when I say something and you don't think that the, she hates when I interrupt. So, she's saying, KT, you have permission to interrupt? Yes, because health insurance can absolutely be confusing. So, I'm going to try to break this down KT style. What do you say about that? I like it. This is a did you know, podcast. Kind of. So here it is. There was a plan that was recently passed and it was called the American Rescue Plan. Okay, I'm going to refer to that plan from now on as ARP. That's how I'm going to refer to it. Just so you know. And this was the big stimulus bill that Congress enacted. And it really makes it likely that for those of you who need to pay for your own health insurance, that you absolutely are going to pay lower monthly premiums and you have to listen to me. And, in some cases you may have absolutely no premium cost, at least for a few months. Okay, how does it work Suze? Most people KT, when they don't have health insurance through where they work. If they were smart, they normally would go to the Affordable Healthcare Act healthcare.gov, which is where they would go. Or chances are they did what's called Cobra, which is once you've lost your job. And let's say you're not insurable, but you still want to keep insurance. If you buy the insurance through the company that laid you off and they have to sell it to you, it's called Cobra and for at least 18 months, if you agree to pay 100% of your premium, which is really expensive. You can still be insured. So those are the two things that most people normally do. All right, so we're good up till now, KT. Perfect. Now, listen to me, everybody. Normally, the problem is, when you go to healthcare.gov or to get ACA, the affordable care act type of insurance, it's usually only open in the fall. But now there is open enrollment with ACA health plans through August 15th. You have got to understand that. So, if you need health insurance, you're not on Cobra and you need health insurance right now. You would go to healthcare.gov, and then when you go there, they are going to route you to the website to shop for an ACA plan in your state. Got that? We clear so far again, KT. All right. You don't have insurance. What are you going to do, KT? I'm going to go there to the site, and I'm going to shop to see what plan is best for me and my state. Yeah, they're going to direct you right there. And you would go to healthcare.gov. Here's what's fabulous. A lot of you I know, I know you're thinking because I already went there. It was too expensive because our brother John, my brother-in-law, went there and he said, Suze, it's too expensive, last year. Do you remember? I can't do this. I can't afford this. That is no longer true because of the American rescue plan. Which is what? KT? The new stimulus plan that was just signed and I'll tell them what that means, right? So again, the American rescue plan or the ARP plan, it actually changes the formula for who qualifies, for help with their premiums. Now, many of you are now going to qualify for subsidies. So even if you shopped in the past and thought it was too expensive, I am asking you to consider doing it again. Now, one of the changes is that starting July 1st, so that's not far from now. Anyone who received unemployment benefits this year may be eligible for additional savings. Now listen to me again. I know I keep saying that, but it's important that you do. The official estimate from the government is that tax credits and the average monthly premium will decrease by $50 and 4 out of 5 enrollees will be able to get coverage for $10 or less a month. That's huge. That's huge. Listen, it's also expected that more than half of you, half of the shoppers, will be able to find a silver level plan on the ACA marketplace with a premium cost of $10 or less after-tax credits. Now, why are you looking at me like that with silver? Okay. See, this is good. This is why KT is here. No. Does it mean for me like people with silver air, old people? You just think you are so cute. Let's go into the ACA plans. There are four different categories and in fact, KT, they are called the metal categories. Metal plans the metal plans. Alright, It's bronze, silver, gold and platinum. Now, why do you think they call them that? So, I can remember them easily. And then they go from a low price to a high price. Yes, but why do you think they do bronze first, then silver, then gold and platinum? I don't know, because platinum is more expensive than gold, and gold is more expensive than silver, and silver is more expensive than bronze. Just that simple. Now, just to give you an idea of the difference between them. A bronze plan, if you get one, which is the cheapest right, the insurance company pays 60% of your cost, and you pay 40%. A silver plan, which is really what most people get, especially if they need to save money. The insurance company pays 70% but you pay 30%. So, my out of pocket is 30. The gold plan, the insurance company pays 80% and you pay 20. Just out of curiosity for the platinum plan, what do you think? They don't want to pay anything. They should pay 100%. No, the insurance company pays 90%. You pay 10%. Now, the bronze plan I'm just going to go into detail is really a good choice if you want a low-cost way to protect yourself from the worst case, medical scenarios like a serious sickness or an injury and your monthly premium will be low. But remember, you have to pay for the most routine care yourself. A silver plan is best if you qualify for extra savings, which is what I was just talking about. Or, if not, if you're willing to pay a slightly higher monthly premium than bronze, to have more of your routine care covered. The gold plan is obviously a good choice, if you're willing to pay more each month to have more costs covered when you get medical treatment. So, if you use a lot of care, you're always going to the doctor something like that. That is the plan that would be a good value for you. And the platinum plan is really the highest monthly premium, but it is a good choice if you usually use a lot of care and are willing to pay a higher monthly premium knowing that nearly all other costs will be covered. KT does all that makes sense so far, it makes good sense. Alright, so, Suze, out of all of these metals, which one do you think is the one that people should look into? Probably the silver one. Okay, so your choices silver, especially if money is a consideration, especially if you qualify for some credits and everything you could end up costing you absolutely nothing. Now here. I should tell my brother about that. You should absolutely tell your brother. now however, here is the big news and I want you to listen again. Closely. Many of you out there are on Cobra again. Cobra is where you pay 100% of your premium and it is expensive. And you are paying it to your ex-employer. So, if you lost your job and you elected to keep your health insurance plans through Cobra, you may be eligible for a big break. Why? Because a provision of the ARP will reduce your premium cost to zero from April 1st through September 30th of this year. So, if you currently are on Cobra starting April 1st, that is in a few days from now. You should not be paying one cent for your health insurance at all from April 1st through September 30th. Do you hear me? Now? Here's what happens. KT. Their employer, the HR person that works for their ex-employer, should contact them, and they should be in touch with them saying, Guess what? For the next few months until September 30th, you do not have to pay a penny for Cobra. If your HR person does not contact you, you contact them. Now just a few things that I want you to be aware of. Remember, the way Cobra works is that once you leave a job, you can keep your health insurance for 18 months if you pay the full premium. We've said that, but that 18-month rule still applies. So, the zero premium deal that starts April 1st is only applicable until you hit your 18-month limit or September 30th, whichever one comes first. It's just that simple, right? So, Suze, I have a question. Of course, you do. Let's say our friend Yvonne, who just left her job, is retired, and now she's on Cobra and she just left last week. And next week is April 1st. Is that applicable to her? You bet it is. So, for Yvonne starting April 1st for six months from April 1st till September 30th, she's not going to have to pay a penny for Cobra. However, you have to be careful because if you wait until September 30th to take advantage of absolutely no cost for your Cobra ends and now it ends. Now, you are responsible for 100% of your premium again for the next 12 months, which will be thousands and thousands of dollars. If I were you, I would make sure that maybe I would give up one month of free Cobra till September 30th. I would make sure that I moved my insurance from Cobra to the affordable care act at healthcare.gov and get, like, the silver plan so that I still qualify. Because, remember, KT, open enrollment right now is only till August 15th. And I don't know. Are they going to extend that? Are they not? I'm not sure. So, here's the bottom line, KT and everybody listening. I can forget because I think I'm just talking to KT right now. Okay. Is this, if you currently don't have insurance, health insurance, you are to go to healthcare dot gov. It does not matter. If you went last year and you were told how much money it was going to be a lot of money. You are to go and apply again because of the new subsidies. Especially with the new stimulus. The new ARP program, I am telling you are going to find that it could cost you maybe just $10 a month to have health insurance, especially if you qualify for the credits. If you currently have Cobra and you have been paying $100 a month for Cobra, starting April 1st through September 30th, you will not owe a penny for the Cobra health insurance. Make sure that the HR person contacts you or you contact them to put that in force. If they do not extend the open enrollment for ACA beyond August 15th, and you are going to be on Cobra for a lot longer after the September 30th deadline, you would be far better off applying for ACA insurance, the Affordable Care Act, at healthcare.gov before August 15th, when they close it. Now KT, was I clear. That was really clear. This will save people. I'm telling you. Thousands and thousands and thousands of dollars. All right. That's really all I wanted to tell you today. I just wanted to tell you those two things. I also want to tell you. Tune in tonight, tune in, join us on Facebook because HSN is offering a $500 gift certificate and you could ask questions and maybe they'll choose it. And then you can even call in and maybe talk to me. It's at 6 p.m. East Coast time, and it's a great deal tonight. Really, everybody. And it's fun to see Bobby and Suze interact and all the calls, Suze loves when you call into HSN, call in and tell her about it. Yeah, tell me about anything you want to tell me about. Those are the two things I really wanted to tell you. Brief Suzie School. Great news with Alliant. Fabulous show tonight, I hope on HSN. And until Thursday, when KT will join me again for ask Suze and KT Anything. Ready, Girlfriend? Yeah. There's only one thing that I want you to remember when it comes to your money. And it is this people first, then money, then thing. Now all of you, stay safe and go to myalliant.com and open up that account now. Bye, bye.

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