Episode Transcript
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Speaker 1 (00:02):
His Frian Thomas with John Roulman from cover since he
doing the Rethink Healthcare together. The program we do every
Sunday at this time. Normally I'm hosting the fifty five
care Scening Morning Show during the midweek Monday through Friday,
five am to nine am. But I love coming in
and talking with John about medical insurance and that sounds
weird to say, but brilliant. He is options galore, he
has and he is fighting for you, not an insurance company.
(00:24):
Always start out the program talking about that John is
your broker. He has your interest at heart, like a
financial planner, a fiduciary obligation. So you're on the same
side of the table with John. He's got a couple
of hundred different insurance companies on the other side of
the table that he works with, thousands of insurance policies,
whether it be medical insurance. He's got great ideas about
Medicare and keep you out of the pitfalls and traps
(00:45):
associated with Medicare. So my Medicare age folks get out
and reach out to John, get ahead of the game.
But he can put a package of medical insurance together
with private companies in many cases less money, better coverage,
which is really the bottom line. Every time we talk
about this, John, always a pleasure of seeing you. Oh
the number, it's coversinsy dot com as a form of
the website you can fill out no excuse me, no
(01:06):
obligation to you. Let them do the work, let them
figure out where you are, ask you some questions and
come up with a better way to ensure you. But
the number is five one three eight hundred Call five
one three eight hundred two two five five any state
in the Union, John, and this team can help you out.
Speaker 2 (01:22):
John, good to see as always you two, and I'll
Nike a little point here too, because we get this
from time to time. Everything we do is secure on
our website. Your information is only shared with us. Everything
is hipA compliant, So if you do put personal or
medical information there, it is only purviewed by us. It's
not disseminated to anybody else. We are not the sponsored
(01:44):
websites that are out there like that you'll find on
Google and Instagram and social media that if you fill
out information there, be prepared to talk to you about
one hundred different agents.
Speaker 1 (01:53):
You're gonna give it to everybody.
Speaker 2 (01:55):
Yep, you fill it out with us, you will only
talk to us.
Speaker 1 (01:57):
Fair enough, and an excellent point made on that. Now,
last week we were talking about pre existing conditions and
of course walking through the different you know what that means,
whether it's you know, through private insurance or Obamacare or Medicaid.
But we got to the tail end of the conversation.
We were talking about life insurance and the importance of getting
in earlier, and you made a great recommendation. I'll bring
(02:19):
it back up because today we're talking about some young
people that may be in your world. But to buy
as a gift, your child or grandchild the gift of
a life insurance policy while they are young and healthy.
So wonderful idea, because the premium will be locked in
for life. It will be very inexpensive, and they are
well covered. And you said you may be able to
(02:39):
have help build up a nice nest egg for them
as they get older if you buy the right type
life insurance policy. So with that in mind, let's pivot
over to college. Yeah, and college age kids. I some
some my recollection is correct me if I'm wrong, because
you know this.
Speaker 2 (02:53):
Of course, some.
Speaker 1 (02:55):
Colleges require you to buy health insurance. Health insurance, Yeah,
this is really they're trying to push their own policies too,
aren't they.
Speaker 2 (03:03):
Yep, the ones the college offers. Yeah, so we just
I mean, I actually have a lot of clients that
are like down at uc U U see actually uses
a third party that kind of administers it, and they
are extremely difficult to work with. I mean, we we've
we know how to work with them because we've been
doing it for such a long time, but they constantly
change your rules and what they want. They basically want
(03:25):
their all their students that pay whatever it is. I
think it's like sixteen hundred bucks a semester, you know,
for their health insurance plan. But this is just just
so important to realize that because you know, this is
the first time my oldest is going to college. So
you're reading all the documents, you're signing stuff, and you realize, like, hey, wait,
why are they charging me for health insurance? I already
(03:46):
have that, So I'm opt out of that, you know,
and they get to provide your information. Hopefully the information
you're providing matches what they want, so that you can
avoid paying the extra three grand a year for your
kid to go to school to pay for their health insurance.
So a lot of colleges are doing it a lot more.
I see every year popping up across the United States.
Speaker 1 (04:03):
You're automatically unless you opt out.
Speaker 2 (04:05):
Some of them are that way. I met a college
that literally was on there and you got to like
check off that you didn't want it, otherwise they were
just tying it into your package, and that irks me.
I know. I guess when you start seeing the prices
of college nowadays, the actually sixteen hundred bucks whatever, it
doesn't really phase you when you.
Speaker 1 (04:21):
Got it's like the price of three textbooks at back
in the day. I guess they're all probably electronic.
Speaker 2 (04:27):
Anecdote. My son's going to Eastern Kentucky University. They actually
don't charge for textbooks. Their textbooks are one hundred percent free.
Speaker 1 (04:37):
Oh no kidding, Yeah, I was like what I paid thousands?
Speaker 2 (04:42):
Yeah, every semester.
Speaker 1 (04:43):
How do those professors who make you buy their textbook
make any money under that? You know, and I don't
know how it is always like your dollar textbook that
you had to buy. It was all happened to be
authored by the professor of the class. Yeah, it's a
guaranteed revenue stream. That's a nice plug for Eastern Kentucky.
Speaker 2 (04:59):
I mean, they've been in school, that's why he's going
there for so it'll be a future member of the team.
Oh good, But you know, and this is just, you know,
my first one going through. And of course we've helped
so many clients over the years in the situation, but
I didn't directly see what was going on until I
saw his stuff, and I'm like, oh, okay, Well, you know,
this is a really good segment for us talk about
(05:20):
because how many of us are in this situation right now?
And that's a lot, right, there's a lot of us.
Speaker 1 (05:25):
But I imagine your son, you've got your own family coverage.
You're absolutely he's on that until twenty six of these.
Speaker 2 (05:32):
That's a man, Brian, You're just so good at this now.
We've been doing such a long time. You know all
the rules. Yeah, so he's on until twenty six. But
you know, here, here's a big thing that I really
want to kind of point out because coverages are different, right,
so especially like last week we talked about the marketplace plans, right,
so what does it look like if I'm on a
(05:53):
family plan here in the Greater Cincinnati era in a
marketplace and my son is going to school two and
a half hours away. Well, guess what, my plan's not
covering anywhere my son would get treated right in Eastern
Kentucky University. My plan doesn't go that far if I'm
up here, right, So what you know, what's going to happen.
You know, I'm on a plan up here. He's going
down there. I'm in an opening I'm not in an
(06:14):
open rollment situation. I can't change my plan. That college
would literally kick back and go, sorry, your plan's not
good enough because it doesn't cover the doctors and hospitals
in our area. You now need to pay the money.
And I'm already paying for to cover him through my
plan that I'm the marketplacement. Yes, so this is a
huge thing that we're seeing when people are on marketplace
(06:37):
plans and their kids go to my son's two hours away. Yeah.
You know, if I was in a marketplace plan, my capable,
I would have to way at a network. If I
was on a marketplace plan, yeah, which I'm not, Which
I'm not. I'm a big proponent of being able. If
my kid gets sick and I want to go to M.
D Anderson in Houston, I'm going down there. To get
the best cancer treatment. I don't care. It's it's not
(06:59):
a question. I made sure we're We've always been over ensure,
but I've always made sure that it was never a
question where we can get treatment. I didn't want an
insurance company to dictate that. That was very important to
me and a lot of listeners and a lot of yours.
You know, a lot of our clients feel exactly the
same way. We make sure that the coverage meets that
(07:20):
that concern of theirs. But that's a big thing in college, right,
you know, so many kids, you know, you hope they
go to local and can live at home, and but
you know, for my son, it was more of the
experience Brian. I wanted him to kind of get away,
and you know, he was homeschool through high school, and
I was like, you need to get out there and
make some more friends and meet people. And so I
was like, you know, we were kind of giving that opportunity.
(07:40):
He chose the school over two hours a get away
because it's just far enough where he can come home.
But just one of those things, right, yeah, you know,
I don't really want to drive that.
Speaker 1 (07:47):
Far true and far enough away that there's not going
to be that unannounced knocker on the door.
Speaker 2 (07:52):
Hey son came by to visit. Yeah, yeah, yeah, I'm
not going to be a hord dad. Good for you.
But you know, like I said, it's the that's a
really important thing to look at, you know, because this
is going to cost you a lot of money, and
we just really want to make sure that that makes
the most sense for you. And you know, and there's
so many things that can really tie into this, right,
not just the provider networks, but you know, prescription needs.
(08:15):
You know, let's say your child has prescriptions, right and
maybe they're in a completely different state five six hours away.
We have his roommate is from California. Oh, they have
an aviation program now there. He actually flow in from
California to do the the orientation. But you know, if
he's on a cover California that's what they call it
out there, Cover California, which is a network just in California.
(08:38):
So if he has to fly and go here. Let's
say he's on a maintenance medication, right, well, he has
to have a doctor that's local that you have to see,
like like, we'll give you a big one like this
Bay and Age everybody's on ADD or ADHD medication right
controlled substance. He would have to see a doctor every
so many months to prescribe that medication. Well, if I'm
gonna cover California plan here in Kentucky and I need
(08:59):
to get that medication refilled, I can't just go see
a doctor and pay cash because when they write that prescription,
the insurance company won't cover it because it's not approved
by a doctor that's in their network.
Speaker 1 (09:10):
Are you kidding me?
Speaker 2 (09:12):
Nope, that's ridiculous. So's a lot of pitfalls here. It's
why it's so important to have that conversation right now
before you sign on the dotted line that hey, I
got coverage and it bounces back and it's too late
and I can't do anything for your son. And now
you're paying that extra couple thousand dollars two three four
grand a year you know for the school plan. Yeah,
(09:33):
and most of these school plans I've looked at them,
they're not great. They cover you on campus.
Speaker 1 (09:37):
Well, I just going to ask, you know, generally speaking,
are any of these these college plans any good? Because
like the pitfall with the Affordable CARECT plan is the
limited network you're in your neighborhood getting services or you're
not getting services veriod. So it's the same kind of
thing with the college plans.
Speaker 2 (09:52):
Oh yeah, they're usually far worse than most of the
private plans you can get, you know. I mean they're
they're almost like the marketplace plans for like that. Yeah, now,
some of them are good, but I mean I've seen
some that literally don't even cover you off campus. I
can't imagine paying two or three grand. Like, yeah, I
can go to the campus, the little urgent care and
whatever they have right next door, the little hospital, but
(10:13):
I can't go outside of that. It's a lot of
money to spend for. You know, it's kind of like
buying a car and you can only drive it on driveways.
Speaker 1 (10:21):
Well, your son staying on your plan, correct one, because
it's unlimited network, as you just pointed out. Correct Now,
going back to gets to your California situation. If for
whatever reason, that students stayed under that plan and obviously
facing the complications that you just brought up, you can
(10:42):
navigate the complications, but it is complicated and it's a
pain in the butt.
Speaker 2 (10:45):
Yeah, I mean, he'd have to go back home. Eighty
HD medication right. I think it's like you have to
see a doctor every three months, okay to get the
prescription renude, So he would really had to fly back
to California meet that doctor to get the prescription red.
Speaker 1 (10:58):
It's the same, right, But is there a layering option
that someone might consider in that circumstance. Percent you don't
want to spend the three grand for the college plan.
That's a whole separate medical insurance plan with all the
bells and whistles or holes in the bucket, as the
case is likely to be. But how about getting something
else like from you?
Speaker 2 (11:18):
Yes? So number one, the easiest thing to do is
supplement it. Right. So once we do these supplements that
we talked about like last week and multiple weeks here, now,
the supplement plans have provisions in them like doctor visits, right,
and they will give you know, somebody's plans pay up
to like two hundred dollars for a doctor visit, which
is going to cover any doctor in the United States,
(11:38):
but allows you to go to any doctor, any hospital
in the United States.
Speaker 1 (11:41):
So your ADHD problem has been overcome through the supplement.
Through the supplement, no worry about the California plan wherever
the California plan you can add that on too. That's
one big strategy that we do. The second strategy at
this point is, you know, more often than not, we
find out that marketplace plan was never good for the
entire family anyway, Right, and then we move them to
a private plan. Now I can get them the national networks.
(12:04):
Now it's no longer an issue. Another option we can
always look at. And this just pertains for certain individuals.
Some I mean again, remember these kids, they're not kids anymore, right,
they're adults. They're eighteen nineteen, going to college. In most cases,
my son will be nineteen October, so you know, of
course he's still under me. I still claim them pay
(12:24):
for everything, right, but some kids kind of get emancipated, right,
they're not they like, there's no point they're they're working,
they're getting their own they may have a product job. Yes,
they're going to college. Maybe the parents don't have a
lot of money. So at that point you have to
start really making a decision like, well, maybe I move
them outside of me. Maybe we just say I'm no
(12:45):
longer going to claim my child, and I think the
tax credits small anyway, move him and let him become
his own individual and then I can look at his
exact individual situation right, his income or her income right
and see if they qualify for tax credits.
Speaker 2 (13:02):
And then I can write then their own marketplace plan
now where they live, in the state, where they're going
to college, because they're spending a majority of time. So
I've helped a lot of clients actually get almost free
health insurance for their kids that way.
Speaker 1 (13:14):
Well, that's a great outcome on that one. Yeah, shows
a lot of young adults in that situation, especially ones
that are borrowing the money for duition anyway, their parents
you can't afford to help help them with college, and
you know they got the bills.
Speaker 2 (13:28):
I want to hit on that right there. That is listen,
colleges are not cheap. I don't care my son got
a scholarship, but it's still not cheap. So think about
that way now. I mean, we set up the Ohio
College program for him, which is going to pay the
majority of you know what he owes. But most parents
(13:50):
out there and the friends that I've talked to are
the same. But what are they doing. They're co signing loans.
I mean, and listen, guys, this is not cheap. I mean,
you're talking about the price of a like a Mercedes.
You're talking hundreds of thousands of dollars in some cases.
Good luck if he goes to grad school. Right, So
you know I want to hit them this because we
(14:12):
talked about getting life insurance for your kids younger. When
they're younger, I would implore you, you know, make a
good financial decision for your family. If your kids going
off your co signing on loans, you should think about
getting a life insurance policy and your child. I mean,
it's the last thing you ever want to think about.
But the last thing you want to do is this
kid is said, four years of school, something happened. You know,
(14:35):
now you a one hundred thousand dollars on their tuition because
you're on the hook even if they pass away, and
you're gonna pay that bill. And that is a nightmare situation.
And you're talking, I mean, we're writing life insurance policies
for like fifty cents a day, twenty cents a day
that'll cover your loan. Like, don't discredit that at all.
Speaker 1 (14:59):
Yeah, you know, no one wants to think about that.
But you can't lively misstated denial because that kind of
thing does happen every single day though of our lives.
Speaker 2 (15:07):
No, I lost three good friends at college. I mean,
you know, you know, two went off in the military
at that point, pass away pretty quickly. But you know,
I knew the one that went to the military. God,
thank god he was in the military and got his
life insurance because he didn't have any you know, this
was before gofund me and stuff. But you know, I
remember that going going through that situation. It's just like, man,
(15:29):
I mean, you know, I knew his parents would be
had a lot of money because he wasn't the greatest student,
and he was he took loans for everything, you know,
but graduate great grades through the RTC program and stuff
like that. But you know, if he didn't have that
life insurance through the military, you know, they would have
been on the hook for over one hundred thousand dollars
for him. Oh no, So it's like, listen, I know,
it's dreadful. Life insurance is like one of those things
(15:51):
where it's it's not always the fun conversation that I
like to have with clients. It's always great going, Hey,
I'm saving you money your health insurance and you're getting
better coverage, right, But I can't implore you enough. Your
kid's going off the college, pick up a life insurance policy,
and if you're smart, you even get something that they
you can give to your kids. So like I set
up my son on an IUL index universal life policy
(16:11):
when he was younger, and we've been overfunding it, so
he actually has built up cash value for him. And
then once he graduates college, I'm going to turn that
over to him one hundred percent and go, hey, this
is your life insurance policy. You know, it might have
twenty thousand dollars in cash value at that point. And
if you want to keep funding this and you can
use it for retirement or you know, do it for
(16:31):
the next ten years and you know, go find yourself
a house and you might have thirty or forty grand
to put down on a home in your life insurance policy.
Smart move, And we can have those conversations with you
and your child and.
Speaker 1 (16:42):
SUN continue to pay the premium.
Speaker 2 (16:43):
Yeah, yeah, I'll pay for a while. I don't. I'll
pay for a while you're in college. But after that.
Speaker 1 (16:49):
And you hand the ball off, and by the way,
continue paying the premium or I get canceled.
Speaker 2 (16:54):
Yeah. Well, actually because we did an IUL we overfunded account. Oh,
so like they draw down, they can draw down. So
if he actually chooses not to, but I mean, it
would be a good decision for him to do it,
because I mean, at the end of the day, it's
let's be honest, I don't want My wife would probably
say otherwise, but you know, I don't want my kids
at thirty years old having to still live with me,
(17:15):
which is kind of the state the market is right
now because how expensive homes are, you know. But if
you can get your kid into a great situation where
you know, I can help them with a down payment
in the house and we don't have to go through
all the legal mumbo jumbo of how I'm transferring money
and all that type of stuff. He's just pulling out
of life insurance policy and he's got it. It's in
his name. Well, that is a nice thing to do.
You're good dad. I was smart. Didn't when he was
(17:37):
like two. So what do we.
Speaker 1 (17:41):
Take away from this? I guess I'm concerned about the
sort of the edict mandate, the obligations, the automatic you're
opted into a college medical plan unless you choose to
opt out. That's obviously a red flag for folks that
are sending their young people off the college and make
sure they have an idea about that and take stock
in their metal coverage. So the reach out to you,
(18:02):
I guess yeah, I mean, you know, the first thing
you want to really look at too, is you know,
making sure that you file the proper paperwork to see
if the plan that you're that you have currently will
be approved by the college, so they have that third
that that gatekeeper, right, you know that. I'm sorry I
have to comment on that again. How is a college
(18:25):
in a position to approve or disapprove if this is
what you've chosen and you're willing to navigate the challenges
or rate relative to it, like the limited network or
whatever that wasn't that the college has the right to
say no, you're not adequately sure, go ass You see.
Speaker 2 (18:41):
I have no idea how they're doing it. And it's
not like I'm actually dealing with them, I actually deal
I'm actually dealing with another agency. They're they're the ones selling.
Speaker 1 (18:51):
Yeah, they've offshore to a separate agency to force your
child to get on this medical insurance that approves the
insurance decides whether or not you have adequate medicals.
Speaker 2 (18:59):
And if you don't have it, they're the ones selling
it to you.
Speaker 1 (19:03):
I'm sorry, that's a conflict of interest. I will disagree
with you.
Speaker 2 (19:06):
I've been dealing with them for like a six or
seven years then, and you know, every year I got
clients going, hey, I need that, need you follow the
paperwork again.
Speaker 1 (19:15):
But the predicate for them deeming your insurance in attic
what would really be primarily driven by the networks.
Speaker 2 (19:23):
That's really the biggest thing. I mean. Then there's there's
also coverage options too, So if you're not on a
qualified health plan, and a lot of people aren't, you know,
one of the biggest things I know they look for
is like it has to cover mental health, it has
to cover prescriptions, has to cover preventive care and doctor visits,
which again most of the plans I sell do, But
there are a lot of plans out there and today
(19:44):
that aren't op the par and people get into them
thinking they have health insurance right and they go realize like, oh,
it's not enough coverage. So again I do like it
on that end as they make sure that there's our
pieces in your health plan that your your child may need.
You know, I'm a big proponent for mental health. So
most of the plans that we sell have a mental
health component with.
Speaker 1 (20:05):
The telehealth version. Oh my god, twenty four seven there. Yeah, yeah,
I mean, which I mean, I look back at my
college years. I was like, yeah, maybe I probably should have. Yeah,
nobody got mental health treatment back in those No, considering
that there's no you know, sort of look people looking
at their knows that you anymore. A lot of people
(20:25):
getting mental health treatments these days. It's accepted in society
unlike it used to be. So, yeah, college is a tough,
tough time. You think your your your your preteen and
your teen years were difficult. Quite often college be the
biggest challenge of a young person's life. And you know,
kind of going back to the whole thing that we're
(20:45):
looking at, I mean, you'll be surprised at a lot
of times when families call in and say, hey, I'm
running into a situation the college is telling us our
coverage doesn't qualify. The biggest thing is usually because they're
on a marketplace plant out of the area. You know,
if someone's literally in Cleveland and send their kid that
you see and they're on a marketplace plan. You see,
(21:06):
he's gonna kick it out because it doesn't have any
doctors then, right.
Speaker 2 (21:10):
So that's why it's really a kind of a good
conversation with that point because what most people don't realize
even about marketplace plans, and I can't stress this enough,
you do not have to wait to the open enrollment
to get out of that plan. You're not stuck on
that plan for an entire year. I get so many
people that like, stop calling us in January because they go, oh,
(21:31):
I got my marketplace plan for January. First, I don't
really like it, but I have to wait a year.
You can get out of that health plan today. I mean,
there's I can get you a private health plan starting
next month. You can get out of that plan and
start that plan right away. So that's why it's important
today's show is you know, we have enough time to
get that stuff in line so that way when your
(21:55):
kid goes we can shoot show that credible coverage. And
so many people we've actually taken out of their marketplace
plans and other states and going, hey, listen, let's get
out of that. This plan might be a little bit
more because you're getting a big tax credit, but you don't
have to pay three grand for your kid to go
to college and pay for it. So I'm saving a
lot more money.
Speaker 1 (22:12):
Well, in terms of getting out of the plan, that's
marketplace you can get out of it. Emphasize that great
good news. Can you cancel a medical insurance policy. Let's
say there's a listener out there going my kids started
college early, went in for summer classes, and we signed
on the bottom line, and now we're paying the fifteen
hundred dollars a semester.
Speaker 2 (22:31):
I think it's per semester. Okay, but can you think
I think you're stuck for a semester? Just read your documents.
I mean I'm not you know, I'm not up to
date on every college plan. Some of them might might
you be stuck for the year, but I think most
of them are stuck for the semester. So you're absolutely
right on that, Brian. Maybe you're in that situation like, oh,
I just paid for that, so I'm needing to have
(22:52):
that CONE call. But okay, you still got three and
a half years ago, right right right, you know what
I mean, And that's a lot of money.
Speaker 1 (23:00):
I didn't know whether if they cancel and return on
her premium or something like that.
Speaker 2 (23:04):
I think there's usually a deadline that you have to
have or show that by point. So you know, some
schools maybe you'll let you go, Hey, no, no, I
got the coverage. Can we cancel it? They might be
willing to work with you. But at the end of
the day, listen, and you know, if if I was you,
and even if my son was you know, because he's
two and a half hours away, if I was on
a marketplace plan here and I had to go on
(23:25):
the school coverage, I would probably still want him to
have better coverage in the area where he's at, yes,
because I just don't want the school coverage. I mean, yeah,
it's great on campus, but at the end of the day,
it's like I want him to be able to get
better treatment in the area or not have to just
go to the local, you know, clinic. You know, if
that's the only option that he has, you know, I
want him to be able to go whereywhere he wants
and not really make that choice.
Speaker 1 (23:45):
Well, a local marketplace plan under those circumstances is analogous
to the California kid that comes in. I mean, that's
the same kind of scenario You're talking about or at.
Speaker 2 (23:54):
Least had that conversation. Like I like I said here
earlier in the show, is like, you know what if
if you're not really saving that much money on your son,
he's paying his own college souition, just take them off
your taxes and let me go write his own plan. Yeah.
People don't realize that is like, yes, the law changes
so that you can keep your dependence on your health
plan the twenty six, but if it doesn't make sense
and they're eighteen, take them off the off, kick them off.
(24:17):
I've helped so many clients do exactly that. I'll give you.
I'll give you one little ancdote here. One of the
biggest things that we started doing is we have a
lot of income clients that once their kids are eighteen
or nineteen, they stay on these marketplace plans together. And
then what happens is the marketplace looks at household income,
so it's not just you and your spouse, it's how
much do your kids make. So we started finding these
(24:39):
kids making like fifteen eighteen grand a year, like on
side jobs or whatever. They're doing well, and then it
just increases the entire household income, so it decreased their
tax credits. So I basically look at M was like, well,
stop claiming them. Doesn't make sense. They're making their own money.
So we actually just would take the parents and write
them their own plan, and then take each kid and
write their own plan. I mean, most of these kids
are getting free health insurance. And then what we do
(25:02):
this is I'll take a big step for is that's
their major medical plan. So again, most of the kids
are getting free major medical health insurance, right, and then
we go back to the family and write them a
family gap plan that covers all the kids till twenty
six because they don't care about income or tax filing,
and they can stay until twenty six even if the
(25:23):
kid gets married and pregnant, they still keep the get
on that.
Speaker 1 (25:27):
I remember, your tax credits disappear at sixty five thousand dollars.
Speaker 2 (25:31):
Now I think that's the number they're to Picnic year.
It's four hundred percent of the fbl sartre waiting for
the final numbers, but that's where.
Speaker 1 (25:36):
It's going to take to interject that point, because that
was something I mean, we just found that out a
couple of weeks ago on the show, and I'm thinking
to myself, there are so many people out there that
don't realize that that cap has come back.
Speaker 2 (25:45):
I mean, and it's not even that, Brian. So many
people are on the threshold and they look at their
income last year. They go, hey, my income last year,
I'm under by a couple grand. And for whatever reason,
you worked a couple hours of overtime hours. Yeah, and
now you're over.
Speaker 1 (26:01):
I've or or as we just found out, Junior went
out and got himself apart time job and now has
to capture that income in with yours.
Speaker 2 (26:08):
But my son went and did caddying work. He made
like two grand. I gotta claim his income. That's not
But here's the thing. I can't, really I can't. I
can even tell you how many people would call me
Brian right around February March April every year crying, going, John,
what did you sign us up for? I owe the
(26:31):
government ten grand because of that tax credit situation. And
I would always tell like, this is your s threshold,
don't do it, and they go, well, yeah, yeah, I
sold something and made five grand. And I'm like, and
that five grand that you made cost you ten grand? Yeah,
like you have and that's this bit. Your eyes wide
(26:51):
open with that you.
Speaker 1 (26:52):
I mean, if you put someone in that position, you
have had a discussion with them about income and the
importance of keeping the income below the cap. That's yelling
at him across the table, Remember, don't earn more.
Speaker 2 (27:07):
Don't earn my money. But at the end of the day,
it's like, that's a conversation I had in March, and
now it's March of the next year, and they're like,
I forgot, and it's just And that's why so many people,
especially self and play lines left the marketplace. Everybody kind
of came back with the COVID relief fill because it
hasn't made sense. A lot of people made sense for it.
(27:28):
But now that it's gone, you will. I mean, they're
talking about exodus of people in the next decade to
be over fifteen million people. This is gonna cut the
legs out from the marketplace plan. And I'm telling you
right now, yours are going to go. If people are leaving,
and most of the healthier people that have higher incomes
are going to leave. The only people that are going
(27:50):
to stay there are gonna be those ones of the
breasiest and conditions, bad risk. Well, you're gonna see I
mean and we thought it was going to implode before
and I think the CO relief helped it. I and
then we always said, hey, it's stabilizing right now, Well
that was five years ago. Yeah, this is going to
massively affect it. So we saw premiums like Arizona thirty
(28:11):
five hundred bucks a month for a husband and wife
in Arizona five six years ago, it went down. I'm
sure it's coming back, and it's going to be here
in Ohio before too long.
Speaker 1 (28:22):
This has been an addition to rethink healthcare together. Very
important information from John Rowman and his team had covered
since he initiate the conversation call no obligation to you
get their sage advice, regardless of which point of life
you find yourself. Medical insurance is really important as his
life and as he's explained each and every week we
talk about this eight hundred five one three rather eight
(28:43):
hundred call five one three eight hundred two two five five,
No obligation to you, just get the conversation rolling or
fill the form out, not be sold to anybody, to
keep your information confidential at cover since he dot com cover,
since you dot com. John's always enjoyable talking with you
keeps youre Brian every such a great week brother,
His Frian Thomas with John Roulman from cover since he
doing the Rethink Healthcare together. The program we do every
Sunday at this time. Normally I'm hosting the fifty five
care Scening Morning Show during the midweek Monday through Friday,
five am to nine am. But I love coming in
and talking with John about medical insurance and that sounds
weird to say, but brilliant. He is options galore, he
has and he is fighting for you, not an insurance company.
(00:24):
Always start out the program talking about that John is
your broker. He has your interest at heart, like a
financial planner, a fiduciary obligation. So you're on the same
side of the table with John. He's got a couple
of hundred different insurance companies on the other side of
the table that he works with, thousands of insurance policies,
whether it be medical insurance. He's got great ideas about
Medicare and keep you out of the pitfalls and traps
(00:45):
associated with Medicare. So my Medicare age folks get out
and reach out to John, get ahead of the game.
But he can put a package of medical insurance together
with private companies in many cases less money, better coverage,
which is really the bottom line. Every time we talk
about this, John, always a pleasure of seeing you. Oh
the number, it's coversinsy dot com as a form of
the website you can fill out no excuse me, no
(01:06):
obligation to you. Let them do the work, let them
figure out where you are, ask you some questions and
come up with a better way to ensure you. But
the number is five one three eight hundred Call five
one three eight hundred two two five five any state
in the Union, John, and this team can help you out.
Speaker 2 (01:22):
John, good to see as always you two, and I'll
Nike a little point here too, because we get this
from time to time. Everything we do is secure on
our website. Your information is only shared with us. Everything
is hipA compliant, So if you do put personal or
medical information there, it is only purviewed by us. It's
not disseminated to anybody else. We are not the sponsored
(01:44):
websites that are out there like that you'll find on
Google and Instagram and social media that if you fill
out information there, be prepared to talk to you about
one hundred different agents.
Speaker 1 (01:53):
You're gonna give it to everybody.
Speaker 2 (01:55):
Yep, you fill it out with us, you will only
talk to us.
Speaker 1 (01:57):
Fair enough, and an excellent point made on that. Now,
last week we were talking about pre existing conditions and
of course walking through the different you know what that means,
whether it's you know, through private insurance or Obamacare or Medicaid.
But we got to the tail end of the conversation.
We were talking about life insurance and the importance of getting
in earlier, and you made a great recommendation. I'll bring
(02:19):
it back up because today we're talking about some young
people that may be in your world. But to buy
as a gift, your child or grandchild the gift of
a life insurance policy while they are young and healthy.
So wonderful idea, because the premium will be locked in
for life. It will be very inexpensive, and they are
well covered. And you said you may be able to
(02:39):
have help build up a nice nest egg for them
as they get older if you buy the right type
life insurance policy. So with that in mind, let's pivot
over to college. Yeah, and college age kids. I some
some my recollection is correct me if I'm wrong, because
you know this.
Speaker 2 (02:53):
Of course, some.
Speaker 1 (02:55):
Colleges require you to buy health insurance. Health insurance, Yeah,
this is really they're trying to push their own policies too,
aren't they.
Speaker 2 (03:03):
Yep, the ones the college offers. Yeah, so we just
I mean, I actually have a lot of clients that
are like down at uc U U see actually uses
a third party that kind of administers it, and they
are extremely difficult to work with. I mean, we we've
we know how to work with them because we've been
doing it for such a long time, but they constantly
change your rules and what they want. They basically want
(03:25):
their all their students that pay whatever it is. I
think it's like sixteen hundred bucks a semester, you know,
for their health insurance plan. But this is just just
so important to realize that because you know, this is
the first time my oldest is going to college. So
you're reading all the documents, you're signing stuff, and you realize, like, hey, wait,
why are they charging me for health insurance? I already
(03:46):
have that, So I'm opt out of that, you know,
and they get to provide your information. Hopefully the information
you're providing matches what they want, so that you can
avoid paying the extra three grand a year for your
kid to go to school to pay for their health insurance.
So a lot of colleges are doing it a lot more.
I see every year popping up across the United States.
Speaker 1 (04:03):
You're automatically unless you opt out.
Speaker 2 (04:05):
Some of them are that way. I met a college
that literally was on there and you got to like
check off that you didn't want it, otherwise they were
just tying it into your package, and that irks me.
I know. I guess when you start seeing the prices
of college nowadays, the actually sixteen hundred bucks whatever, it
doesn't really phase you when you.
Speaker 1 (04:21):
Got it's like the price of three textbooks at back
in the day. I guess they're all probably electronic.
Speaker 2 (04:27):
Anecdote. My son's going to Eastern Kentucky University. They actually
don't charge for textbooks. Their textbooks are one hundred percent free.
Speaker 1 (04:37):
Oh no kidding, Yeah, I was like what I paid thousands?
Speaker 2 (04:42):
Yeah, every semester.
Speaker 1 (04:43):
How do those professors who make you buy their textbook
make any money under that? You know, and I don't
know how it is always like your dollar textbook that
you had to buy. It was all happened to be
authored by the professor of the class. Yeah, it's a
guaranteed revenue stream. That's a nice plug for Eastern Kentucky.
Speaker 2 (04:59):
I mean, they've been in school, that's why he's going
there for so it'll be a future member of the team.
Oh good, But you know, and this is just, you know,
my first one going through. And of course we've helped
so many clients over the years in the situation, but
I didn't directly see what was going on until I
saw his stuff, and I'm like, oh, okay, Well, you know,
this is a really good segment for us talk about
(05:20):
because how many of us are in this situation right now?
And that's a lot, right, there's a lot of us.
Speaker 1 (05:25):
But I imagine your son, you've got your own family coverage.
You're absolutely he's on that until twenty six of these.
Speaker 2 (05:32):
That's a man, Brian, You're just so good at this now.
We've been doing such a long time. You know all
the rules. Yeah, so he's on until twenty six. But
you know, here, here's a big thing that I really
want to kind of point out because coverages are different, right,
so especially like last week we talked about the marketplace plans, right,
so what does it look like if I'm on a
(05:53):
family plan here in the Greater Cincinnati era in a
marketplace and my son is going to school two and
a half hours away. Well, guess what, my plan's not
covering anywhere my son would get treated right in Eastern
Kentucky University. My plan doesn't go that far if I'm
up here, right, So what you know, what's going to happen.
You know, I'm on a plan up here. He's going
down there. I'm in an opening I'm not in an
(06:14):
open rollment situation. I can't change my plan. That college
would literally kick back and go, sorry, your plan's not
good enough because it doesn't cover the doctors and hospitals
in our area. You now need to pay the money.
And I'm already paying for to cover him through my
plan that I'm the marketplacement. Yes, so this is a
huge thing that we're seeing when people are on marketplace
(06:37):
plans and their kids go to my son's two hours away. Yeah.
You know, if I was in a marketplace plan, my capable,
I would have to way at a network. If I
was on a marketplace plan, yeah, which I'm not, Which
I'm not. I'm a big proponent of being able. If
my kid gets sick and I want to go to M.
D Anderson in Houston, I'm going down there. To get
the best cancer treatment. I don't care. It's it's not
(06:59):
a question. I made sure we're We've always been over ensure,
but I've always made sure that it was never a
question where we can get treatment. I didn't want an
insurance company to dictate that. That was very important to
me and a lot of listeners and a lot of yours.
You know, a lot of our clients feel exactly the
same way. We make sure that the coverage meets that
(07:20):
that concern of theirs. But that's a big thing in college, right,
you know, so many kids, you know, you hope they
go to local and can live at home, and but
you know, for my son, it was more of the
experience Brian. I wanted him to kind of get away,
and you know, he was homeschool through high school, and
I was like, you need to get out there and
make some more friends and meet people. And so I
was like, you know, we were kind of giving that opportunity.
(07:40):
He chose the school over two hours a get away
because it's just far enough where he can come home.
But just one of those things, right, yeah, you know,
I don't really want to drive that.
Speaker 1 (07:47):
Far true and far enough away that there's not going
to be that unannounced knocker on the door.
Speaker 2 (07:52):
Hey son came by to visit. Yeah, yeah, yeah, I'm
not going to be a hord dad. Good for you.
But you know, like I said, it's the that's a
really important thing to look at, you know, because this
is going to cost you a lot of money, and
we just really want to make sure that that makes
the most sense for you. And you know, and there's
so many things that can really tie into this, right,
not just the provider networks, but you know, prescription needs.
(08:15):
You know, let's say your child has prescriptions, right and
maybe they're in a completely different state five six hours away.
We have his roommate is from California. Oh, they have
an aviation program now there. He actually flow in from
California to do the the orientation. But you know, if
he's on a cover California that's what they call it
out there, Cover California, which is a network just in California.
(08:38):
So if he has to fly and go here. Let's
say he's on a maintenance medication, right, well, he has
to have a doctor that's local that you have to see,
like like, we'll give you a big one like this
Bay and Age everybody's on ADD or ADHD medication right
controlled substance. He would have to see a doctor every
so many months to prescribe that medication. Well, if I'm
gonna cover California plan here in Kentucky and I need
(08:59):
to get that medication refilled, I can't just go see
a doctor and pay cash because when they write that prescription,
the insurance company won't cover it because it's not approved
by a doctor that's in their network.
Speaker 1 (09:10):
Are you kidding me?
Speaker 2 (09:12):
Nope, that's ridiculous. So's a lot of pitfalls here. It's
why it's so important to have that conversation right now
before you sign on the dotted line that hey, I
got coverage and it bounces back and it's too late
and I can't do anything for your son. And now
you're paying that extra couple thousand dollars two three four
grand a year you know for the school plan. Yeah,
(09:33):
and most of these school plans I've looked at them,
they're not great. They cover you on campus.
Speaker 1 (09:37):
Well, I just going to ask, you know, generally speaking,
are any of these these college plans any good? Because
like the pitfall with the Affordable CARECT plan is the
limited network you're in your neighborhood getting services or you're
not getting services veriod. So it's the same kind of
thing with the college plans.
Speaker 2 (09:52):
Oh yeah, they're usually far worse than most of the
private plans you can get, you know. I mean they're
they're almost like the marketplace plans for like that. Yeah, now,
some of them are good, but I mean I've seen
some that literally don't even cover you off campus. I
can't imagine paying two or three grand. Like, yeah, I
can go to the campus, the little urgent care and
whatever they have right next door, the little hospital, but
(10:13):
I can't go outside of that. It's a lot of
money to spend for. You know, it's kind of like
buying a car and you can only drive it on driveways.
Speaker 1 (10:21):
Well, your son staying on your plan, correct one, because
it's unlimited network, as you just pointed out. Correct Now,
going back to gets to your California situation. If for
whatever reason, that students stayed under that plan and obviously
facing the complications that you just brought up, you can
(10:42):
navigate the complications, but it is complicated and it's a
pain in the butt.
Speaker 2 (10:45):
Yeah, I mean, he'd have to go back home. Eighty
HD medication right. I think it's like you have to
see a doctor every three months, okay to get the
prescription renude, So he would really had to fly back
to California meet that doctor to get the prescription red.
Speaker 1 (10:58):
It's the same, right, But is there a layering option
that someone might consider in that circumstance. Percent you don't
want to spend the three grand for the college plan.
That's a whole separate medical insurance plan with all the
bells and whistles or holes in the bucket, as the
case is likely to be. But how about getting something
else like from you?
Speaker 2 (11:18):
Yes? So number one, the easiest thing to do is
supplement it. Right. So once we do these supplements that
we talked about like last week and multiple weeks here, now,
the supplement plans have provisions in them like doctor visits, right,
and they will give you know, somebody's plans pay up
to like two hundred dollars for a doctor visit, which
is going to cover any doctor in the United States,
(11:38):
but allows you to go to any doctor, any hospital
in the United States.
Speaker 1 (11:41):
So your ADHD problem has been overcome through the supplement.
Through the supplement, no worry about the California plan wherever
the California plan you can add that on too. That's
one big strategy that we do. The second strategy at
this point is, you know, more often than not, we
find out that marketplace plan was never good for the
entire family anyway, Right, and then we move them to
a private plan. Now I can get them the national networks.
(12:04):
Now it's no longer an issue. Another option we can
always look at. And this just pertains for certain individuals.
Some I mean again, remember these kids, they're not kids anymore, right,
they're adults. They're eighteen nineteen, going to college. In most cases,
my son will be nineteen October, so you know, of
course he's still under me. I still claim them pay
(12:24):
for everything, right, but some kids kind of get emancipated, right,
they're not they like, there's no point they're they're working,
they're getting their own they may have a product job. Yes,
they're going to college. Maybe the parents don't have a
lot of money. So at that point you have to
start really making a decision like, well, maybe I move
them outside of me. Maybe we just say I'm no
(12:45):
longer going to claim my child, and I think the
tax credits small anyway, move him and let him become
his own individual and then I can look at his
exact individual situation right, his income or her income right
and see if they qualify for tax credits.
Speaker 2 (13:02):
And then I can write then their own marketplace plan
now where they live, in the state, where they're going
to college, because they're spending a majority of time. So
I've helped a lot of clients actually get almost free
health insurance for their kids that way.
Speaker 1 (13:14):
Well, that's a great outcome on that one. Yeah, shows
a lot of young adults in that situation, especially ones
that are borrowing the money for duition anyway, their parents
you can't afford to help help them with college, and
you know they got the bills.
Speaker 2 (13:28):
I want to hit on that right there. That is listen,
colleges are not cheap. I don't care my son got
a scholarship, but it's still not cheap. So think about
that way now. I mean, we set up the Ohio
College program for him, which is going to pay the
majority of you know what he owes. But most parents
(13:50):
out there and the friends that I've talked to are
the same. But what are they doing. They're co signing loans.
I mean, and listen, guys, this is not cheap. I mean,
you're talking about the price of a like a Mercedes.
You're talking hundreds of thousands of dollars in some cases.
Good luck if he goes to grad school. Right, So
you know I want to hit them this because we
(14:12):
talked about getting life insurance for your kids younger. When
they're younger, I would implore you, you know, make a
good financial decision for your family. If your kids going
off your co signing on loans, you should think about
getting a life insurance policy and your child. I mean,
it's the last thing you ever want to think about.
But the last thing you want to do is this
kid is said, four years of school, something happened. You know,
(14:35):
now you a one hundred thousand dollars on their tuition because
you're on the hook even if they pass away, and
you're gonna pay that bill. And that is a nightmare situation.
And you're talking, I mean, we're writing life insurance policies
for like fifty cents a day, twenty cents a day
that'll cover your loan. Like, don't discredit that at all.
Speaker 1 (14:59):
Yeah, you know, no one wants to think about that.
But you can't lively misstated denial because that kind of
thing does happen every single day though of our lives.
Speaker 2 (15:07):
No, I lost three good friends at college. I mean,
you know, you know, two went off in the military
at that point, pass away pretty quickly. But you know,
I knew the one that went to the military. God,
thank god he was in the military and got his
life insurance because he didn't have any you know, this
was before gofund me and stuff. But you know, I
remember that going going through that situation. It's just like, man,
(15:29):
I mean, you know, I knew his parents would be
had a lot of money because he wasn't the greatest student,
and he was he took loans for everything, you know,
but graduate great grades through the RTC program and stuff
like that. But you know, if he didn't have that
life insurance through the military, you know, they would have
been on the hook for over one hundred thousand dollars
for him. Oh no, So it's like, listen, I know,
it's dreadful. Life insurance is like one of those things
(15:51):
where it's it's not always the fun conversation that I
like to have with clients. It's always great going, Hey,
I'm saving you money your health insurance and you're getting
better coverage, right, But I can't implore you enough. Your
kid's going off the college, pick up a life insurance policy,
and if you're smart, you even get something that they
you can give to your kids. So like I set
up my son on an IUL index universal life policy
(16:11):
when he was younger, and we've been overfunding it, so
he actually has built up cash value for him. And
then once he graduates college, I'm going to turn that
over to him one hundred percent and go, hey, this
is your life insurance policy. You know, it might have
twenty thousand dollars in cash value at that point. And
if you want to keep funding this and you can
use it for retirement or you know, do it for
(16:31):
the next ten years and you know, go find yourself
a house and you might have thirty or forty grand
to put down on a home in your life insurance policy.
Smart move, And we can have those conversations with you
and your child and.
Speaker 1 (16:42):
SUN continue to pay the premium.
Speaker 2 (16:43):
Yeah, yeah, I'll pay for a while. I don't. I'll
pay for a while you're in college. But after that.
Speaker 1 (16:49):
And you hand the ball off, and by the way,
continue paying the premium or I get canceled.
Speaker 2 (16:54):
Yeah. Well, actually because we did an IUL we overfunded account. Oh,
so like they draw down, they can draw down. So
if he actually chooses not to, but I mean, it
would be a good decision for him to do it,
because I mean, at the end of the day, it's
let's be honest, I don't want My wife would probably
say otherwise, but you know, I don't want my kids
at thirty years old having to still live with me,
(17:15):
which is kind of the state the market is right
now because how expensive homes are, you know. But if
you can get your kid into a great situation where
you know, I can help them with a down payment
in the house and we don't have to go through
all the legal mumbo jumbo of how I'm transferring money
and all that type of stuff. He's just pulling out
of life insurance policy and he's got it. It's in
his name. Well, that is a nice thing to do.
You're good dad. I was smart. Didn't when he was
(17:37):
like two. So what do we.
Speaker 1 (17:41):
Take away from this? I guess I'm concerned about the
sort of the edict mandate, the obligations, the automatic you're
opted into a college medical plan unless you choose to
opt out. That's obviously a red flag for folks that
are sending their young people off the college and make
sure they have an idea about that and take stock
in their metal coverage. So the reach out to you,
(18:02):
I guess yeah, I mean, you know, the first thing
you want to really look at too, is you know,
making sure that you file the proper paperwork to see
if the plan that you're that you have currently will
be approved by the college, so they have that third
that that gatekeeper, right, you know that. I'm sorry I
have to comment on that again. How is a college
(18:25):
in a position to approve or disapprove if this is
what you've chosen and you're willing to navigate the challenges
or rate relative to it, like the limited network or
whatever that wasn't that the college has the right to
say no, you're not adequately sure, go ass You see.
Speaker 2 (18:41):
I have no idea how they're doing it. And it's
not like I'm actually dealing with them, I actually deal
I'm actually dealing with another agency. They're they're the ones selling.
Speaker 1 (18:51):
Yeah, they've offshore to a separate agency to force your
child to get on this medical insurance that approves the
insurance decides whether or not you have adequate medicals.
Speaker 2 (18:59):
And if you don't have it, they're the ones selling
it to you.
Speaker 1 (19:03):
I'm sorry, that's a conflict of interest. I will disagree
with you.
Speaker 2 (19:06):
I've been dealing with them for like a six or
seven years then, and you know, every year I got
clients going, hey, I need that, need you follow the
paperwork again.
Speaker 1 (19:15):
But the predicate for them deeming your insurance in attic
what would really be primarily driven by the networks.
Speaker 2 (19:23):
That's really the biggest thing. I mean. Then there's there's
also coverage options too, So if you're not on a
qualified health plan, and a lot of people aren't, you know,
one of the biggest things I know they look for
is like it has to cover mental health, it has
to cover prescriptions, has to cover preventive care and doctor visits,
which again most of the plans I sell do, But
there are a lot of plans out there and today
(19:44):
that aren't op the par and people get into them
thinking they have health insurance right and they go realize like, oh,
it's not enough coverage. So again I do like it
on that end as they make sure that there's our
pieces in your health plan that your your child may need.
You know, I'm a big proponent for mental health. So
most of the plans that we sell have a mental
health component with.
Speaker 1 (20:05):
The telehealth version. Oh my god, twenty four seven there. Yeah, yeah,
I mean, which I mean, I look back at my
college years. I was like, yeah, maybe I probably should have. Yeah,
nobody got mental health treatment back in those No, considering
that there's no you know, sort of look people looking
at their knows that you anymore. A lot of people
(20:25):
getting mental health treatments these days. It's accepted in society
unlike it used to be. So, yeah, college is a tough,
tough time. You think your your your your preteen and
your teen years were difficult. Quite often college be the
biggest challenge of a young person's life. And you know,
kind of going back to the whole thing that we're
(20:45):
looking at, I mean, you'll be surprised at a lot
of times when families call in and say, hey, I'm
running into a situation the college is telling us our
coverage doesn't qualify. The biggest thing is usually because they're
on a marketplace plant out of the area. You know,
if someone's literally in Cleveland and send their kid that
you see and they're on a marketplace plan. You see,
(21:06):
he's gonna kick it out because it doesn't have any
doctors then, right.
Speaker 2 (21:10):
So that's why it's really a kind of a good
conversation with that point because what most people don't realize
even about marketplace plans, and I can't stress this enough,
you do not have to wait to the open enrollment
to get out of that plan. You're not stuck on
that plan for an entire year. I get so many
people that like, stop calling us in January because they go, oh,
(21:31):
I got my marketplace plan for January. First, I don't
really like it, but I have to wait a year.
You can get out of that health plan today. I mean,
there's I can get you a private health plan starting
next month. You can get out of that plan and
start that plan right away. So that's why it's important
today's show is you know, we have enough time to
get that stuff in line so that way when your
(21:55):
kid goes we can shoot show that credible coverage. And
so many people we've actually taken out of their marketplace
plans and other states and going, hey, listen, let's get
out of that. This plan might be a little bit
more because you're getting a big tax credit, but you don't
have to pay three grand for your kid to go
to college and pay for it. So I'm saving a
lot more money.
Speaker 1 (22:12):
Well, in terms of getting out of the plan, that's
marketplace you can get out of it. Emphasize that great
good news. Can you cancel a medical insurance policy. Let's
say there's a listener out there going my kids started
college early, went in for summer classes, and we signed
on the bottom line, and now we're paying the fifteen
hundred dollars a semester.
Speaker 2 (22:31):
I think it's per semester. Okay, but can you think
I think you're stuck for a semester? Just read your documents.
I mean I'm not you know, I'm not up to
date on every college plan. Some of them might might
you be stuck for the year, but I think most
of them are stuck for the semester. So you're absolutely
right on that, Brian. Maybe you're in that situation like, oh,
I just paid for that, so I'm needing to have
(22:52):
that CONE call. But okay, you still got three and
a half years ago, right right right, you know what
I mean, And that's a lot of money.
Speaker 1 (23:00):
I didn't know whether if they cancel and return on
her premium or something like that.
Speaker 2 (23:04):
I think there's usually a deadline that you have to
have or show that by point. So you know, some
schools maybe you'll let you go, Hey, no, no, I
got the coverage. Can we cancel it? They might be
willing to work with you. But at the end of
the day, listen, and you know, if if I was you,
and even if my son was you know, because he's
two and a half hours away, if I was on
a marketplace plan here and I had to go on
(23:25):
the school coverage, I would probably still want him to
have better coverage in the area where he's at, yes,
because I just don't want the school coverage. I mean, yeah,
it's great on campus, but at the end of the day,
it's like I want him to be able to get
better treatment in the area or not have to just
go to the local, you know, clinic. You know, if
that's the only option that he has, you know, I
want him to be able to go whereywhere he wants
and not really make that choice.
Speaker 1 (23:45):
Well, a local marketplace plan under those circumstances is analogous
to the California kid that comes in. I mean, that's
the same kind of scenario You're talking about or at.
Speaker 2 (23:54):
Least had that conversation. Like I like I said here
earlier in the show, is like, you know what if
if you're not really saving that much money on your son,
he's paying his own college souition, just take them off
your taxes and let me go write his own plan. Yeah.
People don't realize that is like, yes, the law changes
so that you can keep your dependence on your health
plan the twenty six, but if it doesn't make sense
and they're eighteen, take them off the off, kick them off.
(24:17):
I've helped so many clients do exactly that. I'll give you.
I'll give you one little ancdote here. One of the
biggest things that we started doing is we have a
lot of income clients that once their kids are eighteen
or nineteen, they stay on these marketplace plans together. And
then what happens is the marketplace looks at household income,
so it's not just you and your spouse, it's how
much do your kids make. So we started finding these
(24:39):
kids making like fifteen eighteen grand a year, like on
side jobs or whatever. They're doing well, and then it
just increases the entire household income, so it decreased their
tax credits. So I basically look at M was like, well,
stop claiming them. Doesn't make sense. They're making their own money.
So we actually just would take the parents and write
them their own plan, and then take each kid and
write their own plan. I mean, most of these kids
are getting free health insurance. And then what we do
(25:02):
this is I'll take a big step for is that's
their major medical plan. So again, most of the kids
are getting free major medical health insurance, right, and then
we go back to the family and write them a
family gap plan that covers all the kids till twenty
six because they don't care about income or tax filing,
and they can stay until twenty six even if the
(25:23):
kid gets married and pregnant, they still keep the get
on that.
Speaker 1 (25:27):
I remember, your tax credits disappear at sixty five thousand dollars.
Speaker 2 (25:31):
Now I think that's the number they're to Picnic year.
It's four hundred percent of the fbl sartre waiting for
the final numbers, but that's where.
Speaker 1 (25:36):
It's going to take to interject that point, because that
was something I mean, we just found that out a
couple of weeks ago on the show, and I'm thinking
to myself, there are so many people out there that
don't realize that that cap has come back.
Speaker 2 (25:45):
I mean, and it's not even that, Brian. So many
people are on the threshold and they look at their
income last year. They go, hey, my income last year,
I'm under by a couple grand. And for whatever reason,
you worked a couple hours of overtime hours. Yeah, and
now you're over.
Speaker 1 (26:01):
I've or or as we just found out, Junior went
out and got himself apart time job and now has
to capture that income in with yours.
Speaker 2 (26:08):
But my son went and did caddying work. He made
like two grand. I gotta claim his income. That's not
But here's the thing. I can't, really I can't. I
can even tell you how many people would call me
Brian right around February March April every year crying, going, John,
what did you sign us up for? I owe the
(26:31):
government ten grand because of that tax credit situation. And
I would always tell like, this is your s threshold,
don't do it, and they go, well, yeah, yeah, I
sold something and made five grand. And I'm like, and
that five grand that you made cost you ten grand? Yeah,
like you have and that's this bit. Your eyes wide
(26:51):
open with that you.
Speaker 1 (26:52):
I mean, if you put someone in that position, you
have had a discussion with them about income and the
importance of keeping the income below the cap. That's yelling
at him across the table, Remember, don't earn more.
Speaker 2 (27:07):
Don't earn my money. But at the end of the day,
it's like, that's a conversation I had in March, and
now it's March of the next year, and they're like,
I forgot, and it's just And that's why so many people,
especially self and play lines left the marketplace. Everybody kind
of came back with the COVID relief fill because it
hasn't made sense. A lot of people made sense for it.
(27:28):
But now that it's gone, you will. I mean, they're
talking about exodus of people in the next decade to
be over fifteen million people. This is gonna cut the
legs out from the marketplace plan. And I'm telling you
right now, yours are going to go. If people are leaving,
and most of the healthier people that have higher incomes
are going to leave. The only people that are going
(27:50):
to stay there are gonna be those ones of the
breasiest and conditions, bad risk. Well, you're gonna see I
mean and we thought it was going to implode before
and I think the CO relief helped it. I and
then we always said, hey, it's stabilizing right now, Well
that was five years ago. Yeah, this is going to
massively affect it. So we saw premiums like Arizona thirty
(28:11):
five hundred bucks a month for a husband and wife
in Arizona five six years ago, it went down. I'm
sure it's coming back, and it's going to be here
in Ohio before too long.
Speaker 1 (28:22):
This has been an addition to rethink healthcare together. Very
important information from John Rowman and his team had covered
since he initiate the conversation call no obligation to you
get their sage advice, regardless of which point of life
you find yourself. Medical insurance is really important as his
life and as he's explained each and every week we
talk about this eight hundred five one three rather eight
(28:43):
hundred call five one three eight hundred two two five five,
No obligation to you, just get the conversation rolling or
fill the form out, not be sold to anybody, to
keep your information confidential at cover since he dot com cover,
since you dot com. John's always enjoyable talking with you
keeps youre Brian every such a great week brother,
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