WEBVTT 00:00:00.990 --> 00:00:03.060 - So there are three ways that you might be able 00:00:03.060 --> 00:00:04.470 to get yourself health insurance. 00:00:04.470 --> 00:00:06.480 The first way is that you just get it directly, 00:00:06.480 --> 00:00:08.333 and that would be an individual plan. 00:00:08.333 --> 00:00:11.520 You pay the premium, you get the insurance. 00:00:11.520 --> 00:00:14.610 The second way is many employers will provide insurance. 00:00:14.610 --> 00:00:16.830 They will pay all of the premium, 00:00:16.830 --> 00:00:18.390 or a large chunk of the premium, 00:00:18.390 --> 00:00:20.850 in certain cases, they might even pay a large chunk, 00:00:20.850 --> 00:00:23.160 or the full premium for family members, 00:00:23.160 --> 00:00:25.200 and then the third way is the government. 00:00:25.200 --> 00:00:26.910 You have programs like Medicare 00:00:26.910 --> 00:00:28.440 for primarily senior citizens, 00:00:28.440 --> 00:00:30.990 some other cases where other folks might qualify as well. 00:00:30.990 --> 00:00:33.630 You have Medicaid for low income folks. 00:00:33.630 --> 00:00:37.410 You have also government programs for say, veterans. 00:00:37.410 --> 00:00:39.630 Now, as I just alluded to, 00:00:39.630 --> 00:00:40.830 probably the biggest difference 00:00:40.830 --> 00:00:43.050 is who actually makes the payment. 00:00:43.050 --> 00:00:44.040 The government programs, 00:00:44.040 --> 00:00:47.010 it's the government who's making the premium payment. 00:00:47.010 --> 00:00:49.380 In the employer case, it's the employer, 00:00:49.380 --> 00:00:53.070 and they're doing that with pre-tax money, which matters. 00:00:53.070 --> 00:00:54.810 They're giving this to you as a benefit 00:00:54.810 --> 00:00:56.850 and you do not pay taxes 00:00:56.850 --> 00:01:00.150 on the money that they are paying for your insurance. 00:01:00.150 --> 00:01:03.098 Well, with an individual plan, you pay that out of pocket. 00:01:03.098 --> 00:01:05.430 You pay that yourself. 00:01:05.430 --> 00:01:08.640 Now, if you meet certain income guidelines, 00:01:08.640 --> 00:01:10.800 and if you pay enough of a premium 00:01:10.800 --> 00:01:12.330 above a certain percentage of your income, 00:01:12.330 --> 00:01:14.610 some of that might be tax-deductible, 00:01:14.610 --> 00:01:17.310 but it is not fully tax-deductible 00:01:17.310 --> 00:01:19.830 the same way that when your employer pays for it, 00:01:19.830 --> 00:01:21.150 you don't have to pay any taxes 00:01:21.150 --> 00:01:25.530 on that premium that they're providing you at all. 00:01:25.530 --> 00:01:27.630 Now, on the individual side, 00:01:27.630 --> 00:01:31.140 because you are essentially deciding what type 00:01:31.140 --> 00:01:32.490 of insurance you want, 00:01:32.490 --> 00:01:35.160 it would give you the maximum choice. 00:01:35.160 --> 00:01:37.380 Now, in certain cases, that choice is limited, 00:01:37.380 --> 00:01:39.210 because when you're getting an individual plan, 00:01:39.210 --> 00:01:41.040 they're deciding what the premium is or 00:01:41.040 --> 00:01:46.040 whether to even insure you based on your situation, 00:01:46.290 --> 00:01:48.090 whether you have pre-existing conditions, 00:01:48.090 --> 00:01:50.730 your risk factor, et cetera, 00:01:50.730 --> 00:01:54.330 while with a government or with an employer plan, 00:01:54.330 --> 00:01:56.520 they're not looking at your individual circumstances. 00:01:56.520 --> 00:01:58.650 With an employer, the insurance company will say, okay, 00:01:58.650 --> 00:02:01.080 what's the average risk of all of the employees? 00:02:01.080 --> 00:02:02.880 And if you're a higher risk employee, 00:02:02.880 --> 00:02:04.770 the employer's going to pay the same premium 00:02:04.770 --> 00:02:06.780 for you as they're paying for everyone else, 00:02:06.780 --> 00:02:08.970 and so you get that same coverage. 00:02:08.970 --> 00:02:11.520 One potential negative of an employer plan is 00:02:11.520 --> 00:02:13.860 that it might be a little bit more limited in terms 00:02:13.860 --> 00:02:14.940 of the coverage options, 00:02:14.940 --> 00:02:17.340 but that's not always the case. 00:02:17.340 --> 00:02:20.190 Finally, government, you are going to have 00:02:20.190 --> 00:02:23.460 probably more limits on what type 00:02:23.460 --> 00:02:26.070 of healthcare you might get, but once again, 00:02:26.070 --> 00:02:29.070 they are fully paying the premium there. 00:02:29.070 --> 00:02:31.260 Last but not least, we could talk about deductibles. 00:02:31.260 --> 00:02:33.420 Generally speaking, the government plans 00:02:33.420 --> 00:02:34.920 are going to have the lowest deductibles. 00:02:34.920 --> 00:02:37.500 In some cases, they will have no deductibles. 00:02:37.500 --> 00:02:40.050 In the case of an employer-sponsored plan 00:02:40.050 --> 00:02:41.190 or an individual plan, 00:02:41.190 --> 00:02:44.910 it really depends on which plan you actually get. 00:02:44.910 --> 00:02:46.920 So for a lot of folks, 00:02:46.920 --> 00:02:51.270 if you're not retired, if you're not low income, 00:02:51.270 --> 00:02:54.690 employer-sponsored plans are probably where you wanna go, 00:02:54.690 --> 00:02:57.540 but if your employer doesn't offer those plans 00:02:57.540 --> 00:02:59.010 or you're self-employed 00:02:59.010 --> 00:03:00.390 and you need get that insurance yourself, 00:03:00.390 --> 00:03:03.190 then of course, individual plans is what you need to do.