With everything that is happening, most of us are a paycheck away from being homeless, hope we are all prepared, get yourself an alternate source of income
The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks gold, silver and digital currencies.
You're right! If you are not conversant with the markets, I'd advise you to get some kind of advice or assistance from a financial/investing coach. I diversified my $450K portfolio across various market with the aid of an investment advisor and I've been able to generate a little bit above $1.2m in net profit across high dividend yield stocks, Etf and bonds this red season. For me, its themost ideal way to jump into the market these days
Holy cow… This is amazing. I have Retinitis Pigmentosa and it’s bad enough that I’ve become legally blind recently. I’ve been wracking my brain on how to cover all my bases - health, growing and protecting my business (LLC). I’m waiting for a cure but I know when the day comes, it’s gonna be a big expense probably
Awesome Mark. Very insightful. One thing I did notice is you said you can have two different insurances at the same time. That is mostly incorrect. You are not allowed to be covered by another plan except in a few instances. It is covered in Publication 969 (2021).
So, you mentioned writing off the monthly charge of the health insurance plan you pay for through your LLC or S-Corp, but I didn't see anything about a Sole Proprietorship being able to write off a health insurance plan purchase. Can a Sole Proprietorship still write off a health insurance purchase (HDHP) ? Side note: I've never been a fan of Health Insurance having just high enough of a deductible total that you never manage to reach that amount so that they actually will pay for anything, so effectively, you're just giving them money every month and receiving nothing in return.
Thank you for your support! I would love to meet you! I am having an event in Austin, TX soon. you can buy tickets for my Real Estate Tax Summit here: realestatetaxsummit.com/YRU-vid&Comments&Real+Estate+Tax+Summit+YT There's going to be so much information shared, so invite some friends too!
Sounds like a plan, but those deductibles don't exist. Looks more like 10k deductible and 15k out of pocket for familiy. If you can find a plan like your talking about, I'd sure be interested in it.
After paying for the high deductible plan, not sure if the HSA juice is worth the squeeze. Limited experience is my wife’s job that carries our insurance. Her max per year is like $2700 for hsa which we max and use every year.
Mark, unfortunately this is not available if the deductible is actually higher than the range allowed by the IRS. I'm self-employed and have an ACA/Obamacare plan, which doesn't qualify for an HSA account because the deductible is TOO high. People need to make sure their high deductible plan actually qualifies. 😕🤬
If you're interested in an HSA, you can talk to the attorneys at my firm, they would be able to walk you through our strategies. If you're interested give my assistant Emily a call at (888) 801-0010 ext. 2065 and she can help you get scheduled!
@@derkong7114 That's not the most helpful advice to individuals who may HAVE to pick affordable plans that don't qualify for an HSA account. Also, people can not simply "change plans" at will. This is only done during open enrollment.
Illinois requires an s corp to have another w-2 employee that isn't a >2% owner in order to have a colpany health insurance plan. Is there still a way to capture the business expensed health Insurance, HSA and HRA advantage in Illinois?
Great question! I won't be able to go into great detail through a comment though. The attorneys at my firm, would be able to answer any and all of your questions about HSAs. If you want, reach out to my assistant Emily at (888) 801-0010 ext. 2065 and she will be able to help you!
I just signed up for a ppo. The agent told me open enrollment ended on the 15. But I looked it up. There’s a cut off In January too? I’d like to cancel the ppo and get A hsa. Is it possible?
Can you be covered under two plans and be qualified? I have traditional insurance at day job. So then I should also sign up for another High deductible plan for my House rental business and be qualified?
Thank you Mark. What is the fate of the HSA at the death of the spouse?? Also, I am a US citizen, non-resident. I have national health insurance automatically paid from my salary. Can I qualify for a HSA? Thank you! Alan PS- do you have a rental manager for your Chicago property??
Thanks for watching Alan, I appreciate it so much! Here is the link to an article I wrote on HSAs: markjkohler.com/the-power-of-the-health-savings-account-hsa/ If you read the last paragraph of the article I address this situation. Unfortunately, it is hard to give the best advice without adequate background information, if you want personalized advice...call my assistant Emily at (888) 801-0010 ext. 2065, and she can help get you in a consultation!
The HDHP reqt can be a barrier though because they require v high premiums This is pretty expensive if you’re paying for this very high cost health plan - that is the only way to get into these accounts I can’t add more money right now until I get an employer who can cover these high costs - or I do At $300 plus monthly it’s not economical for me right now
I'm getting ready to retire and I'm already on Medicare can I use my Dental insurance, Medicare & deduct my vitamins I don't take any medications only vitamins.
Hi Mark, I'd like to get my HSA set-up. Do you have a list of HDHPs that have really low premiums? I've been looking and the premiums are pretty high, $500+. I'm sure I'm looking in the wrong places. Any suggestions? Thanks,
Hi Mark, love this HSA topic great info.👍 I have a question, if I switch my health Ins to HD next month or so, could I still contribute the full amount allowed ? If not, how do I calculate the pro rated amount? Btw, I’m over 55 and could put extra $1000? Hope could get your answer soon thanks a million ! 🙏🙏🤟👍
I'm glad you're enjoying my videos! If you're interested, we could get you in a consultation to go over numbers and different strategies. Call my assistant Emily at (888) 801-0010 ext. 2065 and she will help you!
If I am 60 and my wife is 66 so she is already on Medicare. Can I still go by the 7300$ amt as I'm married but she is no longer eligible to get it herself. Thanks Pete and Lynn in WI
So, if I carry my children that are under 26 (one barely) on my insurance plan, and my employer adds an extra $500 per year into my HSA because of their coverage, I cannot use that money to pay their medical expenses?
The HSA strategy isn't for everyone, to see if it would be worthwhile would depend on your background and situation. Unfortunately, I can't give you the best advice without knowing everything. I wrote a blog article pretty recently on HSAs that might help answer your question: markjkohler.com/the-power-of-the-health-savings-account-hsa/ If you still need some help, please call my assistant Emily at (888) 801-0010 ext. 2065 and she will take care of you!
Hey, thanks for the amazing question! There are certain rules that have to be followed, but you can use it for dental and vision. It would be hard to go into great detail in a short comment, so if you want some personalized advice, I would recommend calling my assistant Emily at (888) 801-0010 ext. 2065. She can get you set up in a consultation!
Hey Troy! We would need to brainstorm some strategies and investments that could work for you. If you're interested, my assistant Emily can work with you, to set you up in a consultation with one of my attorneys, her number is (888) 801-0010 ext. 2065
Hey Sophia, thanks for your question! If you want to go over different HSA strategies that will apply to you, call my firm, and get set up in a 30-minute consultation with one of my attorneys. They will be able to work one-on-one with you! The number is (888) 801-0010.
Hey Leonard, I am so sorry for the inconvenience, I will keep that in mind, and try to do better. Thank you so much for bringing this to my attention, I appreciate your support!!
Because HSA is high deductible, your employer may give you free money to help pay for your deductible. HSA is wonderful. Take advantage of this program.
I have done that (though we were not legally married but had a child together). So the child and I were a family, and he had his own separate plan....... but hey, with 83K more IRS agents, check with you CPA before they use deadly force. ;)
