Author: Staff Writer

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Financial Tax Services

Want To Buy Stocks? How It Affects Taxes

investing in stock market and affect taxes

Stocks are hot these days and in some respects, the market is doing better than it’s ever done. Additionally, investing is easier than ever with the explosion of retail trading apps. But many people are hesitant to begin investing until they know how it’s going to impact their taxes. Here are the tax basics of investing in stocks.

Realized And Unrealized

If you open a standard brokerage account with any of the popular companies, you then deposit money and invest that money. You typically invest in a number of different stocks or funds, often referred to as “diversification”.  A few months go by, and all of your investments are up a bit.

You now have “unrealized” gains. Once you sell those investments or any part of them that has appreciated, you then have “realized” your gains. This is the same for losses. If your investments are down and you then sell them to stop your losses, you have turned your “paper” losses into “realized” capital losses.

Capital Gains

Once you invest through your brokerage of choice, and you have invested in a number of stocks. One of your stocks shoots to the moon, and you suddenly find yourself selling those stocks for a healthy sum. You now have realized your capital gains, and you will now have to eventually pay taxes on them. They’ll be listed on your upcoming 1099-B form that your brokerage will provide at the end of the tax season.

There is more, and it might be good news, it might be bad news, depending on your particular investments and gains. You’ve now got capital gains, and you need to pay taxes, but the tax rate is going to depend on how long you held that investment.

Investments that are sold less than a year after purchase are classified as short-term capital gains. These can be taxed up to 35%. However, if you keep your investments for a minimum of a year before selling, you can cut that down to 15% or less.

Capital Losses

It happened. Your investment tanked, and you lost big time. If you are still on paper, your losses are unrealized, but if you sold to stop the bleeding, then you can leverage those realized capital losses. Your capital losses can be claimed against your capital gains, to offset them and pay a lower tax rate. Additionally, if your losses cancel out your gains, you can claim up to $3k in additional losses against your income.

Dividends And Interest

Not only will you be taxed on capital gains, but you will also be taxed on dividends. These are periodic payments made to shareholders of certain stocks by the company they are invested in. You are taxed on dividends even if you do not sell any investments. The interest you can be taxed on is interest from bonds and will vary depending on the type of bond and interest that has been earned.

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Financial Savings

5 Financial Professionals and How They Can Help

financial professionals

1.   Financial Planner

A financial planner will help you create a roadmap for reaching your long-term goals. They often work with you to first discover what your goals are. Once you have figured out what your overall goals are, they will help develop the plan of action that will get you there.

Financial planners are also adept at things like retirement plan diversification, and even financial planning for a growing family. But not all of them run their business, or their billing, the same. You will want a fee-only fiduciary, meaning they are paid by you directly. Bonus if they are trained as a CFP or PFS.

2.   Financial Coach

A financial coach is a must if you struggle with keeping to a budget. They are also great if you need some help decoding some of the short-term financial options available to you. Financial coaching is still somewhat new and was created as a way to fill the short-term market where financial planners often do not operate.

3.   Tax Accountant

This is the person who will help you file your taxes, and depending on their skill set they may also help you build tax-saving behaviors that can benefit you for years to come. These are the people that help you figure out all of your deductions so that you can reduce your taxable income as much as possible.

Popular tax credentialing includes EAs, or Enrolled Agents, and CPAs, or Certified Public Accountants. EAs are licensed by the IRS after taking a test made up of 3 parts. CPAs are professionals that have been licensed by the state they operate in, after taking a 4 part test.

Tax accountants can be an important part of your overall financial health. They will help you be more mindful of how your income and other finances affect your taxes and any subsequent refund. This can put you in a better and better position each year.

4.   Credit Counselor

One of the most valuable financial professionals is credit counselors. They can help you if you are dealing with high-interest debt or debt management struggles. Many times you will find that your credit counselor will be a non-profit and will have the specific training needed to help you get the most out of your credit. They can often help with building credit, as well as fixing bad credit.

5.   Investment Advisor

Managing investments can be difficult with all the other things on our plate. An investment advisor will help you understand the process of investing, and will be able to give advice on various investment strategies. This will include things like stocks, bonds, mutual funds, and even cryptocurrency and NFTs.

Before you get to the stage of hiring an investment advisor, you will need to make sure the rest of your financial plan is in order. Investment advisors will often not provide any guidance on anything directly related to your long term financial goals, such as children, home buying, or retirement financials.

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Credit Debt Financial

6 Tactics for Handling Piles of Credit Card Debt

credit card debt

If you have a significant amount of credit card debt, you are not alone. You want to figure out how to improve your situation, or you wouldn’t be here. That is the best first step to climbing out of a deep hole of credit card debt, you have to want it.

Once you want it, and you are ready to work for it and fight for it, then you need a strategy. We’ve pulled together a robust list of the 6 most effective things you can do to put a dent in your credit card debt.

1.   Buddy Up

This is something that most people do not think about. They underestimate the power of having someone for support while facing their debt problem. This can be anyone from a variety of roles in your life. Some people prefer a financial advisor, while other people are more trusting with a friend or family member. Another benefit to not going solo is it helps boost your accountability as well as your chances of reaching each goal you set.

2.   Hide The Credit Card

Stop using your credit card or cards for financial emergencies, that is likely a contributing factor to how you got into debt. Instead, build a savings reserve that you would use for emergency dental or vehicle work. This way you can catch up on your debt, and lower your credit utilization as well, which makes your credit score look better. For an emergency fund, make an initial goal of one month worth of expenses, and work your way up to a 6-month cushion.

3.   Pay High-Interest Debts First

This is another one that people overlook. After you get smaller debts out of the way, focus on your highest interest rate, and pay that down as fast as possible. Pay a much over the minimum as you can, while still staying current on your other obligations. This can save you thousands in interest alone on higher limit accounts and will reduce the time it takes you to pay it off.

4.   Ask Your Lender For A Lower APR

This is another tactic that few people think to utilize, or realize is even possible. Simply call your lenders and ask them if they can reduce your APR. Not only will this save you money every month, but it will allow you to pay debts down quicker since you won’t need to make nearly as many payments over the life of the debt.

5.   Budget Firmly

This is always one of the obvious ones, so we put it at the end, but it’s still so important that we couldn’t omit it. Budget and stick to it as much as you can. This goes for not only your spending but your debt repayment. Once you know your current bills are accounted for, figure out how much you can then use to pay off credit card debt. Your budget will be another tool of accountability, only you answer to yourself.

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Financial Savings

How Big Should Your Emergency Fund Be?

emergency fund

These days, things can seem a bit more uncertain than we’re used to. Pandemic shutdowns, market volatility, and more are causing millions of Americans to rethink their saving plans. People across the US are starting to save up an emergency fund, just in case. An emergency fund can save the day if you have one when you need it.

At most estimates, the average American should plan to have between 3 and 6 full months of living expenses at the minimum. Depending on your means and the circumstances, you may even want to sock away an entire year’s worth of money. Living expenses in our case means, all of your bills, mortgage or rent, food, discretionary spending, everything.

If this sounds like a lot of money, you’re absolutely right! That doesn’t make it impossible, but it does make it challenging. You may not need that much based on your particular situation, but we are going to help you figure it out.

The 3 To 6 Month Rule Of Thumb

Most experts say that keeping 3 to 6 months of living expenses based on your current pay is enough of an emergency fund. You might be able to get away with less than 6 months of expenses if:

  • You have minimal debt
  • Your cost of living is relatively low
  • Your rent does not fluctuate much, if at all
  • You have reliable transportation
  • Your job is stable
  • You have no kids or pets
  • You enjoy generally good health

While not all of these would have to be true, you can see how they give you an idea of the fluctuations and potential “surprise” expenses that may happen in some cases. This is often considered the best-case scenario for an emergency fund.

You may want to consider saving much closer to 6 months of expenses if:

  • You have some relatively low-interest debt
  • It would be difficult to replace your current job
  • You own a home
  • Live in a high cost of living area
  • You have children
  • You have any medical issues
  • Have dangerous or high-risk activities
  • Have no financial support outside yourself

6 To 12 Months Of Expenses

There are scenarios when you may want to have a much larger financial cushion. This is not just in case something happens to you or your source of income, but also to augment your potential retirement if you are not already retired. Consider saving up to a year’s worth of expenses if:

  • You provide solely for multiple dependents
  • You are approaching or at retirement age
  • Your job is highly specialized, a niche position, or may need you to relocate at some point
  • You are a high-income earner

Once you have decided how much you should save, be sure to set that goal and stick to it. Break it into milestones of one month worth of expenses each, this helps you reach smaller goals on the way to your eventual goal of an emergency fund.

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Health & Home Home Improvement

Home Trends Experts Say Will Dominate 2021

home trends of 2021

As we make our way further into 2021, we are starting to see shifts in design trends. What was once considered a popular home style is being replaced with several new looks. If the start of the new year has left you feeling inspired to start fresh, why not tackle some of these house projects? Leading design experts expect many home improvement projects centered around these seven trends.

Cozy Textures

It’s no surprise that so much time in our homes has caused many of us to reconsider our past style choices. Though sleek and chic designs are beautiful, they aren’t always the most comfortable. If you’re going to be spending a lot of time in your home, you want it to be cozy.

We expect to see a lot more integration of ultra-cozy pieces. Some of the most popular trends you can expect are faux furs, Sherpas, and chunky-knit blankets. Adding layers of various textures can create the cozy feel that so many of us need in the midst of a pandemic.   

Dark and Moody Colors

Since we are seeing so many people tackle house projects during this time, it’s not a surprise that some experimentation is happening. Though dark and moody colors are a bold choice, there’s no better time to try something new!

If you aren’t feeling brave enough to paint your whole office in one dark color, there are many ways to balance it. You can consider adding a single dark wall or playing with color in a room with a lot of natural light. Designers say that dark paint can make a big impact, so it is often a risk with a huge payoff.

Multifunctional Spaces and Furniture

Many children are still learning from home, and many of us adults are still working from home. It doesn’t look like any of this will be changing immediately, so it makes sense that a lot of homeowners are looking for multifunctional spaces. These kinds of pieces can include desks that double as chairs and vice versa, bedrooms that double as home offices, and more.  

Even outside of a pandemic, transitional designs give you more flexibility. More homeowners are looking at this home trend as an opportunity to pick pieces that are as beautiful as they are functional. That means that they still add something to the room even when they aren’t being used.

Neutral Colors

For those who still aren’t sold on the moody tones, have no fear! Neutral is still sticking around this year. Specifically, we’re seeing a lot of warm undertones in our neutral colors.

This home style is perfect for people who are going for a more relaxing setting. With all that is going on in the world, it is more important than ever that our homes feel like an escape. Best of all, it is easy to add bold accents to neutral designs when you’re finally feeling ready to embrace some color.

Mixed Metals

Gold and brass have already started to make their way back into home improvement projects. Whether the accents are through fixtures, knobs, lamps, or other accents, the home trend has continued to grow.

Not everyone is ready to ditch every silver finish in their home, so we are seeing a trend of mixed metals. If you’re feeling even more adventurous, now is the time to try adding some copper to the mix as well!

Natural Materials

Along with neutrals, natural materials have been a popular home trend for a few years, but experts say it isn’t going anywhere anytime soon. The change is in the way the materials are used. Caning and wicker are used in new ways with lighting, window treatments, and more.

We can also expect to see more wood used around the home. Many people are adding their own modern twist to wood molding to add visual interest to their walls. In fact, this home improvement project is easy to DIY, but it makes a huge impact in elevating a space.

Get Started on Your 2021 Home Improvement Project

These home trends aren’t only the start of what should be an exciting year in interior design. We hope that this list has left you feeling inspired to experiment with your own house while spending some much time inside. You can also consider taking this time to increase your home’s resale value with these home improvement projects!

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Dating Health & Home

10 Things To Do For a Healthy Relationship

healthy relationship

Healthy relationships are those where both partners work to keep the spark alive. When you know you’ve found your soulmate, you cannot expect the spark to be alive and the relationship to sustain itself without your contribution.

It is the simplest things you do to touch each other’s hearts that keep your relationship healthy, your bond strong, and your spark alive. This week, here are ten things you can do to strengthen your relationship.

1. Take Him/her Down Memory Lane

Do you remember how his/her heart fluttered when you first dated, with the long conversations, sizzling chemistry, an uncontrollable desire to be with each other always? If you remember one that thing that made your partner feel all this when you first met, do that thing this week.

Whether it was dressing up for them, planning a candlelight dinner for two, or a stroll under the stars, whatever it was, do it this week.

2. Plan ‘US’ Time

Have kids and life’s responsibilities keep you both too busy to spend time with each other. You’ll feel too tired to make a concerted effort to spend an evening all by yourselves. Arrange a nanny, clear your schedules and go for a long, romantic drive, or just plan a date at home. Rekindle that spark.

3. Just Talk

Have you stopped communicating as you once used to? Then make time this week just to talk and talk your heart away. Schedule a time for both, be there, and listen. Ask questions as your partner unloads and share all you have bottled up inside too.

4. Read With Your Partner

Do something meaningful together, such as reading. Enjoying the simple pleasures of life together builds a stronger bond and creates a healthy relationship. Imagine how much you both will have to share with each other after your reading session.

5. Plan a Treat for Your Hardworking Partner

Has your partner been working too hard lately without a break? Plan a treat to relax them this week. It could be a spa booking, a lavish dinner, or just a soak in the tub. Facilitate them to show you care about them.

6. Check-in With Your Partner

Has it been too long since you checked in with your partner regarding the different aspects of your relationships and lives? Try to catch up after work or when the kids are busy to discuss topics like housework, workload, financial management, future plans, etc.

7. Order a Bouquet and a Card

Sometimes, we fail to appreciate others for all the input they’re putting into the relationship. This week, make it a point to gift your partner a bouquet with a card to thank them for all that they do for you and the house.

8. Help with a House Chore

It’s not fair for one partner to handle all the home chores even if they’re not working in an office. It feels great to do simple home chores together because it shows you care for each other’s burdens.

9. Redefine Intimacy

If you have let all the pressures, stress, and responsibility of life decrease your intimacy, it is time to five that. No matter how busy your schedules may be, make time to discuss with your partner how you two can redefine your intimacy.

10. Shift Focus

Have your differences drive you two apart or distant lately? Address that issue this week. Discuss how you two can accept and acknowledge each other’s differences and work your way around them.

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Dating Health & Home

Keep the Romance Alive in Your Relationship

keep the spark alive in your relationship

Nothing compares to the thrill, the excitement, the butterflies-in-the-tummy feeling of a new romance. Everything turns into moonlight and roses in your world when you have only begun dating your soulmate. But what happens once the newness of the relationship wears off and your spark begins to dim?

You make weekend plans-grand ones. You plan surprises for one another to rekindle the fires of passion and the thrill of romance. And here’s how you can do that:

1. Plan a Surprise

A surprise date? But you’ve already heard that idea so many times before. So what? It doesn’t lessen the thrill and excitement of coming home from work on a Friday night to a candlelit room and dozens of rose petals lining the way to a cozy romantic set up for two.

2. Make Reservations at His/ Her Favorite Restaurant

Who can ever not feel delighted at such an unexpected treat? If he/she is fond of steaks, lobsters, or pasta, treat them to their favorite restaurant this weekend.

3. Plan a Romantic Picnic

Nothing rekindles passion and romance more than a picnic in the woods or at the beach, or somewhere in the mountains. Some mouthwatering al fresco food and chilled beverages would complete the fun.

4. Explore Your Hometown

When was the last time you both turned tourists? Remember the fun of hopping through colorful streets, trying a dozen delicious street foods, and just sightseeing? Plan them this week with some hometown exploration.

5. Give them a Spa Treatment at Home

Trust us, lathering your beloved in essential oils, perfumed massage creams with candlelight rose petals, and soft music will turn up the heat.

6. A Dance Class For a Little Romance

Is there a weekend dance class for couples coming up? Book yourself and your partner for it. Some rock n roll, Zumba, or even Waltzing can sizzle up the chemistry.

7. Plan a Movie Night in Your Backyard

Do you have a cute little yard in your home? Well, turn it into a romantic, open-air theatre for two this weekend. Spend the night watching romantic movies under the star and live some magic of your own.

8. Organize a Romantic Treasure Hunt

Leave a trail of romantic, naughty love notes for your partner. Lead them to a surprise (you all decked up) as the treasure hunt surprise. You can let the mood decide the rest.

9. Dance the Night Away

No, you don’t need to head to a crowded club for that. Set your sound system up, dim the lights, and put your favorite songs on a roll. Then take him/her in your arms and dance the weekend away.

10. Cook them a Grand Breakfast

Why not surprise your partner with his/her favorite breakfast? Sacrifice your sleep on Saturday morning and whip up a batch of their favorite breakfast muffins. Present it in bed with a bouquet of roses to sweeten the treat even more.

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Financial Insurance

5 Steps to Lower Your Car Insurance Rates

car insurance lower the rate

The cost of owning a vehicle quickly adds up between fuel, maintenance, and insurance. Any little bit of money you can save makes a difference. While you might feel like you don’t have any say in your car insurance rates, there are things you can do to reduce the price.

The most obvious way to lower your premium is by being a safe driver. People with good driving records automatically get lower rates, but even if you have a few blemishes on your record, there are steps you can take to reduce your car insurance rate.

1. Check Insurance Rates Before You Purchase a Car

If you are just at the beginning stages of buying a car and getting insurance, do your research in advance. Not all vehicles are considered “insurance friendly.” Car insurance providers determine premiums based on a car’s repair cost, safety record, value, and the likelihood of theft. For example, a sports car is more likely to be crashed, stolen, and expensive to repair. As a result, insurance companies charge you more money because there is more liability.

On the other hand, some vehicles can get you much lower insurance rates based on safety features. Some auto manufacturers build their cars to withstand crashes better than others. They may also include special features, such as:

  • Brake Assist
  • Collision Warning
  • Lane-Departure Warning
  • Blind-Spot Warning
  • Pedestrian Detection
  • And More!

2. Request a Higher Deductible

Whether you’re dealing with health, home, or auto insurance, your deductible always has a significant impact on your premium. You can lower your premium by increasing your deductible, but you need to find the perfect balance. While you could make your payment more affordable by dramatically increasing your deductible, you shouldn’t increase the deductible beyond what you can afford to pay in the event of an accident. 

3. Decrease Coverage on Older Cars

Older cars often aren’t worth the premium you are paying if you have too much coverage. In these cases, it would make more sense to reduce your insurance amount. For example, you could drop collision and comprehensive coverage if it would be more cost-effective for you to pay for the repairs out of pocket.

If you aren’t sure of your car’s value, we recommend that you ask a bank or auto dealer. You can also use a site like Kelly Blue Book to determine your car’s current value. With that information, you can change your coverage when it is time to renew your car insurance policy.

4. Seek out Auto Insurance Discounts

Did you know that many car insurance providers offer a variety of discounts? If not, you could be missing out on valuable savings. We recommend that you talk to your insurance company to see if you qualify for a low-mileage discount. This discount would be for anyone who carpools to work or works from home.

Other companies offer deals to good students or good drivers with clean records. You could even take a defensive driving course to lower your rate. Other discounts you may be eligible for include:

  • Multi-Car Discount
  • No Accidents in Three Years
  • Good Credit Record
  • Customer Loyalty
  • Combined Auto and Home Insurance
  • Anti-Theft Devices

5. Shop Around with Different Providers

Lastly, if you still aren’t satisfied with your rates, you should consider shopping for a policy with another company. We suggest that you get a car insurance quote from at least three providers before you settle on one plan. Different companies and agents may be able to offer you different rates.

If you want to take the leg work out of insurance shopping, you can utilize several online price comparison tools. Your state insurance department may also be able to help point you in the right direction.

Take the First Step Towards Lower Rates

We suggest that you work your way through the steps if you would like to find cheap car insurance. However, you shouldn’t rely on price alone. We suggest that you find a company with a reputation for excellent service because there is value in that as well. The lowest rates might not always mean the best coverage. It is up to you to find the best rate for your needs and budget.

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Financial Tax Services

10 Mistakes to Avoid When Filing Your Taxes

10 mistakes to avoid when filing your taxes

With that awful April deadline looming, many people are getting a jump on preparing for their filings. If you are one of the millions of Americans that are filing early to get it done and over with, you might wonder what some common reason for delays or rejections are. Here’s a list of ten of the most common mistakes people make in their tax rush.

1. You Mess Up The Easy Stuff

Things like names and social security numbers need to be checked and rechecked for accuracy. Make sure the filing status is right, particularly if you’re single and qualify for head of household. These are all common reasons for rejections.

2. Entering Items On The Wrong Line

Make sure that if you’re filling out paper copies or Fillable Forms that you’re entering information in the right fields. Be sure your “rollover” or “contributions” on a line meant for “distributions” for example. Most tax software error checks this, but if you are preparing your own taxes, double-check.

3. Not Entering Info As It’s Been Reported To You

All taxable wages, dividends, and interest that you’ve earned and received a W2, 1099, or similar form for, needs to be reported. Enter the numbers carefully, and if you spot a mistake, you should report it to the issuer for a correction.

4. Taking The Standard Deduction Without Thinking

Many people take the standard deduction because it’s easier. However, in some situations, these people may be missing out on possible deductions by itemizing.

5. Missing Write-Offs

If you do itemize, be sure you are claiming all of the deductions that you are eligible for. Keep track of all your expenses and receipts, so that nothing is forgotten or missed. Don’t cost yourself money.

6. Skipping The State Healthcare Mandate

If your state has an individual healthcare mandate, do not skip it. The federal requirement has been eliminated, but a handful of states still require it.

7. Botching Negative Numbers

Do not use a minus sign for negative numbers. To list an amount as negative, use brackets. This is a common source of errors for Fillable Forms, but reputable tax filing software will automatically format the numbers correctly.

8. Not Paying Your Amount Due Correctly

If you owe, make sure you get credit for your payments. Include your 1040-V with your payment, whether e-filing or filing my mail. Payments can be made via federal free payment sites. The IRS also has a shortlist of authorized payment providers.

9. Forgetting To Tell The IRS How To Pay You

This one is important. If the IRS owes you money, make sure you take the initiative to list your payment preference. If you do not list your preferred payment method, they will automatically send a paper check, and who needs those delays, right?

10. Check For Typos

This is both spelling typos, as well as accuracy. Always take a few minutes to review your entire return, so that any potential mistakes are caught before they cost you time & money.

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Financial Insurance

Health Insurance: The 101 Guide

health insurance guide

Health insurance is a necessary product that provides you with coverage when faced with medical expenses. No matter your age or current health status, you need to have a health insurance plan in case you get sick or injured.

However, it can be difficult to find the best health insurance when you don’t understand it. There are so many complicated terms and coverage options, but you can learn more and make an informed decision with this health insurance guide.

Types of Health Insurance

Health insurance is broken into two main categories: public and private. Public insurance includes Medicaid, Medicare, and CHIP. The majority of people have private health insurance. An employee typically provides it, or you can purchase it through a marketplace.

Private health insurance can then be broken up even further:

  • On-Exchange: Private policies sold through government exchanges must cover the ten essential benefits and any other features required by your state. The insurer must offer plans at every metal tier. If you purchase one of these policies, you are eligible for tax credits and cost-sharing reductions.
  • Off-Exchange: You can you buy a plan directly from a health insurance provider, privately-run market, or third-party broker. No matter where you get it, the plans are still required to offer the ten essential benefits. Unfortunately, you cannot get any subsidies, but they can often provide more options at lower prices.
  • Employer-Provided: When your employer purchases and manages your insurance, it is part of a group plan. Again, it must follow the rules and offer the ten essential benefits, but you can usually get these plans at lower prices because of the group discount. With employer-provided plans, you don’t have the burden of searching the market for your own insurance.

Types of Private Insurance Plans

Aside from where you get your private insurance, you also need to consider the type of policy that best fits your needs.

Health Maintenance Organization (HMO)

HMO insurance plans restrict you to a selected network of providers, and you don’t get any coverage outside of your network. All of your care and referrals must be coordinated by an in-network primary care physician. Some people find them to be too restrictive, but they offer lower premiums based on deals they have with their network of healthcare professionals.

Preferred Provider Organization (PPO)

If you need more flexibility with your insurance, a PPO lets you choose between in-network or out-of-network providers. Costs will be lower for in-network care, though. You also have the option of seeing specialists without a referral. The flexibility comes at a price, so you can expect higher premiums with this plan.

Exclusive Provider Organization (EPO)

For a mix of the PPO and HMO, get an EPO. These plans still allow you to see a specialist without a referral, but you can’t seek care from out-of-network providers. Because of this, EPO premiums tend to fall in between HMOs and PPOs.

Point of Service (POS)

A POS plan is also a mix between PPO and HMO. You have a primary care provider coordinating your care, but you also have access to out-of-network options! With this plan, in-network care is more affordable, but you need a referral for in-network specialists.

Metal Tiers from Which You Can Choose

As we mentioned with the on-exchange insurance, you have plans at every metal tier, but what is a metal tier? They are simply categories based on how much you pay versus how much your insurer pays:

  • Platinum: 10% consumer & 90% insurance company
  • Gold: 20% consumer & 80% insurance company
  • Silver: 30% consumer & 70% insurance company
  • Bronze: 40% consumer & 60% insurance company

It’s important to note that these numbers don’t show the exact amount of your portion. It is just designed to give you an overall idea of how much you can expect to pay on your medical costs.

Factors that Determine Your Health Insurance Costs

Lastly, you need to know about the other factors that determine your costs so that you can understand your quote. Your out-of-pocket expenses largely depend on your:

  • Premium
  • Deductible
  • Copayment
  • Coinsurance
  • Maximum Out-of-Pocket Expenses

Get Your Health Insurance Quote

Now that you know more about the basics, you can start to find the best health insurance for your needs. If you don’t have an employer-provided plan, we recommend that you start by getting a health insurance quote from several different providers. You can then compare the quotes to find the best policy for your healthcare needs and budget.