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Health insurance can be complicated and obtaining insurance, a daunting task! Open Enrollment 2022 Starts today November 1st. This is the period of time where you can get health insurance through the Marketplace for 2022. So let’s breakdown the facts and see what you need to know:

1. It lasts from November 1st to January 15th

During the last few years Open Enrollment seasons have been a short 45 days. However, this year a major change was the extension of this period by a whole month! This means you have more time to find a plan that suits your needs.

2. Your coverage will start January 1st 2022

If in the past you had health insurance through the workplace, you might be familiar with waiting periods. This is when you have to wait a certain amount of time before you are eligible to use your insurance. When enrolling in a health insurance plan through the Marketplace, your coverage starts the first day of 2022! So start your new year by checking a resolution off your list on day one!

3. Learn about Special Enrollment Periods

If for some reason you cannot get health insurance during Open Enrollment, after January 15th you can choose a health insurance by qualifying for a Special Enrollment period. There are qualifying events to be eligible: marriage, divorce, loss of a spouse, birth or adoption of a child, loss of a job, change of citizenship, or moving from one city to another. If after January 15th 2022, you find yourself without health coverage, make sure to contact us to see if you qualify for a Special Enrollment Period.

4. What you pay for insurance depends on your income

Getting health insurance through the Marketplace allows you to qualify for subsidies also known as tax credits. Your savings depend on your expected household income for the year. This means you apply for health insurance using what you think you will make in 2022.

• They limit the amount you pay in monthly premiums to a percentage of your annual income
• You may qualify for a premium tax credit that lowers your monthly insurance bill, and for extra savings on out-of-pocket costs like deductibles and copayments.
• If your income ends up higher or lower than estimated, that difference must be reported

5. The process can be easy!

Working with a professional makes the process of getting Affordable Care Act Health Insurance easy and fast. Most importantly, it ensures that you get a plan you understand and that fits your specific needs. Click the link below for a free quote and find the best plan for you!

This topic is comin in HOT! It seems like real estate is in a frenzy right now. People are working from home and tired of cramped living space, realizing their job isn’t tied to a location, or realizing they want to sell their house and start a new adventure. According to the National Association of Realtors, new home sales are hitting 6.7 million in January, up 23% from last year. Between lack of new construction homes and all time low interest rates, you might be asking yourself—is this the time to buy a house?

Now this is a loaded question because everyone’s situation is unique. However, there are five questions you can ask yourself to determine if buying a house right now is the right move for you:

1. Do I Have to Buy Right NOW?

Is there a pressing matter that cannot wait? You have mold in your current place, you need to relocate. These issues can’t wait, meaning yes, it is time for you to move. Even though that’s the case, would you still be able to continue to comfortably rent in your new location? The need to move is important, but if your credit, savings, or financial goals aren’t ready for a home purchase, even low interest rates won’t make buying a house worth it.

2. Do I have enough money saved?

Many first time home buyers rely on a Federal Housing Administration (FHA) loan. These loans allow people to buy their first home with as little as 3.5% downpayment. In this current market, these kinds of loans are not competitive with someone offering 20% downpayment or cash. These loans also take a bit more time to process, meaning sellers could be wary of accepting an offer of an FHA loan. Calculate how much you will need to put down 10-20% as a downpayment. You can use this mortgage calculator to see if you have enough money saved.

3. Where am I looking to buy?

Location, location, location. It always makes a difference in price and availability, but now more than ever. If you want to buy a home now, consider areas that are on the outskirts of a major city, or look for places that are more affordable and have more inventory of houses.

4. How is my credit?

Most mortgage lenders are for a conventional (Non FHA) loan are looking for a minimum credit score of 620. This doesn’t mean if your credit score is in the 600s you will still get a dream interest rate. Some of the main information lenders look for are  late payments, how many lines of credit you have, and your debt to income ratio. They want to make sure you pay on time and aren’t already maxed out on debt. Pull up your credit report and see how you measure up. It’s not only about the score but the details on your report.

5. Am I prepared for bidding wars?

Most properties are receiving multiple offers creating bidding wars. This drives up the cost of a property. So if buying in this market, be prepared to pay above list price. If you must buy a home, make sure your budget has padding and wiggle room.

These are tough questions. But buying a home is a big deal and worth taking the time to do right. So should you buy a home now? If the answers to these questions are yes, then YES! Buy that property! If you see your savings aren’t where you need them to be, or you’re not willing to go above list price, maybe now isn’t the time for you despite low interest rates. The best thing you can do is get free advice from a professional who can assess your unique situation. Click the link below to schedule a free consultation with a mortgage professional today!

¡Este tema esta caliente! Parece que los bienes raíces están en una locura en este momento. Las personas trabajan desde casa y están cansadas de un hogar estrecho, se dan cuenta de que su trabajo no está atado a una ubicación o se dan cuenta de que quieren vender su casa y comenzar una nueva aventura. Según la Asociación Nacional de Agentes de Bienes Raíces, las ventas de viviendas nuevas están alcanzando los 6,7 millones en enero, un 23% más que el año pasado. Entre la falta de viviendas de nueva construcción y las bajas tasas de interés de todos los tiempos, es posible que se pregunte: ¿es este el momento de comprar una casa?

Ahora bien, esta es una pregunta complicada porque la situación de cada uno es única. Sin embargo, hay cinco preguntas que puede hacerse para determinar si comprar una casa en este momento es lo correcto para usted:

1. ¿Tengo que comprar ahora mismo?

¿Existe un asunto urgente que no puede esperar? Tiene moho en su lugar actual o necesita mudarse? Estos problemas no pueden esperar, asi que, es hora de que se mueva. Aunque ese sea el caso, ¿podría seguir alquilando cómodamente en su nueva ubicación? La necesidad de mudarse es importante, pero si su crédito, ahorros o metas financieras no están listas para la compra de una casa, incluso las tasas de interés bajas no harán que valga la pena comprar una casa.

2. ¿Tengo suficiente dinero ahorrado?

Muchos compradores de vivienda por primera vez dependen de un préstamo de la Administración Federal de Vivienda (FHA). Estos préstamos permiten a las personas comprar su primera casa con un pago inicial de tan solo un 3.5%. En este mercado actual, este tipo de préstamos no son competitivos con alguien que ofrece un pago inicial del 20% o en efectivo. Estos préstamos también toman un poco más de tiempo para procesarse, lo que significa que los vendedores podrían desconfiar de aceptar una oferta de un préstamo de la FHA. Calcule cuánto tendrá que depositar entre el 10% y el 20% como pago inicial. Puede usar esta calculadora de hipotecas para ver si tiene suficiente dinero ahorrado.

3. ¿Dónde estoy buscando comprar?

Ubicación, ubicación, ubicación! Siempre marca la diferencia en precio y disponibilidad, pero ahora más que nunca. Si desea comprar una casa ahora, considere las áreas que se encuentran en las afueras de una ciudad o busque lugares que sean más asequibles y que tengan más inventario de casas.

4. ¿Cómo está mi crédito?

La mayoría de los prestamistas hipotecarios que buscan un préstamo convencional (no FHA) buscan un puntaje de crédito mínimo de 620. Esto no significa que si su puntaje de crédito está en los 600s, aún obtendrá una tasa de interés de ensueño. Algunas de las principales informaciones que buscan los prestamistas son los pagos atrasados, la cantidad de líneas de crédito que tiene y su relación deuda / ingresos. Quieren asegurarse de que pague a tiempo y que aún no estén al límite de sus deudas. Obtenga su informe de crédito y vea cómo está a la altura. No se trata solo de la puntuación, sino también de los detalles de su informe.

¿Estoy preparado para una guerra de ofertas?

La mayoría de las propiedades están recibiendo múltiples ofertas creando guerras de ofertas. Esto aumenta el costo de una propiedad. Entonces, si compra en este mercado, esté preparado para pagar por encima del precio de lista. Si debe comprar una casa, asegúrese de que su presupuesto tenga un margen de maniobra y acolchado.

Éstas son preguntas difíciles. Pero comprar una casa es muy importante y vale la pena tomarse el tiempo para hacerlo bien. Entonces, ¿debería comprar una casa ahora? Si las respuestas a estas preguntas son sí, entonces ¡SÍ! ¡Compre esa propiedad! Si ve que sus ahorros no están donde los necesita, o no está dispuesto a ir por encima del precio de lista, tal vez ahora no sea el momento para usted a pesar de las bajas tasas de interés. Lo mejor que puede hacer es obtener asesoramiento gratuito de un profesional que pueda evaluar su situación particular. Haga clic en el enlace a continuación para programar una consulta gratuita con un profesional hipotecario hoy mismo.

What is Short Term Health Insurance?

Short term health plans are low-cost, low-coverage plans. They usually have lower premiums, but higher out-of-pocket costs and less coverage.

Short term plans are like temporary health insurance. Regular health insurance is renewed annually and you can only obtain it during Open Enrollment or upon triggering a life change. Short term plans are available for most people up to one year with the option to extend the plans twice.

Some major health insurers, such as UnitedHealthcare, offer short-term plans. Don’t confuse that coverage with regular health insurance. Just because a big-name insurer offers a short-term plan doesn’t mean that plan will provide you with full health insurance coverage. It’s not always easy to distinguish between plans, so reading the fine print is critical.

What does it cover?

What short term plans cover varies by each plan. Federal regulations allow short-term plans to create their own coverage plans without any required mandates found in a regular health insurance plan.

Services often not covered by short-term health plans include:

• Mental health
• Outpatient prescription drugs
• Maternity
• Substance abuse

Short-term plans can come with more benefits but will cost more than ones that provide little protection. So, if your short-term plan covers hospitalizations, but only up to $4,000, you’ll be on the hook for any amount above $4,000. That’s one reason why it’s critical to dig into what a specific short-term plan covers before signing up.

Short-term plans can also have hefty out-of-pocket costs. Many short-term plans have lifetime limits on what they’ll cover. If you have a short-term plan and diagnosed with a costly illness, the plan may stop paying for care after a limit is reached, such as at $100,000.

Short Term Plans vs ACA plans

There’s also the issue of being denied coverage. While Affordable Care Act (ACA) plans require that insurers approve everyone regardless of health status, short-term plans can reject you. Some states may require “guaranteed issue,” which means a plan must cover you. However, the federal law doesn’t demand that for short-term plans.

A short-term plan may reject you if you have a pre-existing condition or may charge you exorbitant premiums. That’s not allowed in ACA plans.

One way to spot if a plan is ACA or a Short Term plan is to ask for a Summary of Benefits and Coverage. This is a standardized form for ACA plans, so if there isn’t one available, it’s a good indication it’s a Short Term plan.

Who should get a Short Term Plan?

Healthy people might benefit from a short-term health plan’s low premiums as long as you don’t need health services. These plans can provide you with some coverage but can lead to substantial out-of-pocket costs.

People with any illness and pre-existing conditions like asthma or diabetes should avoid short-term plans. Even if a short-term plan covers you, your pre-existing condition will likely lead to significant premiums. The plan also probably won’t provide enough coverage to make it worth your while.

While short term plans have their shortcomings, they are a great option if you need to bridge a gap between employer plans when you change jobs. These plans are also a more affordable option in comparison to COBRA insurance. They are also a great way to keep health coverage while you wait for Open Enrollment to begin.

People all over the United States are choosing between short-term plans and no coverage at all. For them, short-term plans can be a good fit to protect against emergencies and unexpected accidents. If you’re healthy and don’t plan on using healthcare services often, a short term plan is much better than having no coverage at all!

Talk to us today to see if Short Term health insurance is the right fit for you!

Se ha hablado mucho sobre el nuevo paquete de estímulo bajo el presidente Biden, la mayoría del cual gira en torno a los $ 1,400 que se están dando. Sin embargo, se está lanzando una bomba en este paquete con respecto a los planes de la Ley del Cuidado de Salud a Bajo Precio (ACA o Obamacare). Este nuevo proyecto de ley está reduciendo el costo del seguro médico al garantizar que los consumidores que son elegibles para los créditos fiscales para las primas tengan al menos un par de planes para elegir que no costarán más del 8.5% de los ingresos de su hogar. Aquí hay 5 datos sobre cómo puede cambiar su plan ACA:

1. Subsidios mayores

Muchas personas que actualmente reciben subsidios pueden calificar para subsidios mayores. Según el Departamento de Salud y Servicios Humanos de EE. UU., Cuatro de cada cinco inscritos en la ACA podrán encontrar un plan por $ 10 o menos por mes después de los créditos fiscales, y más del 50% podrá encontrar un plan Silver por $ 10 o menos por mes.

2. Más subsidios

¡Muchas personas que no calificaron para los subsidios porque sus ingresos eran demasiado altos ahora calificarán para los subsidios! Muchas primas disminuirán, en promedio, $ 50 por persona por mes y $ 85 por póliza por mes. Según Healthcare.gov, 1 de cada 4 afiliados podrá actualizar a una categoría de plan más alta que ofrezca mejores costos de bolsillo con la misma prima o una prima más baja en comparación con lo que están pagando hoy.

3. Ayuda para desempleados

Las personas que reciben compensación por desempleo en cualquier momento en 2021 calificarán para subsidios como si sus ingresos fueran el 133% de la Línea Federal de Pobreza. Este beneficio terminará a fines de 2021. Además, las personas que fueron despedidas involuntariamente y se les ofreció COBRA tendrán sus primas cubiertas de forma gratuita hasta el 30 de septiembre de 2021.

4. Las subvenciones son retroactivas

El aumento de los subsidios comenzará el 1 de abril de 2021. Para recibirlos, debe volver a enviar su solicitud si actualmente tiene un plan del Mercado o inscribirse por primera vez durante el Período de inscripción especial. Independientemente de cómo reciba los nuevos subsidios aumentados, ¡serán retroactivos al 1 de enero de 2021!

5. Perdón de subsidios excesivos

Al obtener un seguro médico a través del Mercado, lo hace en función de sus ingresos proyectados para el próximo año. Si obtiene un ingreso más alto de lo esperado, debe reembolsar los subsidios de prima excedentes que recibió. Debido a la naturaleza volátil de los ingresos de las personas (pérdida de puestos de trabajo, cambio de salario, etc.), los subsidios a las primas en exceso para 2020 no tienen que reembolsarse al Servicio de Impuestos Internos.

Ejemplos de la vida real:

• Las parejas sin seguro que ganen más de $ 70,000 podrían ahorrar más de $ 1,000 por mes en su prima mensual.
• Una familia de cuatro que gana $ 90,000 verá disminuir sus primas en $ 200 por mes.
• Una persona que gane $ 19,000 podrá encontrar cobertura de seguro médico sin prima mensual, ahorrando aproximadamente $ 66 por mes en promedio.

Todas estas son buenas noticias para quienes están inscritos en un plan de salud ACA y para quienes buscan un seguro médico. Se ha instituido un período de inscripción especial desde ahora hasta el 15 de mayo de 2021. Estos cambios en el mercado están actualmente aprobados por dos años. Después de eso, el Congreso deberá intervenir para mantenerlos en su lugar. ¡Aproveche los ahorros de costos ahora mismo! Si ha pensado que el seguro médico es demasiado caro para usted, ¡permítanos echarle un vistazo! ¡Haga clic a continuación para programar una reunión virtual con nosotros y obtener un seguro médico asequible HOY!

There has been a lot of talk regarding the new stimulus package under President Biden, most of which revolves around the $1,400 being given. However, there is a bombshell being dropped in this package concerning Affordable Care Act (ACA) plans. This new bill is reducing the cost of health insurance by ensuring consumers who are eligible for premium tax credits have at least a couple plans to choose from that won’t cost more than 8.5% of their household income on. Here are 5 facts on how your ACA plan can change:

1. Larger subsidies

Many people who currently receive subsidies may qualify for bigger subsidies. According to the U.S. Department of Health and Human Services, four out of five ACA enrollees will be able find a plan for $10 or less per month after tax credits, and over 50% will be able to find a Silver plan for $10 or less per month.

2. More Subsidies

Many people who didn’t qualify for subsidies because their income was too high will now qualify for subsidies! Many premiums will decrease, on average, by $50 per person per month and $85 per policy per month. According to Healthcare.gov, 1 out of 4 enrollees will be able to upgrade to a higher plan category that offers better out of pocket costs at the same or lower premium compared to what they’re paying today.

3. Help for unemployed

People receiving unemployment compensation at any point in 2021 will qualify for subsidies as if their income was 133% of the Federal Poverty Line. This benefit will end at the end of 2021. In addition, people who were involuntarily terminated and offered COBRA will have their premiums covered for free until September 30, 2021.

4. Subsidies are Retroactive

The increased subsidies will start April 1st 2021. In order to receive them, you must resubmit your application if you currently have a Marketplace plan, or sign up for the first time during the Special Enrollment Period. However you receive the new increased subsidies, they will be retroactive to January 1^st 2021!

5. Excess Subsidy Forgiveness

When obtaining health insurance through the Marketplace, you do it based on your projected income for the next year. If you happen to earn a higher income than expected, you have to pay back the excess premium subsidies you received. Due to the volatile nature of people’s income (loss of jobs, change in pay, etc.) excess premium subsidies for 2020 do not have to be repaid to the Internal Revenue Service.

Real Life Examples:

• Uninsured couples earning over $70,000 could save more than$1,000 per month on their monthly premium.

• A family of four making $90,000 will see their premiums decrease by $200 per month.

• An individual making $19,000 will be able to find health insurance coverage with no monthly premium, saving roughly $66 per month on average.

This is all great news for those enrolled in an ACA health plan and for those seeking health insurance. A Special Enrollment period has been instituted from now until May 15^th 2021. These changes in the Marketplace are currently approved for two years. After that, Congress will need to intervene in order to keep them in place. Take advantage of the cost savings right now! If you have thought health insurance was too expensive for you, let us take a look! Click below to schedule a virtual meeting with us to get you affordable health insurance TODAY!