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Start the New Year Right!




Starting 2024 right should also include a review of your insurance coverages to make sure you are getting the most out of your plans for the year.


Individual

If you have individual/family health insurance through the State or Federal marketplace, make sure you notify them of any changes in 2024 which could impact your premiums. This would include changes in your family (birth, death, divorce, etc.) or changes in household income. Make changes known sooner than later to avoid any potential penalties. Also January 16 is the deadline for any plan changes or new plans to be purchased for February 1, 2024 effective dates.  


Group

As most employer sponsored group plans are on a calendar year basis, deductibles and out of pocket maximums all reset to zero on January 1. As such now is a great time to plan for any known 2024 healthcare expenses. If you are likely to meet your deductible in 2024, estimating when that might happen can help you get the most out of your health plan as the plan should be covering most or all of your expenses for the rest of the year that.


HSA

 If you were under a Health Savings Account eligible plan for 2023 you have until April 15 to make tax deductible contributions to your HAS for the 2023 tax year. The 2023 amounts are $3,850 individual, $7,750 family, plus an additional $1,000 if you are over age 55. These maximums are from all sources which would include any employer HSA contributions.  


Medicare

Are you or someone in your family turning 65 in 2024? If so, in most cases you will need to enroll in Medicare ssa.gov. The enrollment window is 3 months before turning 65 and continues until 3 months after you turn 65. We always recommend enrolling early on the front end so your effective date will be on the first of the month of your birthday. Enrolling after your birthday can delay your effective date and could create a gap in coverage in some situations.


Have Questions?  We’re here to help!

BMA Financial Insurance Services is your trusted partner that can help bring clarity and understanding to whatever your situation may be.


Let us help explain your options.


Our focus is on educating our churches and pastors to help them make well informed decisions about these very important topics.   

  

Mark Bradley

BMA Financial - Insurance Services

501.499.4205


Have other Questions?

For all other questions Contact us, we are ready to assist you.

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