Understanding Health Insurance

Taylor Bowker - Mindful Insurance Agency On Common Mistakes in Medical Billing: "She ended up getting a bill for $14,000 for a pee test." Health insurance in the United States is a pain. We all know that. As business owners, we often get stuck needing to shop for our own insurance. Only during certain times of year and only with all of these rules. But how do you buy health insurance, without going crazy? There is a marketplace, but it isn't exactly like going to buy grapes. It helps to have an expert on your side, as with most things. In this case, the expert offers their expertise at no additional cost to you. Taylor Bowker is the health insurance expert. She started Mindful Insurance Agency to help people navigate the murky waters of health insurance. As an entrepreneur, a business owner with multi-state employees, or someone simply trying to make sense of the marketplace, this episode breaks down the trends, challenges, and solutions in health insurance. Listen as Taylor offers tips on choosing the right coverage, using HSAs, and understanding group versus individual enrollment periods. Enjoy! Visit Taylor at: https://mindfulinsuranceagency.com/ Podcast Overview: 00:00 "Starting My Own Business" 05:11 Health Insurance vs. Cost Sharing 12:34 Cost Challenges in Employee Insurance 19:59 "Updating Marketplace Applications Challenges" 26:40 "$14K Surprise Medical Bill" 29:26 "Health Insurance Subsidy Reduction Impact" 37:36 Snowbirds, Coverage, and Emergencies 38:45 Healthcare Coverage Tips by Age 45:35 "Streamlined Application Support Platform" 51:59 "Insurance Enrollment Rules Explained" 55:45 Employee Coverage Plan Explanation 01:01:10 "Specializing in Individual Coverage" 01:08:09 QSEHRA Benefits and Marketplace Savings 01:11:50 "HSA Usage and Restrictions" 01:16:07 FSA Contributions and Usage Rules Sponsors: Live Video chat with our customers here with LiveSwitch: https://join.liveswitch.com/gfj3m6hnmguz Some videos have been recorded with Riverside: https://www.riverside.fm/?utm_campaign=campaign_5&utm_medium=affiliate&utm_source=rewardful&via=james-kademan Podcast Transcription: Taylor Bowker [00:00:00]: I saw the largest health insurance increase of my entire career this past open enrollment because these folks no longer qualified for a subsidy because their income— your income could literally go a dollar over the threshold to receive a subsidy and you no longer qualify for $1,000 a month's worth of savings. You could owe, you know, $12,000, $13,000, $14,000, $15,000 back at tax time if you go even a dollar over. So that's kind of where the issue lies. James [00:00:35]: You have found Authentic Business Adventures, the business program that brings you the struggle stories and triumphant successes of business owners across the land. Downloadable audio episodes can be found in the podcast link found at drawincustomers.com. We are locally underwritten by the Bank of Sun Prairie, and today we are welcoming slash preparing to learn from Taylor Belker of Mindful Insurance Agency. So Taylor, How is it going today? Taylor Bowker [00:00:59]: Hello. Good. Staying warm or attempting to. James [00:01:02]: Wisconsin, here we are. So tell me a story. What is Mindful Insurance Agency? Taylor Bowker [00:01:07]: Oh, sure. So at Mindful Insurance Agency, we assist individuals and businesses get health insurance, health, dental, and vision. And we are a brokerage. So we are essentially the middle person between the members and the health insurance carriers and just try to advise and educate and help people get health insurance. James [00:01:30]: Right on. How do you end up in health insurance? Taylor Bowker [00:01:33]: Well, um, so I started in the insurance industry back in 2012. I was 5 years old. I'm just kidding, I was a little bit older than that. Um, yes, yes, yes. Um, so I started very entry-level job at an agency in Waunakee, around town here. Um, again, just doing very entry-level things. And then I shortly got promoted to a business development role. Um, and then from there, there there was a different agency hiring that was focusing on health insurance, and I was ready for a change. Taylor Bowker [00:02:11]: They needed a customer service rep, front desk person, so I went there to work, and within a year of me working there, they actually asked me if I wanted to become an agent or a broker, and I had never thought that that was something I wanted to do. Insurance, it can be a very just like cutthroat kind of a situation with sales and quotas and things like that. And that always kind of made me a little nervous. But I am very much a people person. So I, you know, I thought, why not? Let's give it a try. So I got licensed and became an agent back in 2016 now. And then, so started as an agent there doing health, dental, and vision, like I said. And then back in 2019, I decided to start my own business. James [00:03:05]: So that's awesome. Taylor Bowker [00:03:05]: Yeah, I've been ...