Episode 152: Retirement, Health Insurance, and Dental – Oh My! What Are My Options as a Virtual Assistant?

Full Episode Transcription:

(00:07):
Welcome y’all to another episode of Quick Tip Thursday here on the Ditch Classroom Podcast. Today’s question is one I get all the time and it’s what do I do for my 401k, for my insurance, dental, vision, what do I do for all of that when I become a virtual assistant? Many people think that it’s gonna be ridiculously expensive, and that’s what keeps them leaving their nine to five, but this isn’t necessarily the case. So in today’s episode, I’m gonna be sharing with you guys some different options. Now, disclaimer, I am not an insurance broker. I am not a pro in any of this, so I do recommend working with one to make sure your specific needs are met. However, I do wanna give you some options to consider, and I want you to think about that. In many situations, you’re actually paying monthly for your insurance.

(02:12):
It just gets deducted straight from your paycheck before it hits your bank account, so you don’t actually see that amount that is taken out. Now, every state has different plans that are accessible to residents for insurance, dental, vision, all of that. So you’re gonna have to do some research, and that’s where an insurance broker can be very helpful. But different plans have different pros and cons. So some plans will have a low monthly premium, but then the deductible will be higher. Others have a high premium, with a small deductible. So some things to consider are, am I likely to hit that high deductible? If you’re not likely to hit it, then go with a high deductible plan so you can pay less monthly. Another thing you can do is set up a health savings account or HSA, which are able to be set up for high deductible plans.

(03:09):
So there are requirements that the plan usually needs to be met, which are set by the IRS. So again, this is where an insurance broker can help you, but HSA contributions can be tax deductible, and when you contribute to an HSA account, you don’t have to take your taxes out of that amount first. So whatever money you get paid, you can contribute to your HSA and use those HSA funds on medical expenses. And that amount you put in, you don’t have to deduct your 20% or whatever you do for taxes. Now, there’s usually a max that you can contribute per year, so that would just depend on whatever HSA you get. One option for some insurance is called marketplace insurance. This is available in every state and it’s operated by the federal government. Depending on your income, you might be able to be subsidized or have tax credits applied, which will reduce your payments, and you can find plans as low as $200 a month with no deductible.

(04:14):
One other option to consider are co-ops, which is where you pay into the account each month, and you’re ultimately paying for other people’s needs each month. So you still get an insurance card and it operates like insurance, so you can use it when you have doctor’s appointments, pregnancies, emergencies, et cetera. But basically, the money that people are contributing to their accounts gets used to pay for whatever your needs are and vice versa. So our choice when we eventually need it will be Meta share, which is a Christian program, and the only qualifications are that you just have to fill out a moral integrity / faith survey because they wanna know that you know Jesus is your personal savior. I know a family of six who is part of the Medi-Share program, and they pay $550 a month with a $6,000 deductible. Now, they could have gotten it as cheap as $300 a month if they chose the $12,000 deductible.

(05:17):
So that was just their choice. One option for dental is called Guardian Direct, which covers half of the orthodontics, and there’s no waiting period for the care to begin. So if you were to sign up today, you’d be able to start going to a dentist that accepts this today. Now, for retirement, I again, am not an accountant or whatever you need, but you can set up a Roth IRA, which is where you can contribute money that you’ve already been taxed on, and then any growth that happens, you don’t get taxed on it if you take it out at your retirement age. So that’s an option. You can also do mutual funds, which are less risky than the regular stock market. You can invest in property and real estate, which is a lot of what we’re doing right now, and just try to create long-term revenue that will support you.

(06:17):
So I recommend having a lot of different options for retirement. Don’t just like focus on one. You wanna have a lot of backups to really have a great retirement. Again, last but not least, I wanna make the disclaimer again, I’m not an insurance agent. I am not a specialist in any of this, so please do your research and find someone who can make recommendations based on your exact needs. But I just wanted to give you guys some options so you know that there are options out there. Now, if you have questions about any of the info that I covered on this episode, make sure and go and drop them in the free Facebook group, facebook.com/groups/ditchtheclassroom, and I will try to help you find the answers you’re looking for. Also, also, also, do not forget that we have our free workshop tonight, The Number One Way to Quit Teaching in Six Months or Less. I am so excited to be sharing with you guys the three Ps that you need to have a successful virtual assistant business. You can find all of the info. Everything you need to get registered is over at ariannavernier.com/free-workshop, or you can find the link in the show notes will be going live tonight at 6:00 PM Eastern Time. Replay will be available for those who can’t make it live, but only if you register. So again, do that at ariannavernier.com/free-workshop. All right, y’all, I love you so much, and we’ll see you next time.