Health Insurance FAQ: Answers to Your Most Common Questions

Q: What is the Health Insurance Marketplace, and how do I apply for coverage?

A: The Health Insurance Marketplace is a government-run website where you can compare and purchase health insurance plans. Whether you’re self-employed, between jobs, or need coverage outside of employer options, the Marketplace offers a variety of plans that may qualify for tax credits based on your income. You can apply during open enrollment or a special enrollment period if you qualify for a life change event. We can help you navigate the process and ensure you find the best plan for your situation.

Q: How do tax credits work with health insurance?

Tax credits help lower the monthly cost of your health insurance when enrolling through the Marketplace. These credits are based on your projected household income and family size. While we don’t calculate income for tax liability purposes, we can help you understand how the Marketplace uses income to determine eligibility and guide you in applying those figures to your application. If you’re unsure about your income estimate, it’s a good idea to consult with a tax professional before enrolling.

Q: What if I don’t know what my income will be this year?

A: If your income fluctuates or you’re unsure about your earnings for the year, we recommend speaking with a tax advisor to help estimate your projected Modified Adjusted Gross Income (MAGI). Once you have that estimate, we can help you apply it correctly on your Marketplace application to see if you qualify for tax credits and what plans might be the best fit for your budget.

Q: How do I know if my health insurance plan is the best option for me?

A: It’s important to regularly review your health insurance plan to make sure it’s still the best fit for your needs. We can help you evaluate your coverage based on factors like cost, coverage limits, and whether your doctors and prescriptions are still included. We’ll help you understand the different plan options, from deductibles to out-of-pocket maximums, so you can make an informed decision.

Q: Do I need a review of my health insurance if I have employer benefits?

A: Absolutely. Even if you’re covered through work, a review ensures that your plan still makes sense for your current stage of life. We’ll look at the total cost of coverage (not just the monthly premium), benefits offered, and any out-of-pocket exposure. We’ll also explore ways to fill coverage gaps—such as adding accident, critical illness, or even life insurance—so you’re fully protected.

Health Savings Account

Q: What is an HSA and how does it work?

A: A Health Savings Account (HSA) is a tax-advantaged savings account you can use to pay for qualified medical expenses. It’s only available to people who are enrolled in a High Deductible Health Plan (HDHP). You can use the funds to pay for things like deductibles, copays, prescriptions, dental, vision, and more.

Q: What are the benefits of having an HSA?

Triple tax advantage: Your contributions are tax-deductible, the money grows tax-free, and withdrawals are also tax-free when used for qualified medical expenses.
You own the account: It stays with you, even if you change jobs or insurance plans.
Long-term savings potential: Funds roll over year to year, and you can even invest your balance for future healthcare costs—making it a smart part of your retirement strategy.

Q: How do I know if I’m eligible for an HSA?

A: To qualify, you must be enrolled in a qualified High Deductible Health Plan (HDHP). These plans often have lower monthly premiums, making them a great fit for people who are generally healthy and want to save for future medical needs.

Q: Can I open an HSA through Ross Insurance Brokers?

A: While we don’t directly open HSA accounts, we help you choose the right HDHP to make you HSA-eligible—and we can point you toward trusted banks or credit unions where you can open an account easily.

Q: How much can I contribute to an HSA?

A: For 2025, the IRS contribution limits are:

$4,300 for individuals
$8,550 for families
Add an extra $1,000 “catch-up” contribution if you’re age 55 or older

We’ll help make sure your health plan lines up with your financial and healthcare goals so you can make the most of this benefit.

Health Sharing

Healthsharing Plans vs. Marketplace Insurance

What’s the difference between a Marketplace health plan and a healthsharing plan like Medi-Share?

A: Marketplace health insurance plans are government-regulated and must meet Affordable Care Act (ACA) requirements, meaning they include coverage for essential health benefits, pre-existing conditions, and preventive care. These plans are often a good fit for individuals or families who qualify for tax credits based on income, and they’re widely accepted by providers.

Healthsharing plans like Medi-Share offer an alternative approach to managing healthcare costs. Rather than being traditional insurance, they are faith-based communities where members share each other’s medical expenses. For those who are generally healthy, aligned with Christian values, and seeking a more affordable monthly cost, Medi-Share can be an excellent option. While they aren’t eligible for tax credits, many members appreciate the sense of community, personal responsibility, and stewardship that comes with participating in a healthsharing ministry. We’re happy to help you explore whether Medi-Share or a Marketplace plan better fits your values, health needs, and financial goals.

Q: Who qualifies for a healthsharing plan like Medi-Share?

A: Medi-Share is a Christian healthsharing ministry, so members must agree to a statement of faith and commit to a lifestyle consistent with Biblical principles—such as no tobacco or drug use and practicing good health habits. Applicants typically go through a short questionnaire to confirm eligibility. It’s ideal for individuals and families who are in good health and looking for a more values-aligned, cost-conscious alternative to traditional insurance.

Q: How does medical bill sharing work with Medi-Share?

A: With Medi-Share, you’ll choose an Annual Household Portion (AHP)—similar to a deductible—that you are responsible for before your eligible medical expenses are shared. Once you meet your AHP, other members’ monthly contributions help cover your bills. Instead of receiving an insurance “EOB,” members get a “sharing notice” that shows how funds are applied. Medi-Share negotiates with providers on your behalf, and many members enjoy the simplicity and personal support of this model. Keep in mind that not all services are eligible for sharing, and there are guidelines around pre-existing conditions and lifestyle-related care.

Q: Is a healthsharing plan right for me?

A: Healthsharing plans can work well for some people—especially those who are healthy, aligned with the faith-based requirements, and looking for an affordable alternative to traditional insurance. We can walk you through both options and help you decide if a healthshare is a good fit—or if you’d be better served with a Marketplace plan based on your healthcare needs and risk tolerance.

Q: What is the Health Insurance Marketplace, and how do I apply for coverage?

Q: How do tax credits work with health insurance?

Q: What if I don’t know what my income will be this year?

Q: How do I know if my health insurance plan is the best option for me?

Q: Do I need a review of my health insurance if I have employer benefits?