Alternate Strategies for Stretch IRA

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Personal Living Alert

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Aug 09, 2023

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Over the years, we lauded the stretch IRA as one of our favorite tax-saving moves, to help mitigate the tax bill when non spouse heirs inherit retirement accounts and build wealth for another generation. But all good things come to an end—starting this year, non spouse heirs who inherit IRAs are out of luck when it comes to using the stretch. The

SECURE Act, signed into law in late 2019, mandates that many non spouse heirs who receive inherited retirement accounts must empty the accounts within a decade.


The stretch strategy, which gave non spouse heirs the opportunity to take out inherited IRA distributions over their own life expectancies, was targeted by Congress as a loophole used by the wealthy. In reality, the strategy was also used by those people who just diligently saved in retirement accounts for years and wanted to pass on as much of the legacy as possible to their progeny.


Albeit not a perfect strategy, spreading out the tax bill through the stretched distributions kept heirs’ tax tabs in check and allowed more of the money to grow for a longer time. The younger the beneficiary, the more advantageous the stretch could be.


After wiping away the tears over the stretch IRA’s demise, it’s time to get down to b


rass tacks and search for alternative options to the stretch. Don’t assume your only option is to accept Uncle Sam’s forced accelerated payout schedule. There are still moves that IRA owners can make to help ease the transfer of their legacy to their chosen beneficiaries and save some money from the taxman.


None of the alternatives are quite as cheap—read “free”—as the stretch strategy was, but we’ll start with the cheaper options and move into some that will require more thought and expense. As the new rules get fully digested, more alternate strategies could crop up. But the alternate strategies we look at here offer attractive opportunities to make the most of inherited IRAs under the new rules.


One critical point: Anyone who inherited an IRA before 2020 can stop reading. They need not worry about the new rules as nothing changes for them.


Pre-2020 non spouse heirs can keep using the stretch strategy as it previously existed


, and they can keep taking required minimum distributions based on their life expectancies from inherited IRAs.


But people who inherit IRAs starting in 2020 and beyond are subject to the new rules. And the new rules can shrink the legacy left to your heirs, as the online calculator at securermd.comillustrates. Let’s say a 55-year-old heir receives a $1 million inherited traditional IRA, the money grows 6% a year, and the heir takes distributions every year for 10 years. (You can use the calculator to plug in your own numbers to compare


.)


Under the old stretch rules, in year 10, the non spouse heir would take an RMD of about $57,000 and would have nearly $1.2 million left in the inherited IRA; he would have taken out about $445,000 in RMDs over the decade.


Under the new accelerated payout rules, in year 10, the heir zeroes out the inherited IRA as required with his last distribution of nearly $169,000 and would have taken more than $1.3 million in RMDs.


The heir who got to use the old stretch rules has about $331,000 more in total in year 10 with the combination of the total RMDs taken and the amount still left in the inherited IRA. The heir using the new rules not only has less money in total, but tops that off with a whopping $855,000 more in taxable RMD income by the end of the decade.




Clearly, there’s a cost for non spouse IRA heirs who have lost the stretch. If you want more of your IRA to go to your heirs instead of Uncle Sam, here are some of the best alternative tax-advantaged strategies available now to IRA owners who are adjusting their estate plans for their families.


Carefully Mull Beneficiaries


As the SECURE Act swept away the stretch for many non spouse heirs, the new law also created a new type of beneficiary: the eligible designated beneficiary. These b


eneficiaries “can still use the stretch rules as they previously existed,” says Lisa Featherngill, a certified public accountant and member of the American Institute of CPAs Personal Financial Planning Executive Committee.


If a named heir is a minor, disabled, chronically ill or not more than 10 years younger than the deceased owner, the heir qualifies as an eligible designated beneficiary. For instance, if the IRA owner has named a sibling two years younger as a beneficiary, that sibling could use the old stretch rules if she inherits the IRA, says Nancy Anderson, senior vice president and the head of wealth strategy and trust services at Calamos Wealth Management.


Note that only minors who are children of the deceased IRA owner fall in this EBD group, and once the minor reaches age of majority (18 or 21, depending on the state),


the 10-year rule kicks in. Minor grandkids, once a popular choice to be named as IRA beneficiaries because of their long life expectancies, are immediately stuck with the new 10-year payout rule.


Also in this category: surviving spouses. They also aren’t subject to the new rules; but unlike any other beneficiaries, surviving spouses can take an inherited IRA as their own. That flexibility for widows and widowers hasn’t changed under the new law.


As you consider who should get your IRA, “look at those beneficiaries and see who might have an exception to the rules,” says Christine Russell, senior manager of retirement and annuities at TD Ameritrade. If you have potential heirs who fall into this new category of eligible designated beneficiaries, you might consider naming one of them as a beneficiary of your IRA since they can make use of the old stretch rules.



When mulling beneficiaries, you might also consider the tax situation of your heirs. Say you have two children, one who has a high-paying job and the other who is barely scraping by. You might want to leave a taxable traditional IRA to the one in the lower income-tax bracket, while leaving a Roth IRA or highly appreciated stock to the child in the higher tax bracket.


Bequeath Other Assets


While under the old rules you might have wanted to preserve your IRA to pass on to your heirs to do the stretch, it could be worth rethinking such a plan. If you are in a lower tax bracket than your non spouse heirs, you might want to spend down your IRA and preserve other assets for your beneficiaries, such as highly appreciated stock or real estate, or Roth accounts.


Heirs who inherit capital assets, such as stock and real estate, that have appreciated will get a step up in basis to the assets’ value on the date of your death. Only appreciation after that date will be taxed if and when the heirs sell the asset. The higher basis would


reduce the heirs’ tax hit.


Heirs to Roth IRAs still have to empty the accounts out within 10 years under the new rules, but the money distributed out of Roths is tax-free to heirs. “For heirs, it’s better to get a Roth,” says Anderson.


Do Roth Conversions


Speaking of Roths, one of the top strategies to consider is converting a traditional IRA to a Roth, says Jamie Hopkins, director of retirement research at the Carson Group. Heirs cannot do this conversion when they receive an inherited IRA; you must do the Roth conversion yourself while you’re still alive and kicking. You essentially prepay the tax bill for


your heirs, giving them the gift of a tax-free pot of assets.


Most taxpayers likely want to convert an IRA to a Roth over time in smaller chunks to keep the tax bill they pay in check. Anytime you do a Roth conversion, you create taxable income that gets added to the rest of your taxable income for the year. Do too big of a Roth conversion and you could spike yourself into too high of a tax bracket unnecessarily. But as Hopkins notes, “tax rates are historically low,” which makes doing Roth conversions more attractive. Current income-tax rates are scheduled to last until 2026.


Also, compare your tax rate with the rates of your heirs. If your rate is lower than their rates, or you think your current rate will be lower than their future rates, then it can m


ake sense to convert more now. If your heirs are in a lower tax bracket, then you might want to convert less.


Any amount you convert from a traditional IRA to a Roth IRA starts growing tax-free from the moment it goes into the Roth. So the sooner you get money into a Roth, the longer it will have to grow.


Maximize the New 10-Year Rule


A key point: The new 10-year withdrawal rule does not require that heirs take minimum distributions each of those years, but instead it only requires that all money be out of the account by the end of the tenth year following the year the IRA owner dies. That fact makes inheriting a Roth even more compelling.



Heirs who inherit a Roth IRA could leave the money alone for nearly 11 years to grow tax free. And in the last year, they can take out the entire lump sum with no tax consequence. A pretty sweet deal.


On the flip side, even though it’s not required, heirs who inherit a traditional IRA might want to take out some of the money each year to spread the tax bill, which might also spare some of the dollars from Uncle Sam. If an heir inherits a $500,000 traditional IRA, he could take $50,000 each year over the decade, rather than taking out the whole $500,000 in the last year. Spreading the distributions could result in a smaller total tax bill. How much smaller will depend on how much taxable income the heir has of his own in each of those years. The taxable windfall could subject the rest of the heir’s taxable income to a higher tax rate.




Heirs will have to look at their own tax situation when deciding how to take the money out in that decade. If the heir expects less taxable income of his own in a couple of those years—say, he’s going back to school to change careers—then those years might be a good time to take out more from the inherited IRA. If the heir expects more taxable income in a particular year, perhaps a big work bonus, that might be a year to skip taking money from the inherited IRA. “Heirs will need to do multiple years of tax planning and do some tax bracket management,” says Featherngill.


Reorganize Who’s Primary


Another way couples can maximize the 10-year rule: Consider naming other heirs as primary beneficiaries along with your spouse. “The answer in the past would be to roll [the IRA] to the spouse,” says Hopkins. But now, he notes, that won’t always be the clear choice.

Let’s say you planned to leave your IRA to your wife as the primary beneficiary and to your three kids as contingent beneficiaries. At your death, your surviving wife would get your IRA, avoiding the 10-year rule, and she takes your IRA as her own. The three kids eventually inherit her IRA money, which includes yours, and they each have 10 years to distribute their shares.


Instead, you might consider naming your wife and your three kids as primary beneficiaries. Assuming you split the IRA evenly, your surviving wife would get one-fourth to take as her own, while each of the three kids would get 10 years to distribute their shares of your IRA. When your wife passes away and leaves her IRA to the three kids, each of the three kids gets another 10 years to take that money. The kids could potentially get up to 20 years to take IRA money that was initially yours. “A solid strategy now is to have multiple primary beneficiaries,” says Russell.


Give IRA Money to Charity


If you are charitably inclined, the new 10-year payout requirement could make it more attractive for you to leave a traditional IRA to charity, says Featherngill. You can name charities as beneficiaries of your IRA, and the charity won’t pay tax on any of the traditional IRA money it receives.


You might also want to do charitable giving from an IRA now and leave more money in other assets to heirs, says Keith Bernhardt, vice president of retirement income for Fidelity Investments. The qualified charitable distribution might be more appealing—this move lets IRA owners age 70½ and older give up to $100,000 to charity directly from their IRAs each year. The money won’t show up in your adjusted gross income, and once you’re subject to RMDs at age 72, the QCD can count toward the RMD, too. The QCDs will lower your traditional IRA balance, which means heirs would receive less taxable income.


Create a Charitable Remainder Trust


This is another option for the charitably inclined, which can simulate the stretch IRA, says Brian Ellenbecker, senior financial planner at financial-services firm Baird. With a charitable remainder trust, you put assets in the trust and provide income for beneficiaries for a set term or for life. At the trust’s end, the remainder of the principal goes to charity.

You can use the trust to provide a stream of income to beneficiaries much like the stretch IRA was able to do. And for the charitably inclined, this trust meets the goal of transferring money to a good cause, too.


Anytime a trust is involved, though, there will be costs, including setup costs, fees to hire an estate-planning lawyer and possibly ongoing maintenance costs. And don’t forget to have old trusts looked at in light of the new law: Have a professional review any existing trusts you have that incorporate the stretch strategy, which may need language changes to accommodate the new law. “Most have to be revised or redone,” says Ellenbecker.

An old trust that uses language referring to RMDs could create unintended consequences, because now heirs aren’t required to take money out annually—only by the end of the 10th year. “It’s a one-year distribution,” says Hopkins. An old trust with RMD language could trigger an entire taxable payout—a disaster in terms of estate planning.


Use Life Insurance


Another possible, though also costly, option: life insurance. You could use distributions from your IRA, such as RMDs, to pay for premiums for a life insurance policy. At your death, the policy would provide income-tax-free death proceeds to your beneficiaries. Your IRA that passes to your heirs would also have a lower balance, as the money shifted to pay insurance premiums.


You could also reduce your gross estate by setting up an irrevocable life insurance trust to hold the policy. The trust would have costs of its own, but if you are worried about estate taxes, an ILIT removes the policy from your estate.


Life insurance can be an effective way to transfer wealth, but it comes at the cost of the insurance premiums—which can be more expensive if you implement this strategy later in life. “That premium wouldn’t be cheap, and you would need to be insurable,” says Michael Roberts, president of Arden Trust Co.


You must be healthy enough to be underwritten for a life insurance policy—and to get a better deal on the premiums. If premiums are too expensive, this option might not make sense.


If the life insurance strategy does work for you, you could pair it with the charitable remainder trust strategy. You could buy enough life insurance to provide a similar amount of proceeds to go to your heirs as the amount that will go to the charity at the end of the charitable remainder trust.


Any one of these alternate strategies might work for your family, or perhaps a combination of them. Although Uncle Sam surely won’t mind taking a bigger cut of your IRA assets, these strategies can help preserve more of your legacy to pass on to the next generation of your family. And from many Kiplinger’s Retirement Report readers I’ve heard from regarding this change in IRA rules, that is a top priority.

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LTCI ensures that such expenses are covered, allowing retirement funds to be used for their intended purposes: enjoying retirement.Protecting Other Investments: Without LTCI, there might be a need to liquidate other investments or assets to cover long-term care expenses. This could mean selling stocks, bonds, or even real estate at inopportune times, potentially resulting in losses.Protecting Assets and Legacy:Shielding Family Assets: By covering the high costs of long-term care, LTCI protects your personal assets and those intended to be passed on to your heirs. This ensures that a lifetimes worth of asset accumulation isnt spent on just a few years of care.Ensuring Inheritance: Many individuals hope to leave a financial legacy for their children, grandchildren, or charitable causes. LTCI guarantees that long-term care costs wont impede these intentions.Peace of Mind for Families:Reducing Emotional and Financial Stress: Families often bear the financial and emotional brunt of long-term care. Knowing theres an LTCI policy in place can significantly reduce this burden, ensuring that loved ones receive the best care without straining family finances.Enhancing Quality of Care: With a financial buffer, families can choose higher-quality care options for their loved ones, ensuring comfort and well-being.Estate Planning Synergy:Integration with Other Financial Instruments: LTCI can seamlessly integrate with other estate planning tools, like trusts or wills, to ensure a holistic approach to asset protection and legacy planning.Tax Benefits: Depending on the policy and state regulations, LTCI premiums may be tax-deductible. Furthermore, the benefits from a tax-qualified LTCI policy are generally not taxable income.7.  How to Choose the Right Long-Term Care Insurance Plan?Navigating the world of Long Term Care Insurance (LTCI) can be daunting, given the variety of options available. However, the right plan can provide unmatched security and peace of mind for Florida seniors and their families. Selecting the ideal LTCI policy involves considering your needs, understanding policy features, and ensuring it aligns with your financial goals. Heres a guide to making that choice.Factors to Consider When Choosing Long-Term Care Insurance:Coverage Scope: Understand the range of services covered, from home care to assisted living and nursing home facilities. Does the policy cover specialized care needs, such as dementia or Alzheimers facilities?Benefit Amount: Determine the daily or monthly benefit youd require. Consider the current cost of care in Florida and factor in potential inflation.Benefit Period: How long will the policy payout once you start receiving benefits? This can range from a few years to a lifetime.Elimination Period: Consider how long you can manage costs before the insurance starts to pay. A more extended elimination period can mean lower premiums, but it requires paying out-of-pocket for a more extended period.Inflation Protection: Given that care costs tend to rise over time, does the policy offer inflation protection to ensure your coverage keeps pace?Premium Costs: Assess the affordability of premiums, not just at the current age but in the future, especially if on a fixed retirement income.Policy Flexibility: Can you upgrade or adjust your policy later on? Some policies offer flexibility in adjusting coverage as your needs change.Insurance Company Reputation: Research the insurance providers history, financial stability, customer reviews, and claim payout record.Seeking Professional Consultation:Expertise Matters: Given the complexities of LTCI, consulting with professionals can be invaluable. They can guide you in assessing needs, understanding policy jargon, and comparing options.Customized Advice: Every individuals needs, health status, and financial situation are unique. Expert consultants can tailor recommendations to your specific circumstances.Staying Updated: The landscape of LTCI is ever-evolving. Professionals in the field, like those at Florida Senior Consulting, stay up-to-date on policy changes, market trends, and new product offerings for their clients.Common Mistakes to Avoid:Overlooking Policy Limitations: Ensure you understand what isnt covered by the policy as much as what is.Delaying Purchase: Waiting too long can result in higher premiums or potential disqualification due to health issues.Underestimating Care Costs: Its crucial to understand potential future care costs to ensure youre adequately covered.8. Common Myths and Misunderstandings about Long-Term Care InsuranceLong-Term Care Insurance (LTCI) is a crucial tool for financial planning and ensuring quality care in your senior years. Yet, misconceptions about LTCI persist, often hindering individuals from making informed decisions.Addressing these myths is essential for Florida seniors and their families to fully grasp the benefits and nuances of LTCI.Myth 1: Long-term care insurance is only for the elderly.Truth: While its true that older individuals are more likely to use long-term care services, accidents or illnesses can strike at any age. Buying LTCI at a younger age guarantees coverage when it might be needed sooner and locks in lower premium rates.Myth 2: I can rely solely on Medicare for long-term care needs.Truth: Medicare provides limited coverage for long-term care and typically only for skilled nursing or rehabilitation after a hospital stay. It doesnt usually cover ongoing personal care or assisted living expenses.Myth 3: Long-term care insurance is too expensive; I cant afford it.Truth: LTCI costs vary based on age, health, and coverage specifics. When you compare the premiums to potential out-of-pocket expenses for long-term care, LTCI often proves to be a sound investment. Plus, various policy options and group rates can make it more affordable.Myth 4: I have health insurance, so I dont need long-term care insurance.Truth: Regular health insurance and LTCI serve different purposes. While health insurance covers medical expenses like doctor visits and hospital stays, LTCI is designed to cover the costs of assistance with daily living activities and long-term care services.Myth 5: Only the rich need long-term care insurance for asset protection.Truth: While wealthy individuals might buy LTCI to protect their assets, middle-income individuals also benefit greatly. Without LTCI, long-term care costs can quickly deplete savings, making it harder to cover other expenses or leave an inheritance.Myth 6: I can save independently and self-insure for long-term care needs.Truth: While saving is commendable, the rising costs of long-term care can easily outpace personal savings. LTCI safeguards against these escalating expenses and ensures a broader range of care options.Myth 7: Ive wasted my money if I never use the long-term care insurance.Truth: Insurance, by definition, is about managing risk. One might never file a claim on their homeowners or auto insurance, but having the policy provides peace of mind. Similarly, LTCI offers security in knowing youre protected, even if you never use it. And if you never need long- term care, congratulations on a life well lived.9. What Companies Sell Long-Term Care Insurance?Many companies sell long-term care insurance, with dozens of different types of policies and coverage. Some of the more well-known companies include:Mutual of OmahaNorthwestern MutualNew York LifeBankers Life10. How Much Does Long-Term Care Insurance Cost?The monthly price of LTCI varies greatly depending upon many factors, including age, health, pre-existing conditions, and the amount of coverage you want. Be sure to check with your insurance company to get exact quotes about the cost and the coverage.To give you an idea of the cost, below are some annual premiums for coverage of a $165,000 benefit:Single Male, Age 55 (Select Health) $165,000 level benefits $ 950Single Female, Age 55 (Select Health) $165,000 level benefits $ 1,500Single Male, Age 60 (Select Health) $165,000 level benefits $ 1,175Single Female, Age 60 (Select Health) $165,000 level benefits $ 1,900Single Male, Age 65 (Select Health) $165,000 level benefits $ 1,700Single Female, Age 65 (Select Health) $165,000 level benefits $ 2,700There are also many policies where the coverage amount increases each year by 1%-5%, and the premiums also are higher to account for the rising coverage.Securing Your Senior Future with Long-Term Care Insurance and Other OptionsTrue freedom for seniors includes freedom from financial worry. And long-term care insurance can be a part of that solution.Much like the beautiful Florida sunsets, our senior years should be enjoyed with peace, comfort, and the knowledge that tomorrow holds promise and no financial stress.Long Term Care Insurance (LTCI) can ensure that as the challenges of age and health present themselves, they dont overshadow the joy and tranquility of senior years.Throughout this guide, weve navigated the intricacies of LTCI, understanding its essence, its implications for financial planning, and its undeniable value in the lives of Floridas seniors. But long-term care insurance is just one of the tools that help with the cost of assisted living and other senior options. And only some seniors are fortunate enough to have purchased long-term care insurance.At Florida Senior Consulting, we help Florida seniors every day as they explore the best ways to plan for their future and their best path forward. Unlocking the Inside Track Insider SecretsIts often said that we dont know what we dont know.Gaining access to the best financial strategies when exploring assisted living communities and other options requires in-depth industry knowledge. Like any complex industry, some unique strategies and techniques are not readily apparent to outsiders.For example, certain communities may offer flexibility with initial fees, accept evidence of a future real estate closing, or provide leeway as you apply for veterans or other benefits. But how do you identify these communities and find these opportunities?All seniors and their family members desire the best financial arrangement possible. However, navigating senior care can be a daunting task, with most people needing guidance on where to start or which questions to ask. Your Free, No-Strings-Attached Consultation with the ExpertsWhether you have long-term care insurance or not, making decisions on funding assisted living or other options can feel like a monumental task. Comparing communities and home health care, understanding financial commitments, and securing the best price and terms can be challenging.Allow us to lighten your load with a free, no-obligation consultation to help you secure the best financial terms when exploring assisted living communities. Plus, our assistance in helping you tour, choose, and move into your perfect senior living community comes at no cost to you!We are a Florida-based company with a specialized understanding of the Florida senior market. Navigating senior options can be confusing, but its our sole focus.We assist seniors in identifying their optimal next steps and finding the most affordable path for their transition.Our team includes certified staff and licensed nurse advocates backed by decades of experience in the field. Your senior living experience should be on your terms, and the choice should always be yours.Reach out to us, and we will answer all your questions and help you decide what is best for you or your senior loved one. For peace of mind, call (941) 661-6196 or visit us at FloridaSeniorConsulting.com.

Navigating Your Health: Why Pennie Is Your Best Bet for Health Insurance in Pennsylvania

In todays rapidly evolving healthcare landscape, finding the right health insurance plan can be daunting. Fortunately, for residents of Pennsylvania, the Pennsylvania Health Exchange, commonly known as Pennie, offers a robust platform that simplifies the process and provides many benefits. In this comprehensive guide, well delve into the advantages of using Pennie for your health insurance needs and explain why reaching out to a local Pennie-certified broker is wise for securing your health and financial well-being.Understanding Pennie: A Gateway to Quality Healthcare1. **Customized Plans to Fit Your Needs**Pennie offers diverse health insurance plans, ensuring you find one tailored to your specific requirements. Whether youre a young professional seeking basic coverage or a family with specific medical needs, Pennie provides many options. These plans span from comprehensive coverage to more focused programs like dental and vision insurance.2. **Affordability and Financial Assistance**One of the most significant advantages of choosing Pennie is the potential for substantial cost savings. You can access premium subsidies and tax credits through the platform, significantly lowering your monthly premiums. Additionally, Pennie can connect you with Medicaid and CHIP programs if you qualify, further expanding your options for affordable coverage.3. **Transparency and Consumer-Friendly Interface**Pennies user-friendly interface is designed to make the enrollment process straightforward and intuitive. You can make informed decisions about your health coverage with clear explanations of plan details, costs, and benefits. The platform also allows you to compare plans side-by-side, empowering you to choose the best option for your unique situation.4. **Coverage for Pre-Existing Conditions**Thanks to the Affordable Care Act, Pennie ensures that individuals with pre-existing conditions cannot be denied coverage or charged exorbitant rates. This provides peace of mind for those with chronic health conditions, knowing they can access the care they need without financial hardship.5. **Access to a Network of Trusted Providers**Pennie works with a network of reputable insurance carriers and healthcare providers, ensuring that you have access to a wide range of doctors, specialists, and hospitals. This network spans Pennsylvania, giving you the flexibility to receive care where its most convenient.How to Get Started with Pennie: Connecting with a Local BrokerWhile Pennies platform is user-friendly, navigating the nuances of health insurance can still be complex. This is where a local Pennie-certified broker can be an invaluable resource. These brokers are experts in the Pennsylvania healthcare landscape and can provide personalized guidance to help you select the best plan for your needs.Why Choose a Pennie-Certified Broker?1. **In-Depth Knowledge**: Certified brokers are well-versed in Pennies offerings and can provide expert advice tailored to your circumstances.2. **Personalized Recommendations**: They take the time to understand your health and financial situation, ensuring you receive a recommendation that aligns with your needs.3. **Assistance with Application Process**: Navigating the application process can be confusing. A broker can streamline this process, saving you time and frustration.4. **Ongoing Support**: Even after enrollment, a certified broker can answer questions, assist with claims, and help you understand your coverage.Conclusion: Secure Your Health and Financial Future with PennieChoosing the right health insurance plan is crucial to safeguarding your well-being. With Pennie, residents of Pennsylvania have a powerful tool at their disposal, offering affordable, customizable, and transparent coverage options. By connecting with a local Pennie-certified broker, you can confidently navigate the process, knowing you have expert guidance at every turn. Dont waittake the first step towards a healthier future today.For more information or to find a certified broker near you, visit Baker Consulting Services, Inc.s web page, a family-owned agency and local broker in PA.*Disclaimer: This blog post is for informational purposes only and does not constitute professional advice. Please consult a certified broker or a licensed insurance agent for personalized recommendations.*