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I'm probably going to regret this but here goes. I've been looking on the healthcare.gov site for some plans for my 18 year old daughter who will be starting college next fall(2017). She is currently unemployed and living at home. She doesn't have a household of her own obviously,which is one of the questions the site asks. No kids,no job,no house of her own.
I am retired and could add her to my plan for about $600 a month,which I'd rather avoid if I can. I guess what I'm wondering is this:given the info I've presented here is she actually required to purchase a plan? If the answer is yes,do I just go for the cheapest plan available considering she is in excellent health?
There are a lot of things to address here. Your daughter is required to have some form of insurance coverage or pay a fine. Some people, especially young people find it is considerably cheaper to just pay the fine.
Your options:
1. Put her on your insurance. - Probably the best coverage and a lower cost in total than ACA. When considering and comparing cost, factor in everything. Premiums, co-pay, deductible. Are there separate co-pays for lab work, pharmaceuticals, emergency room or urgent care, ect. Consider coverage as well. is there dental,? vision? does it cover things like chiropractic, wellness, nutrition, mental health, addiction treatment, birth control? There is a lot more to look at than the price for "a policy" You can get a lower price for a policy that really provides no meaningful coverage. Also you may want to look at whether any of the costs can be covered thought an HSA from your work.
2. Get ACA insurance for her. Probably the most expensive as a whole and/or the least coverage. However she may qualify for government subsidies. That depends on her dependent status and income and/or on your income. For the truely destitute, the subsidies may make insurance/health care affordable.
Get insurance through her university if available. Usually cheap insurance with limited coverage. Often covers University clinic only. May not meet ACA requirements (so you may still have to pay the fine).
Pay the fine. The fine is comparatively small. You can get catastrophic insurance that only covers really big problems (usually with a deductible of $20,000 or more). YOu may be able to just get a clinic plan where she can go to the university clinic or some other clinic only for a very low cost. These types of plans are considerably less expensive but do not meet ACA, so she will still have to pay the fine.
Wait. - ACA will be substantially changed. It will undoubtedly even get a new name. Compliance requirements and fines may be less stringent. On the other hand, it may be 3-4 years before any changes get made. The only thing you can be certain of - medical costs and insurance premiums will continue to skyrocket. I would figure on them doubling by the time she graduates in five years.
She is an adult now. that means she is or can be solely responsible for her own medical costs. IN a crises, she could go to the emergency room covered or not. They must treat her. She will have to sign papers guaranteeing payment. As long as you do not sign them too, she can just declare bankrupcy and have the debt discharged. That is extreme, but sometimes the only choice.
Awesome response! Unfortunately her college is small and doesn't offer health care. I may end up with a bronze plan for less than $200 unless Florida has something else to choose from. Thanks
Our kids stayed on my insurance. We have 1 in High school. 1 in college, 1 in grad school. 1 not attenting college (22) and 1 out of college and working as a teacher.
All of them are under 26 and all of them stayed on my insurance. OUr plan costs something like $600 - $800 per month, but include all of them regardless of the number (once you get over 2). There is a huge individual deductible ($1500) and a huger family deductible (4500), and co pay and it is 80/20. Still it works out better than ACA options, better than the university plan ($2000/year) or even better than the one daughter's offered insurance from her job as a teacher. (they give her an extra $250 or so a month because declining insurance saves them $600 or so a month). Because we have so many ont he plan, we usually hit the family deductible pretty quickly, plus my employer dumps $1000 into my HSA to cover some of the deductible. ( I think that its a total out of pocket, so the co-pay and 20% may go away after that too, I do not remember with certainty).
One thing you end up doing, once you hit the out of pocket/deductible, you end up scheduling all sorts of appointments at the end of the year before the deductible resets. Between the seven of us, I think we have over 20 appointments this month. I am seeing a dentist, DO, orthopedist, and getting some X rays done. Everyone is loading up their appointments this month becuase they are free (more or less) and next month they cost $1500.
Options for health insurance would be to inquire of her local college and a local independent insurance broker. Usually the local colleges have info on student plans.
With no income, your daughter is not required to have insurance. Afaik, she can buy a policy through the exchange without a subsidy, if she chooses, but cost will be high. Some info from healthcare.gov for those with no income, here:
She can also choose to not have insurance without penalty. With no income, if you are in a state which has not expanded Medicaid, which FL did not, then chances are she won't qualify for Medicaid, either, and is eligible for a hardship waiver. See #13 below.
At her age (18), no income means she qualifies for Medicaid in whatever state she resides. Some people (mostly in Washington DC) think that's a good thing; my experience as a healthcare provider is somewhat less enthusiastic.
Most colleges used to offer 'student health insurance,' but the ACA wiped that market out because student plans were not 'qualified plans' under the ACA. Apparently your college had one of those.
You can certainly keep her on your insurance. There is an increased cost to you in premiums, but you should also examine closely the conditions of the plan. Just completed a study for my state government and found that every single Bronze plan offered in this state had enormous deductables. That means that the first $5,000 or so in medical care you're going to cover out of pocket. For each of you. I don't know your age or condition, but do you really want to go down that road?
A 50 year-old woman came to me a year ago and asked me to find her insurance. I studied her case and told her to pay the fine and get her care from the state. The cheapest policy available for her cost more than she made every month and had $6,000 deductables.
That said, congrats for trying to be a responsible parent and good luck to your daughter in college.
If she is a dependent for tax purposes, I believe you must include total household income when figuring subsidies. Go see a broker or navigator
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