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Hi. I'm moving out of state to be closer to my aging parents and do not have a job lined up. I've applied for many jobs and only have had 1 interview. I do have an interview next week however, it is part time (3 days) at a charter school with no insurance being offered.
I was going to get short term coverage but then I found out that you will get taxed on that due to not enrolling in ObamaCare? Is that true?
I went to the healthcare.gov website and it says it is too late to apply for Obamacare but that I can qualify for something else on the website due to a life event or something like that. Around how much per month has insurance through ObamaCare cost people in CA? I'm trying to figure out if I can even afford that. I know I cannot afford to keep my insurance through Cobra, and that in the past when I applied to companies, I would qualify but due to preexisting conditions, they ended up costing about the same as paying under Cobra.
Hi. I'm moving out of state to be closer to my aging parents and do not have a job lined up. I've applied for many jobs and only have had 1 interview. I do have an interview next week however, it is part time (3 days) at a charter school with no insurance being offered.
I was going to get short term coverage but then I found out that you will get taxed on that due to not enrolling in ObamaCare? Is that true?
I went to the healthcare.gov website and it says it is too late to apply for Obamacare but that I can qualify for something else on the website due to a life event or something like that. Around how much per month has insurance through ObamaCare cost people in CA? I'm trying to figure out if I can even afford that. I know I cannot afford to keep my insurance through Cobra, and that in the past when I applied to companies, I would qualify but due to preexisting conditions, they ended up costing about the same as paying under Cobra.
Under the ACA, you cannot be charged more b/c of health issues. Premiums are based on your income, age, and if you are a smoker.
You are allowed to be without coverage three months in any calendar year without penalty. If the short-term coverage is not ACA compliant, you would be subject to penalty if you kept that insurance longer than three months.
Moving does create a qualifying life event which qualifies you for a 60-day Special Enrollment Period to obtain ACA subsidized coverage. ACA subsidies are based on your projected 2015 income. Visit the CA website, plug in some numbers, and see what you get.
Under the ACA, you cannot be charged more b/c of health issues. Premiums are based on your income, age, and if you are a smoker.
You are allowed to be without coverage three months in any calendar year without penalty. If the short-term coverage is not ACA compliant, you would be subject to penalty if you kept that insurance longer than three months.
Moving does create a qualifying life event which qualifies you for a 60-day Special Enrollment Period to obtain ACA subsidized coverage. ACA subsidies are based on your projected 2015 income. Visit the CA website, plug in some numbers, and see what you get.
Thank you for getting back to me. I'm just very confused on short term coverage considering you have it over 3 months?
I looked into the info you need for registering for ACA. I'm moving back in with my parents. Do I include their income with mine?
Not if you are not a dependent and you file your own tax return. You would be stand-alone.
Stop worrying about the penalty. It doesn't amount to a whole lot, if anything, when all is said and done - especially if your income is on the low side. The calculation allows a substantial deduction from your income before penalty is calculated.
Further, if possible premiums exceed 8% of your income or you don't qualify for expanded Medicaid, you get a hardship exemption.
Further, penalty is uncollectible by the IRS unless you have a tax refund coming. IRS can't file a lien or otherwise pursue you for it.
Lastly, fwiw, in 2014 son/dil were uninsured for nine months, penalty was $252. Same scenario this year, penalty would be about $500. (they are now insured, however)
So, if you want to buy short-term noncompliant coverage just "because" - do it. Make sure it's worth the money. If you have ailments that need medical attention, will this policy really help with that?
Your better choice is Covered California. Lower income people are generally very happy with their policies.
Your premiums may be the same with COBRA as they are with a Marketplace plan, it really just depends on your income. If your income is low enough to qualify for premium subsidies, you might qualify for out of pocket cost subsidies as well. You need to select a Silver plan do get those subsidies if you qualify. You can price out the plans, with subsidies, on the CA Marketplace website. One thing to factor in though, if you have met your out of pocket costs with your current plan, it might be less expensive overall to keep that plan through the end of the year. Say your premiums for the rest of the year on your current plan add up to $5000, but you have hit your out of pocket max, your cost will just be that $5000. Say your new plan the premiums add up to $3000, but your deductible is $3000, that could add up to $6000+ overall (assuming you doctor frequently). Just make sure you take into consideration all costs.
Also, how old are you? That could make a difference in your choices.
Your premiums may be the same with COBRA as they are with a Marketplace plan, it really just depends on your income. If your income is low enough to qualify for premium subsidies, you might qualify for out of pocket cost subsidies as well. You need to select a Silver plan do get those subsidies if you qualify. You can price out the plans, with subsidies, on the CA Marketplace website. One thing to factor in though, if you have met your out of pocket costs with your current plan, it might be less expensive overall to keep that plan through the end of the year. Say your premiums for the rest of the year on your current plan add up to $5000, but you have hit your out of pocket max, your cost will just be that $5000. Say your new plan the premiums add up to $3000, but your deductible is $3000, that could add up to $6000+ overall (assuming you doctor frequently). Just make sure you take into consideration all costs.
Also, how old are you? That could make a difference in your choices.
I'm 30. Whether I get insurance through ObamaCare or just do short term, I do not plan on touching it unless it is a complete emergency.
I'm 30. Whether I get insurance through ObamaCare or just do short term, I do not plan on touching it unless it is a complete emergency.
If that is the case, elect your COBRA to start. You have 30 days after your last day of coverage from your current plan to make your election. You then have another 33 days before you actually have to pay your first COBRA premium. It is specifically designed this way to carry people through gaps in employment (more because of previous insurance laws but it still applies). If you have not found a job and started a new insurance plan, THEN sign up for your Marketplace plan. If you need coverage during this gap, you can either pay the COBRA premium or start your Marketplace plan, which ever one is less expensive. That gives you two months of being covered in an emergency but otherwise not having to pay an insurance premium until you find a new job.
So, say your coverage with your current job ends on June 30. You have until July 30th to say, "hey, I want this" and send in your paperwork. Your won't have to pay a bill until the end of August (but that bill would be for July and August).
I cannot afford to make Cobra payments. Short term I can afford and Obamacare I can afford but not Cobra. On top of Cobra, my plan allows me to only see CA doctors for urgent care or the emergency room. My plan is largely regional.
I cannot afford to make Cobra payments. Short term I can afford and Obamacare I can afford but not Cobra. On top of Cobra, my plan allows me to only see CA doctors for urgent care or the emergency room. My plan is largely regional.
Right, but if you get a job within 2 months of moving there, or rather have new work insurance start within 2 months of losing your old coverage, you won't pay any premiums selecting the COBRA option and you said you wouldn't use it unless it was an emergency. It gives you a couple months to sort things out if needed. If you still don't have insurance after 2 months, you sign up for a Marketplace plan.
If you still don't have insurance after 2 months, you sign up for a Marketplace plan.
Just a caveat - AFTER two months may be too late if OP is still hoping for the Special Enrollment Period.
Special Enrollment Periods last sixty days following a qualifying life event:
Quote:
In the Marketplace, you qualify for a special enrollment period 60 days following certain life events that involve a change in family status (for example, marriage or birth of a child) or loss of other health coverage.
If OP wants ACA subsidized insurance, he needs to begin the enrollment process within sixty days of the loss of his employer coverage, or even 60 days before:
Quote:
Losing other health coverage. From 60 days before to 60 days after losing your other coverage
There are exceptions made to the above 60-days "after," like you get wrong info from the exchange or there is a glitch in processing the application.
To avoid that hassle, apply for a Special Enrollment Period immediately upon losing your current coverage (or before), and begin the ACA application process within that Special Enrollment Period. Watch the dates carefully.
Otherwise, your next opportunity is to enroll during Open Enrollment later this year for coverage effective Jan. 2016.
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