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Health Insurance Through the Marketplace when employed
Posted on 2/15/17 at 10:00 am
Posted on 2/15/17 at 10:00 am
I just started a new job. The health insurance cost is absolutely ridiculous. The cheapest plan would be around $1050/month for the family plan. I want to look into getting insurance through the marketplace but I am not sure what the restrictions on this would be since I my employer offers insurance and I make more than $80k.
5
Posted on 2/15/17 at 10:12 am to LigerFan
There is a percentage the market place goes by. If the employer insurance is more than x% than you salary then you can get insurance through the market place. I don't what the percentage is, but I don't think you will qualify.
Posted on 2/15/17 at 11:34 am to LigerFan
quote:
The cheapest plan would be around $1050/month for the family plan.
quote:
I make more than $80k.
You're going to get killed on the exchange to. You make too much to qualify for the subsidies you'll be paying for with your premiums.
Posted on 2/15/17 at 12:00 pm to LigerFan
quote:
The cheapest plan would be around $1050/month for the family plan
That is about ($950/month) what i pay for just myself and wife through work. Luckily my employer pays the premiums but the amount is the same.
Posted on 2/15/17 at 12:44 pm to tigersnipen
quote:
That is about ($950/month) what i pay for just myself and wife through work. Luckily my employer pays the premiums but the amount is the same.
That is just my portion. My employer pays 50% of mine and 25% of my wife's premium. Plus I have a $6k deductible.
Posted on 2/15/17 at 2:57 pm to LigerFan
You are going to see what is known as "The Glitch"
Since your employer OFFERED you insurance, you are going to be ineligible for a subsidy on the exchange unless INDIVIDUAL COVERAGE offered by the employer is unaffordable.
So you have to take your individual plan premium, not group plan, and if that's less than 9 percent of your income (just your income, not your wife), then you won't be eligible for a marketplace subsidy.
This glitch is that you are tested on individual policy costs, but are ineligible for ALL subsidies on the exchange including for family policies.
So my guess is, you will be ineligible to get a subsidy because you won't fail the individual price test. Then, no matter how unaffordable family coverage is through your company, you still can't get a subsidy on the exchange to cover everyone else.
So you are going to be stuck choosing between an unsubsidized marketplace plan (which will be sky-high in cost) or the plan through your employer (which is sky-high).
Other options are to go without (and pay a penalty, maybe, if the IRS enforces it in the Trump admin) or get a non-compliant policy (which will be cheaper but also same penalty issue). Or do something like health sharing
Since your employer OFFERED you insurance, you are going to be ineligible for a subsidy on the exchange unless INDIVIDUAL COVERAGE offered by the employer is unaffordable.
So you have to take your individual plan premium, not group plan, and if that's less than 9 percent of your income (just your income, not your wife), then you won't be eligible for a marketplace subsidy.
This glitch is that you are tested on individual policy costs, but are ineligible for ALL subsidies on the exchange including for family policies.
So my guess is, you will be ineligible to get a subsidy because you won't fail the individual price test. Then, no matter how unaffordable family coverage is through your company, you still can't get a subsidy on the exchange to cover everyone else.
So you are going to be stuck choosing between an unsubsidized marketplace plan (which will be sky-high in cost) or the plan through your employer (which is sky-high).
Other options are to go without (and pay a penalty, maybe, if the IRS enforces it in the Trump admin) or get a non-compliant policy (which will be cheaper but also same penalty issue). Or do something like health sharing
Posted on 2/15/17 at 4:32 pm to LSUFanHouston
How old are you and your wife? Call your local health care insurance provider to see what rates they can offer.
Often times your employer will only throw in a set amount, let's say $250 to your health insurance no matter if you have a wife, family plan, single, etc. So if you are single, you can then get a $300 health insurance plan for $50 cost to you. Not bad.
If you are married you can get a $600 plan (2*$300) for $350/ month cost to you. If you have kids, the cost increases again but your employer portion stays the same.
Given all that, I found that health insurance privately was about $180/ month for a 30 year old adult and went up about $5/ year in age you were older. Most kids were about $145 and it doesn't matter their age under 18.
You can often times get health insurance yourself through your employer, and then get it for your kids and wife privately. That's often the cheapest option.
Often times your employer will only throw in a set amount, let's say $250 to your health insurance no matter if you have a wife, family plan, single, etc. So if you are single, you can then get a $300 health insurance plan for $50 cost to you. Not bad.
If you are married you can get a $600 plan (2*$300) for $350/ month cost to you. If you have kids, the cost increases again but your employer portion stays the same.
Given all that, I found that health insurance privately was about $180/ month for a 30 year old adult and went up about $5/ year in age you were older. Most kids were about $145 and it doesn't matter their age under 18.
You can often times get health insurance yourself through your employer, and then get it for your kids and wife privately. That's often the cheapest option.
Posted on 2/15/17 at 9:37 pm to baldona
Check into sharing ministries. They typically don't have an open enrollment period and they're more affordable than traditional insurance.
Posted on 2/15/17 at 9:37 pm to LigerFan
Someone suggested a legit health care option here the other day (can't remember exactly) that's cheaper than that. Another poster detailed why it's cheap and what the risks are. Might want to see if that's something you can do.
Posted on 2/15/17 at 10:31 pm to Bestbank Tiger
That's what I'm looking at for when I take early retirement (over a decade before I can get on Medicare). If you meet their criteria and you can work out the payment details and potential payment delays with providers, I would at least take a hard look at what they offer. I believe there are three major ones at this time: Christian Healthcare Ministries, Samaritan and Medishare.
Because they're Obamacare/ACA exempt and they're selective about who and what they cover, the cost is MUCH lower than anything I've seen. Some things that are manadated by Obamacare are not covered by these faith based sharing plans (they're not technically or legally insurance). Some pre-existing conditions are not covered. And some things considered pre-existing by one, are not considered pre-existing by another. So it's important to get the details. But for the average person, who isn't looking to get gender reassignment counseling, "free" birth control pills, drug rehab in Malibu for that pesky heroin addiction or a lliver transplant after years of alcohol abuse, one of them might be a good and affordable option.
I'm looking at a plan through Christian Healthcare Ministries. For just myself (one unit) and a $5000 incident/"deductible", it's $45/month. Unfortunately, it's not eligible for an HSA. But you can use a current HSA, that's already been funded, to pay the bills. If I want to drop the incident amount down to $1000, the monthly cost would be $85 ($170 for a couple, $255 for a family of 3+).
Worth looking into, IMO.
Because they're Obamacare/ACA exempt and they're selective about who and what they cover, the cost is MUCH lower than anything I've seen. Some things that are manadated by Obamacare are not covered by these faith based sharing plans (they're not technically or legally insurance). Some pre-existing conditions are not covered. And some things considered pre-existing by one, are not considered pre-existing by another. So it's important to get the details. But for the average person, who isn't looking to get gender reassignment counseling, "free" birth control pills, drug rehab in Malibu for that pesky heroin addiction or a lliver transplant after years of alcohol abuse, one of them might be a good and affordable option.
I'm looking at a plan through Christian Healthcare Ministries. For just myself (one unit) and a $5000 incident/"deductible", it's $45/month. Unfortunately, it's not eligible for an HSA. But you can use a current HSA, that's already been funded, to pay the bills. If I want to drop the incident amount down to $1000, the monthly cost would be $85 ($170 for a couple, $255 for a family of 3+).
Worth looking into, IMO.
This post was edited on 2/15/17 at 10:34 pm
Posted on 2/15/17 at 11:39 pm to Bestbank Tiger
Lol you beat me by seconds
Posted on 2/17/17 at 12:39 pm to castorinho
Would anyone care to share any good or bad experiences with one of these sharing ministry plans?
TIA
TIA
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