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Question about Obamacare and 2012 Coverage

 
 
Reply Sun 26 May, 2013 07:32 pm
I turn 26 this year and I'm being booted off of my parents' insurance. The insurance company offers me an option of staying on with them, however it costs quite a bit a month. I have a few questions that I was wondering if anybody might be able to help me with. Note: I live in Texas which is one of the states that opted out of the medicaid program.

1. I know open enrollment for Obamacare begins in October and I definitely plan on enrolling. However, will there be any kinds of tax breaks when I file my taxes if I decide to stay on with my parents' insurance plan until next year? It's expensive monthly but it's great coverage and might be worth it. (I won't go into boring detail, but I can't go without insurance for the rest of the year for medical reasons)
2. Even though open enrollment is in October, if I do enroll, is the insurance not effective until January 2014?
3. Are there any aspects of the new laws that I perhaps don't know about that I could take advantage of to be insured for the rest of the year? (My insurance officially terminates next month)
4. Any other possible suggestions for any kind of affordable insurance plan to cover me until the end of the year?

I greatly appreciate you taking your time to read this and your response as well, should you choose to respond. And please I would greatly appreciate it if replies would be limited to those of the non-political nature. I know not everybody agrees with the politics involved but that's not what I'm asking about. Thanks again.

-Justin
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Type: Question • Score: 3 • Views: 1,393 • Replies: 5
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panzade
 
  1  
Reply Wed 31 Jul, 2013 12:07 pm
@jjherrin87,
Glad you asked this question.
This is a very important change in the health care system.

I'm going to bookmark this one
0 Replies
 
InsuranceLady
 
  1  
Reply Fri 20 Sep, 2013 02:36 pm
@jjherrin87,
1. I know open enrollment for Obamacare begins in October and I definitely plan on enrolling. However, will there be any kinds of tax breaks when I file my taxes if I decide to stay on with my parents' insurance plan until next year? It's expensive monthly but it's great coverage and might be worth it. (I won't go into boring detail, but I can't go without insurance for the rest of the year for medical reasons)

I do not know of any tax breaks for keeping insurance to the end of this year, but I am not an accountant. If you need health insurance, it is usually cheaper to buy in bulk rather than on your own. If your parents' plan can/will keep you I would still look at prices on your own, but I would think it is better for the wallet to stay with them. Not having coverage certainly will be bad if you are needing care.
2. Even though open enrollment is in October, if I do enroll, is the insurance not effective until January 2014?

This is true. The only way to get insurance until then is to be on another program (i.e. buy your own or Medicaid at your age.)
3. Are there any aspects of the new laws that I perhaps don't know about that I could take advantage of to be insured for the rest of the year? (My insurance officially terminates next month)

There is also the Pre-existing condition insurance program that was made to help people with health problems get insurance until 2014, but is over with at the end of 2013 so I do not know if it is worth it/you have time to get on that now.
4. Any other possible suggestions for any kind of affordable insurance plan to cover me until the end of the year?

Always go to an in-network doctor if possible, that saves you money. Use generic drugs whenever available and make sure that you watch for errors on your bill.
panzade
 
  1  
Reply Fri 20 Sep, 2013 02:57 pm
book 'em dano
0 Replies
 
roger
 
  1  
Reply Fri 20 Sep, 2013 04:16 pm
@InsuranceLady,
If you don't mind the intrusion, you will get greater clarity if you use the quote button, and answer each part of a multipart question in a distinctive color. It might look something like what I've shown below.

No "Quote" button? I think it's hidden by default, but go to your "My Preferences" page and change the default. You can find that page linked a at the bottom of this, and most other pages. I do not know why hiding the dang button is the default, so don't bother to ask.

InsuranceLady wrote:


2. Even though open enrollment is in October, if I do enroll, is the insurance not effective until January 2014?

This is true.
InsuranceLady
 
  1  
Reply Mon 23 Sep, 2013 08:27 am
@roger,
roger wrote:
Thank you so much for the tip! I am a newb on this site (if that was not already obvious) and did not even play with that feature yet. Looks like it uses HTML coding so I will have to remember that in the future. Smile
0 Replies
 
 

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