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Wed 18 Sep, 2013 12:38 pm
I currently have health insurane through my job, paying $53 a week, while my employeer covers the other half. If i were to add my husband onto my policy, it would bring the weely total up to $180 a week, as I have to pay my husbands insurance in full. This is a high deductable plan so this makes healthcare exremely expensive. Mind you, I work at McDonalds and only make 30,000 a year, while my huband makes about 20,000. Together we would qualify for a Obamacare program but i heard that because my job offers insurance, i am required to take it through them, no matter how expensive or if switching to an Obamacare plan would be cheaper. We can not afford to add my husband on to my plan and continue to pay rent and save for a house. Is the informantion I heard true or is there a better option?
@susierusso,
If your job-based coverage is less than 9.5% of your annual income, it is considered affordable and you would not qualify for the premium tax credit or cost-sharing from the Marketplace. However, if your job-based plan costs more than that or does not cover essential benefits, then you may enroll in the Marketplace.
@InsuranceLady,
InsuranceLady wrote:
If your job-based coverage is less than 9.5% of your annual income, it is considered affordable ...
How can that statement be applicable to individuals making $25,000 or less, when that value is either at the poverty level or very close to it? At the poverty level, the plain truth is that most individuals can't afford to buy any kind of insurance.
The few things " affordable" to persons living in poverty ( and probably homeless as well ) means rent money, food money, and if lucky some 2nd hand clothes money. The last thing in the poor person's mind is to buy health insurance, and this is because these individuals can always go to an ER and receive free health care.
@Miller,
Miller wrote:
How can that statement be applicable to individuals making $25,000 or less, when that value is either at the poverty level or very close to it? At the poverty level, the plain truth is that most individuals can't afford to buy any kind of insurance.
The few things " affordable" to persons living in poverty ( and probably homeless as well ) means rent money, food money, and if lucky some 2nd hand clothes money. The last thing in the poor person's mind is to buy health insurance, and this is because these individuals can always go to an ER and receive free health care.
That income amount would put you at under 250% of the Federal poverty line (28,725 for one person in 2013). You will be eligible for the premium tax credit to help pay the month to month cost of your healthcare and you could get the cost-sharing as well to help pay for out-of-pocket costs. If all else fails and you cannot find anything that will be enough to get you by, do apply for a hardship exemption so you do not have to pay the tax in 2015. Hope that helps.
@InsuranceLady,
One problem with the tax credit ( not applicable to me ) is the fact that the individual must file an income tax return. Most of the folks at the $25,000-$30,000 level haven't filed in either 30 years or for some, never.
When they file that return, a red flag in at the IRS will go up, and the tax folks will wonder why didn't this person ever file a return before. Next step, audit.
@Miller,
Miller wrote:
One problem with the tax credit ( not applicable to me ) is the fact that the individual must file an income tax return. Most of the folks at the $25,000-$30,000 level haven't filed in either 30 years or for some, never.
When they file that return, a red flag in at the IRS will go up, and the tax folks will wonder why didn't this person ever file a return before. Next step, audit.
Wow, I can see the concern with that; no one wants an IRS audit. Are these your friends who have not filed taxes? The people I know who do not file taxes would be eligible for rebates, but do not bother because the amount is too low to worry about. If you owe money for taxes, the IRS will come after you anyway. Has anyone talked to an accountant (or maybe posted the question here if there is a tax specialist hanging around) about this concern?
@InsuranceLady,
It doesn't affect me, as I always pay my taxes each and every year.
It does probably affect many other Americans. I assume you are an American.
@Miller,
Miller wrote:
It doesn't affect me, as I always pay my taxes each and every year.
It does probably affect many other Americans. I assume you are an American.
I am, I love my rebate so I file taxes every year too.
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