Rude Awakening with Single Private HC Insurance Cost (surgery, patient, Texas)
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And you need to be absolutely certain of your taxable income. If you withdraw additional funds from your savings that reduce you subsidies, you have to pay the overage back. Do you have capital gains and/or dividend income? If so, even if you don't withdraw those funds, it still counts as taxable income as per ACA.
That income is taxable only if those capital gains/dividends are generated outside of a tax-deferred account. Capital gains/dividends generated within the tax-deferred account are not taxable until withdrawn. Otherwise, cash withdrawal from a non-IRA generic bank savings account is after-tax money and not taxable on withdrawal.
OP, if you anticipate a change in taxable income, you report that to healthcare.gov - or wait until year-end when you file your taxes, and pay back a portion of the subsidy, then. Based on the $17k income, it appears you could receive well over $5k in subsidies - depending on the plan you choose. If you believe there might be some clawback at the end of the year, just set the monies aside.
You need to do some strategic planning on how to handle those retirement funds to avoid tax consequences. Good advice on the Retirement Forum on that.
Ariadne22: Thanks again for the advice and links. My investment income is solely from taxable non retirement accounts. I do not reinvest dividends or capital gains from non retirement accounts.
I took for granted my excellent jobs and medical coverage and never thought much about what is covered. The one time I went to the hospital for a operation in 2003, I don't remember paying any deductable.
I just don't know enough about these plans, and what I did see was confusing at best as to the coverage. I do have a list of what plans my PCP accepts.
I am going to call AETNA Open Access and confirm the important elements of my coverage; so that I can compare against the bronze, silver, and gold plans on offer. I was thinking I must have a GOLD plan, for I have not had to meet any deductables. X-rays, Scans, Labs, are all covered and I pay a $25/$35/$35 copay for PCP/Specialist/PT Mental health visits. Rx Meds are $10 to $25 copay. Insurance has never refused to pay for anything. Plus, a specialist recently put me on a expensive daily medication ($1026 for 30 pills) and the insurance only charged me a $50 copay. I couldn't believe the insurance approved it.
I wish I could keep this same insurance under COBRA for more than 12 months but it is not offered in Maryland as private insurance!
Open Enrollment for ACA for coverage in 2017 does not begin until November 1st. Any plans on the MD website now may not be on offer for 2017 as insurance companies and prices change.
Therefore, wait until November before you actually begin investigating plans.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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You are fortunate.
I had to buy HI with a pre-exsisting condition. Initially, I was uninsurable (prostate removal for early stage cancer). Then ObamaCare kicked-in which qualified me for the State assigned pool. One plan 80/20, high deductible (equivalent to "gold").
I have individual health insurance for myself only & no assistance. My premiums have been $1045 per month with a yearly deductible of $1500 & a 25% co-pay for in-network doctors, hospitals, etc. No vision. No dental. I found out today beginning November 1, 2016 my premium will be $1780 per month, no other changes.
Idk what I will do. But OP, were I you I would happily pay those Cobra payments.
doesn't get much better ON medicare when you add in the coat of A & B deducted from your SSI and medicare supplemental Ins. and part D prescription drug coverage,
doesn't get much better ON medicare when you add in the coat of A & B deducted from your SSI and medicare supplemental Ins. and part D prescription drug coverage,
Medicare people aren't paying $1k/mo. in premiums, not even close.
If your income is low enough, there are special silver plans which have lower deductibles. It looks like Maryland already has its plans listed since they use their own exchange. Most plans are narrow network. You will have to make decisions if you have providers through different health systems.
Remember, if you end up making more, you will have to repay the subsidies.
I have to pay $650 a month for HC Insurance for the next 7 years until age 65 when I qualify for Medicare. Healthcare costs don't include co-payments and medicines.
That sounds about right for individual coverage in my state for someone of your age.
Quote:
Originally Posted by KittenSparkles
Essentially, most people who get their medical insurance through their employer are largely unaware of how much it costs. If they have to pay any portion of their premium, they do tend pay attention to that number. But not the entire cost.
I have individual health insurance for myself only & no assistance. My premiums have been $1045 per month with a yearly deductible of $1500 & a 25% co-pay for in-network doctors, hospitals, etc. No vision. No dental. I found out today beginning November 1, 2016 my premium will be $1780 per month, no other changes.
Idk what I will do. But OP, were I you I would happily pay those Cobra payments.
You really need to look at the premium costs vs the out of pocket costs for your plan to see if it really is less to buy a lower deductible plan at a higher premium. Using assumed numbers--if you are now paying $12,540 just in premiums for the plan you have to have a $1500 deductible (assuming a $3000 out of pocket maximum), you could go with a plan that has say a $3000/6000 that is probably a fraction of the premiums you are paying and still save money. Do you go to the doctor a lot? Do you hit your out of pocket costs each year? Since you have a co-pay, you aren't on a Health Savings Account qualified plan, which would offer additional savings in premium costs and tax benefits. Also, why is your premium going up on November 1st? That is an odd time of the year for a premium increase.
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