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Health insurance advice for newlyweds

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  • atomicrc11
    replied
    In terms of getting married during the plan year, it shouldn't complicate things much. Either you will stay on separate plans, or have 30 days by law to add your husband to your plan since marriage is a qualifying event as well as cancel an old plan if once you have proof of coverage.

    Go to healthcare.gov and have your husband go through the process and see what the final cost will be. He will at least keep this for the first part of the year. Then when you are married if it costs more than your employers plan, ditch the healthcare.gov plan and put him on yours. If not, keep the healthcare.gov plan. If you change insurance, get a letter from the new insurer stating coverage start date and you can cancel the old plan effective that date.

    If he doesn't get coverage, your ACA penalty will be the greater of $95 or 1% of gross, which would be about $620 based on your estimated salaries. Of course, this means he has no coverage which is not a good thing. At the very least, have him get a bronze plan from healthcare.gov. This will be more than the penalty but at least he will have some coverage if something really went wrong.

    Another thing to ask, is what about his employer? If it is over 50 people, they will eventually have to provide coverage for their workers under the Affordable Care Act.

    This is the one area where the ACA hits married people, in that the subsidies do not help as much as if you were still single. Certainly take your time and try to find what works out best for you.

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  • feh
    replied
    I'm unwilling to offer advice, given you'll be getting married during the plan year; I don't know how or if that complicates things.

    This forum really isn't the place to ask this question. Folks here are not experts on the subject, so you may get bad information.

    I suggest you call the federal health insurance phone number and explain your situation, since Iowa decided not to help its citizens.

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  • Jennifer_PA
    replied
    I agree with you on that arrangement of separate accounts. I also practice that with my hubby.about choosing the best health insurance, many are available but you need to choose which best fits your necessities. you can browse websites online that would let you compare terms of different insurance companies to help you out in making your decision. Cheers!

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  • hamchan
    replied
    OK, it looks like Iowa doesn't have a state exchange, so you can either go through the federal one or you can shop on your own directly with insurers.

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  • NetSkyBlue
    replied
    Originally posted by bigdaddybus View Post
    how many employees does your company have?

    Noone that I know that have employer plans would be better off going with the ACA exchanges....but that is here in the midwest
    We have about 70 employees, in central Iowa.

    Leave a comment:


  • hamchan
    replied
    The job I just left would have me paying 90 a month for myself or 900 for myself and my husband. They didn't cover any part of your spouse or family's coverage.

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  • bigdaddybus
    replied
    how many employees does your company have?

    Noone that I know that have employer plans would be better off going with the ACA exchanges....but that is here in the midwest

    Leave a comment:


  • hamchan
    replied
    His premium should stay the same regardless, but he would likely be eligible for subsidies if you were not to get married. This right here is one of the biggest issues I have with the ACA. I hear you and totally agree that universal coverage would be better for everyone.

    Start looking around for policies for him though. You should be able to find something affordable.

    Leave a comment:


  • NetSkyBlue
    replied
    Is his premium going to increase when we marry, or is that unrelated?

    TBH the whole insurance thing rather ticks me off. We're paying for the salaries of every person employed in the industry. If we have to go this universal care route, I'd rather just be taxed and have all health care be paid for. Bunch of red tape & inefficient management, insurance companies.

    Leave a comment:


  • hamchan
    replied
    Does your state have it's own exchange? I plugged your numbers into the WA state exchange and found a plan for $172 a month. But the costs will vary depending on where you live. You can also buy a private plan outside of the exchange. It shouldn't make much difference since your household makes more than 400% of the federal poverty level (so you won't be getting subsidies on the exchange).

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  • NetSkyBlue
    replied
    Originally posted by hamchan View Post
    Have you actually looked at prices for a policy for him on the exchange? I am going by what the prices have been in my own state, but you should be able to find something decent just for him that is considerably less than $500 a month. The policy prices aren't based on a percentage of your income. You just don't have to pay the penalty if you can't find anything for less than 9.5% of your household income.
    Not really, or not understood it, anyway. Neither one of us understands ANY of this! I've always had employer-paid health insurance (but only been to the doctor 2 or 3 times in my adult life, other than annual exam), and he's never had health insurance, and doesn't go to the doctor.

    Leave a comment:


  • hamchan
    replied
    Have you actually looked at prices for a policy for him on the exchange? I am going by what the prices have been in my own state, but you should be able to find something decent just for him that is considerably less than $500 a month. The policy prices aren't based on a percentage of your income. You just don't have to pay the penalty if you can't find anything for less than 9.5% of your household income.

    Leave a comment:


  • NetSkyBlue
    replied
    This year (2013) we paid $30/mo for single, $545/mo for family. Next year will be $45/mo for single, and they didn't say exactly how much for family, but they said "under $600." We don't have an employee + spouse option. It might be a good option for a family of 5, but I am not sure it's the best for spouse.

    As far as reaching our deductible(s), mine is $3000/year after which the plan pays 100% for in-network, or $6000/month family.

    The family option WILL be more than 9.5% of our gross income. (And where did they come up with that #?) Am I even understanding the way it works? "Affordable" for me alone on my income is $308.75/month. "Affordable" for him alone on his income is $182.08/month. But "affordable" for each of us on our combined income is $490.83 EACH? Is that really right?

    It would take a serious illness or injury to reach our deductible, we neither of us have been to the doctor for any kind of illness or injury in years, and have no medications.

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  • danielhermann
    replied
    Mutual Decision holds the key

    Certain decision you have taken is completely your personal, but what I think is if you & your husband to be takes a single insurance cover which is for the family, it will help in covering more of your life and with premiums less than what you both will be individually paying. It will be more saving towards your pocket.

    Leave a comment:


  • bigdaddybus
    replied
    I assume your employer will not allow your husband on your plan when you are married? if so that sucks as that would likely be the most affordable option by a considerable margin.

    If your employer will allow him in, I dont recommend keeping that part of your finances seperate as that would most likely be a poor financial decision on your part.

    WOOPS, jsut reread that adding your husband adds an additional $500 per month on your plan. At my company (as we are enrolling now) the cost difference would be $204.50 per month to add a spouse to a single employee plan on PLAN A, and $90.40 more per month in the high deductible PLAN B.
    Last edited by bigdaddybus; 11-13-2013, 08:07 AM.

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