Things I think I learned in this thread, go with Obama care and do the high deductible. That cydkar's daughter is probably quite attractive and personable, because she is a bartender that makes good money.
Health insurance after turning 26
- Thread starter Cydkar
- Start date
Did she try the ACA yet? Might be best to see the options there first.
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Absolutely unconscionable in a "first world" country.
Should be able to get an ACA plan. Know someone that did COBRA when unemployed kid turned 26, way more expensive but he has a chronic health condition.
I’m not into “dumbing” posts or name calling like you and your ilk when just trying to have a discussion, but re your second paragraph, what do you think was the driving force for rising costs? Have you ever researched the time lines for the increase in health insurance costs and the history of employer paid health insurance? Now you can hammer away at your dumb button big man.
With the ACA and with your daughter being a bartender, I suspect most of her income is tips and so if it hits a point where tips are no longer taxed since both are now saying it - I suspect her taxable income will be pretty low which will allow her to qualify for a more substantial ACA grant. The sticker price on most ACA policies seems insane but the HDHP are less. One note with the Marketplace - get ready for A LOT of spam calls... it opens the door into a world of basically constant phone harassment until you sign up for a plan. Took my wife 3 years to get off the list and every so often they drag her number out again.
Also not to redirect from the ACA but there is a high chunk of employers in Iowa that have Blue Cross... I used to have it when I was in state and had a HDHP plan with basically no need to use it in my 20s.
Ha! I was doing some price checking, last night while she was at work, and she got dozens of calls and texts. It was insane.
As many have stated, a high deductible, ACA policy is likely the best bet. My guess is your daughter will qualify for substantial subsidies as well since it‘s based on income. This could lower her health insurance premiums to as little as $100 per month. The subsidies are applied as advanced tax credits, effectively lowing her insurance premiums.
Sorry to hear about that.
Almost every hospital has a program in place to get financial assistance with medical bills. It's usually a decent amount of paperwork but the income limits are higher than you'd think they would be and the credits are usually pretty substantial.
It feels very scammy and I am very sorry about what you are going to go through over the next few months. The only real way out that my wife found when she decided she didnt want ACA based insurance was to tell them she had died. Even then they check every so often. I suspect if you do choose an insurance (ask about subsidies) they should stop. If not - it is just government funded spam calls -
A down payment on a house? You'd have to pay taxes (plus penalty) on an HSA disbursement for that.
*Edit: Nevermind, I see what you mean. File against the eligible expenses you've saved over the years. Makes sense but likely not going to have enough expenses to add up assuming a relatively healthy first time homebuyer.
What a joke our healthcare system is.
From my experience on the tax side of the ACA,.......over-estimate income on the application.
The 1040 will adjust accordingly. I have had clients in near retirement age way under estimate expected income. A 401-K distribution looks like so much fun. They then have to repay ALL of their ACA subsidy because,.,.......they never asked for any tax advice.. Sad.
By over-estimating income on the ACA application, the subsidy shortfall will become an additional tax credit.
As always, consult a real tax professional,......not a neighborhood expert or a 12 week a year "professional".
The 1040 will adjust accordingly. I have had clients in near retirement age way under estimate expected income. A 401-K distribution looks like so much fun. They then have to repay ALL of their ACA subsidy because,.,.......they never asked for any tax advice.. Sad.
By over-estimating income on the ACA application, the subsidy shortfall will become an additional tax credit.
As always, consult a real tax professional,......not a neighborhood expert or a 12 week a year "professional".
ACA Exchange subsidies are based on income. Lower income means more subsidy which means lower premium.
Your employer doesn’t provide health insurance? You provide zero details.
