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Old 11-20-2015, 02:01 PM   #1
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Health insurance

My wife and I are in our mid fifties and have been retired for 1 year. She gets a pension 55k per year with health insurance benefits but premiums are rising. I have been using ACA with no subsidy at $290 per month (caresourse just for me). We just received notice that it's going up to $350 starting January. Does this sound like the best l can do? Thanks for any replies.

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Old 11-20-2015, 03:04 PM   #2
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I don't know. Go to Healthcare.gov and look at what is available to you. Also, look at off-exchange plans. You can often find those at the insurer's web pages. Also maybe some third party sites such as ehealthinsurance.
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Old 11-20-2015, 03:14 PM   #3
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Also if you have a provider you like, you can call them direct, there are sometimes plans "not so well advertised". I found one of those for my bf who had a unique case that he wanted covered. Given your a male mid 50s, I actually consider $350 rather low from what I've seen as my bf is 45 and can't find one that low...but ehealthinsurance and the look at 2016 plans on healthcare.gov will give you the best ball park if that's in the ball park for your age, gender, state.
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Old 11-20-2015, 03:15 PM   #4
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would tacking onto her plan be more affordable (assuming it is allowed)? If either or both could get on HSA plans, you might be able to reduce your income a little bit...

not sure about your age... but that does not seem any higher than what I see. Actually maybe less.
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Old 11-20-2015, 03:33 PM   #5
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I'm in my early 50's and will pay around $450 ($420 this year) for a bronze equivalent plant. It's not available on the exchange but directly from the insurance company. The cheapest plan from this insurance provider on the exchange is $475. So agree with previous poster to go directly to the insurance company if you are not getting a subsidy.


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Old 11-20-2015, 03:59 PM   #6
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Sounds ballpark. I just went there and priced out for my situation (50, nonsmoker, in a rather rural area in Texas) and the cheapest I saw was $301/mo. The cheapest HSA-eligible plan was $311. So yeah, $350 per month in your mid-50s seems in the ballpark.

Of course, with the $311 plan above, you could reduce your MAGI with an HSA and possibly reduce the cost with tax credits, depending on how close you are to 400% of the poverty line.

As has been said above -- if there is no subsidy in play you may have more options off of the exchange. (Where I live, off-exchange is also the ONLY way to get an individual PPO plan instead of an HMO plan.)
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Old 11-20-2015, 04:44 PM   #7
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This is the first time my wife and I have used the exchange. On a non adjusted (gross) houshold income of $55k can anyone tell me if we will qualify for a subsidy? In other words does the exchange use adjusted gross ie. After standard deductions... or gross before ANY deductions?
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Old 11-20-2015, 04:48 PM   #8
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Quote:
Originally Posted by kongmen View Post
This is the first time my wife and I have used the exchange. On a non adjusted (gross) houshold income of $55k can anyone tell me if we will qualify for a subsidy? In other words does the exchange use adjusted gross ie. After standard deductions... or gross before ANY deductions?
Before you get started, I have a question, when you say "we" do you mean both you and your wife? It's my understanding that if are offering a qualifying plan thru an employer, you can't just simply go to the exchange for a subsidy for both of you. ..You should read a couple of the ACA threads.
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Old 11-20-2015, 05:00 PM   #9
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Quote:
Originally Posted by kongmen View Post
This is the first time my wife and I have used the exchange. On a non adjusted (gross) houshold income of $55k can anyone tell me if we will qualify for a subsidy? In other words does the exchange use adjusted gross ie. After standard deductions... or gross before ANY deductions?
It's before "standard" deduction and individual exemptions but after things like 401K, IRA and HSA contributions. I believe for a household of two, 400% of FPL is around $62K so a $55K income would qualify for a modest subsidy, most likely. If you can contribute to a 401K, 403B, IRA or HSA you could reduce your MAGI even more and obtain a larger tax credit.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
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Old 11-20-2015, 05:19 PM   #10
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My wife and I are both retired...we have no earned income only income from a pension of 55k. We don't qualify to contribute to an ira, 401, or any other type of retirement plan. If we find an insurance plan on the exchange that qualifies for an hsa can we use the premiums as deductions so as to reduce our income to allow for exchange assistance?
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Old 11-20-2015, 05:54 PM   #11
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Quote:
Originally Posted by kongmen View Post
My wife and I are both retired...we have no earned income only income from a pension of 55k. We don't qualify to contribute to an ira, 401, or any other type of retirement plan. If we find an insurance plan on the exchange that qualifies for an hsa can we use the premiums as deductions so as to reduce our income to allow for exchange assistance?
With all the questions you have and because you are new to this process, I think you need to find an insurance broker to take care of this for you. The broker does this everyday and know the answers you are looking for.
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Old 11-20-2015, 06:19 PM   #12
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Originally Posted by kongmen View Post
My wife and I are both retired...we have no earned income only income from a pension of 55k. We don't qualify to contribute to an ira, 401, or any other type of retirement plan. If we find an insurance plan on the exchange that qualifies for an hsa can we use the premiums as deductions so as to reduce our income to allow for exchange assistance?
Short answer: Yes. HSA contributions reduce MAGI for the purposes of ACA tax credits.

Longer answer: Many insurance brokers will help answer your questions and help you find the right plan at no cost to you. May not hurt to call or visit some of them.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
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Old 11-20-2015, 06:50 PM   #13
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Thanks everyone. I'll check into an insurance broker.
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Old 11-22-2015, 05:44 AM   #14
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Go to the health thread in the early retirement forum. Tons of info in that section
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