ACA Rules

[aaronc879]

I am starting a new job tomorrow Monday June 20th. I have been told that my benefits start on day 1 including health insurance but have been given no additional information. I currently have coverage thru the ACA with substantial subsidies. Was I supposed to cancel the ACA coverage effective June 20th or is it ok to overlap until the end of the month without losing the $400+ in subsidies for the month of June. I haven't even selected a plan yet let alone gotten any cards so not sure how I could cancel the ACA plan. I have not been able to find any official information on the topic. Is anyone familiar with this situation?

 

[COcheesehead]

When I switched plans, I was told not not cancel the old one until the new one was funded and I had cards.

 

[aaronc879]

When I switched plans, I was told not not cancel the old one until the new one was funded and I had cards.

My first paycheck won't be until July 8th so maybe I won't have to cancel my current plan until then. That would be my first deduction for HI costs. I just don't want to lose the subsidy for June or July. I am paying nothing right now and would pay over $400/mo if I lost the subsidy. I have only made $3K so far this year and will make sure my MAGI at end of year is under $19K so I don't have to pay back any of those subsidies. I just don't know the rules for having dual insurance during the transition.

 

[ivinsfan]

Why don't you see what happens on your first day, that should provide you with more info. Remember if your cost of work insurance is unaffordable as defined by ACA you can retain ACA and subsidy

 

[aaronc879]

I decided to just call the marketplace and have them cancel my insurance end of day today. Even though I don't have cards yet I should be covered by employer starting tomorrow. As long as I don't get into an accident in the 5 miles going into work the first day then I should be good. Not even I am that unlucky.

 

[aaronc879]

Why don't you see what happens on your first day, that should provide you with more info. Remember if your cost of work insurance is unaffordable as defined by ACA you can retain ACA and subsidy

I don't want to risk paying back the whole subsidy by having ACA coverage when I also have employer coverage. My HI thru work will cost less than $50/mo so it is definitely affordable by Marketplace definition.

 

[ivinsfan]

I don't want to risk paying back the whole subsidy by having ACA coverage when I also have employer coverage. My HI thru work will cost less than $50/mo so it is definitely affordable by Marketplace definition.

Ok check with your work..maybe you can say you want your coverage to start July 1..then contact marketplace ..just get it on record somewhere

 

[Aerides]

I would not expect there to be a penalty or pay back, and I would not call until I had the new plan confirmed - bird in the hand and all that.