Thanks for the video. I am retiring early from my job and my coverage ends on Sept. 31st. I will need coverage from Oct - Dec. My job has been covering our family for medical. My husband is offered medical at his work but it is very expensive. Can we still get covered california if it is cheaper than what his will cost? Also, even if I don't get a large subsidy for 2024 does it make sense to get it now based on the special event and that way we can continue it in open enrollment but get a much larger subsidy because we will have less income. Thanks again.
You are asking all the right questions. New rules allow family members to get the subsidies when one of the household members is offered employer sponsored health insurance. The calculations are a little cumbersome. This post goes through the step with the caveat that the household percentage has changed for 2024, I think it is 9.2%. insuremekevin.com/relief-for-crippling-employer-health-insurance-premiums-covered-california/#gsc.tab=0 The other path is waiting for open enrollment for 2025 when your estimated income will be lower because you won't have the employment income. That should translate into a larger subsidy. You will still have to crunch the numbers to see if you are eligible for Covered California subsidies with the other employer sponsored health insurance. Unfortunately, you will need to do the math on a spreadsheet to see if any of the scenarios make financial sense. The other issue is the health insurance and if any of the health plans include your preferred providers. It is possible for your spouse to cover some of the dependents on the group plan while other household members go through Covered California. Some people do this to keep certain doctors because a family member may have a health challenge or is going through treatment.
@@KevinKnauss Thank you for the info. I was thinking that maybe I should have my daughter (19) go on medicale and my son (24) go on his own covered california policy - both file their own taxes and then just cover my husband and myself on cobra for the remainder of the year and then go on covered california. Does that sound like it would be the cheapest? Am I allowed to do all of that? Thank you so much for helping me.
@@TrishaRico Good alternatives. The dependents have QLE of Loss of Coverage and can apply through CC to see if they are Medi-Cal or subsidy eligible. Just remember that you cannot take them as dependents on your federal tax return for 2024 if they are Medi-Cal or subsidy eligible with their own health plans. You and your spouse can remain on COBRA through Dec. 31. During open enrollment you can apply for CC and subsidies for 2025 if your coverage under the employer plan makes the health insurance premium more than the set affordable percentage (9.2%?) Note, the affordability is based on the least expensive health plan offered to the employee, not necessarily the plan the employee has enrolled into.
@@KevinKnauss so from what I understand you saying is that in 2025 when it is just my husband and myself and our income is say 70k our covered california would be $216 mth but his cheapest medical plan for the two of us would be $950 mth then I can get the covered california because it is over the 9.2% of what covered california would cost????? Is that correct?
@@TrishaRico I'm not sure of the exact household percentage, but if the total monthly premium for all household members is greater than the percentage (9.2%?), then dependents can get the subsidy from Covered California. The employee, whose premium is usually reduced by an employer contribution is not eligible for the subsidy because their premium is considered affordable. You would enroll through CC with a household of 2, one opting out of the health plan because. The remaining household member would then be offered a subsidy.
I have cobra with my job but I’m wondering there is something that’s cheaper out there for my family of 3 two adults and one child 🙏🏼 what do you think? Thank you
Covered California might be less expensive, if it is available to you. Technically, unless you are within your 60-day Special Enrollment Period window, triggered by a loss of coverage, then Covered California is not an option in most situations. The household income is another consideration. If the household income is very high, or was very high previous to the separation from the employer, then there might not be much subsidy to help reduce the health insurance premiums. Other factors are where you live and the ages of the household members. Older adults in Northern California almost always get subsidy help, even with very high incomes. If you are younger in Southern California, the subsidies are smaller because the health insurance premiums are lower in Southern California.
@@geovanascalia8187 You can use the Covered California Shop and Compare Tool to get an approximate subsidy you might be eligible for. Make sure you include ALL income, from January 1, 2024, present, and future income estimate. www.coveredca.com/
Thanks for the video. I am retiring early from my job and my coverage ends on Sept. 31st. I will need coverage from Oct - Dec. My job has been covering our family for medical. My husband is offered medical at his work but it is very expensive. Can we still get covered california if it is cheaper than what his will cost? Also, even if I don't get a large subsidy for 2024 does it make sense to get it now based on the special event and that way we can continue it in open enrollment but get a much larger subsidy because we will have less income. Thanks again.
You are asking all the right questions. New rules allow family members to get the subsidies when one of the household members is offered employer sponsored health insurance. The calculations are a little cumbersome. This post goes through the step with the caveat that the household percentage has changed for 2024, I think it is 9.2%. insuremekevin.com/relief-for-crippling-employer-health-insurance-premiums-covered-california/#gsc.tab=0
The other path is waiting for open enrollment for 2025 when your estimated income will be lower because you won't have the employment income. That should translate into a larger subsidy. You will still have to crunch the numbers to see if you are eligible for Covered California subsidies with the other employer sponsored health insurance.
Unfortunately, you will need to do the math on a spreadsheet to see if any of the scenarios make financial sense. The other issue is the health insurance and if any of the health plans include your preferred providers. It is possible for your spouse to cover some of the dependents on the group plan while other household members go through Covered California. Some people do this to keep certain doctors because a family member may have a health challenge or is going through treatment.
@@KevinKnauss Thank you for the info. I was thinking that maybe I should have my daughter (19) go on medicale and my son (24) go on his own covered california policy - both file their own taxes and then just cover my husband and myself on cobra for the remainder of the year and then go on covered california. Does that sound like it would be the cheapest? Am I allowed to do all of that? Thank you so much for helping me.
@@TrishaRico Good alternatives. The dependents have QLE of Loss of Coverage and can apply through CC to see if they are Medi-Cal or subsidy eligible. Just remember that you cannot take them as dependents on your federal tax return for 2024 if they are Medi-Cal or subsidy eligible with their own health plans. You and your spouse can remain on COBRA through Dec. 31. During open enrollment you can apply for CC and subsidies for 2025 if your coverage under the employer plan makes the health insurance premium more than the set affordable percentage (9.2%?) Note, the affordability is based on the least expensive health plan offered to the employee, not necessarily the plan the employee has enrolled into.
@@KevinKnauss so from what I understand you saying is that in 2025 when it is just my husband and myself and our income is say 70k our covered california would be $216 mth but his cheapest medical plan for the two of us would be $950 mth then I can get the covered california because it is over the 9.2% of what covered california would cost????? Is that correct?
@@TrishaRico I'm not sure of the exact household percentage, but if the total monthly premium for all household members is greater than the percentage (9.2%?), then dependents can get the subsidy from Covered California. The employee, whose premium is usually reduced by an employer contribution is not eligible for the subsidy because their premium is considered affordable.
You would enroll through CC with a household of 2, one opting out of the health plan because. The remaining household member would then be offered a subsidy.
I have cobra with my job but I’m wondering there is something that’s cheaper out there for my family of 3 two adults and one child 🙏🏼 what do you think? Thank you
Covered California might be less expensive, if it is available to you. Technically, unless you are within your 60-day Special Enrollment Period window, triggered by a loss of coverage, then Covered California is not an option in most situations. The household income is another consideration. If the household income is very high, or was very high previous to the separation from the employer, then there might not be much subsidy to help reduce the health insurance premiums. Other factors are where you live and the ages of the household members. Older adults in Northern California almost always get subsidy help, even with very high incomes. If you are younger in Southern California, the subsidies are smaller because the health insurance premiums are lower in Southern California.
Thank you! We are near Fresno ca!
@@geovanascalia8187 You can use the Covered California Shop and Compare Tool to get an approximate subsidy you might be eligible for. Make sure you include ALL income, from January 1, 2024, present, and future income estimate. www.coveredca.com/
Thank you for your help! 🙏🏼🙏🏼 I am on the page now!