Options for Health/Dental Insurance after layoff - Job Worries
Apr 8th 2017, 1:58 am
#31
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Re: Options for Health/Dental Insurance after layoff - Job Worries
Yes, that's right. ACA is the Affordable Care Act, also known as Obamacare. If you purchase a health insurance policy through healthcare.gov, you are eligible for any subsidy relevant to your income. This is for incomes up to a level of 400% of the federal poverty level, and dependent on the size of your family - for example, as a family of 4 you would be eligible for a subsidy if your income for the calendar year is below roughly $97k. It's on a sliding scale, of course.
Subsidies can be claimed up front if you're confident of what your income will be, or you can't otherwise afford the insurance. Otherwise, it's all tidied up the following Feb/ March when you do your tax return. We didn't bother trying to get subsidies up front - it seemed to require more complicated paperwork to prove an income when we didn't know what it would be for that year - so paid the full premium of $715 each month (monthly COBRA would have been 1,300-something).
Hubby was on paid notice through to March that year, then we did Obamacare from April-August, then he started his new job. So income-wise over the entire year, he earned enough to take us out of the subsidy bracket so we would have ended up owing the whole premium and having to repay any subsidy we'd taken anyway.
Heads-up: as and when you cancel the ACA policy and go back onto employer insurance, they require 2 weeks' notice.
I assume you're on green cards, so no visa issues from the employment loss? And is your husband getting outplacement advice, help with his resume, etc? Job hunting can be such a grind, especially with a non-standard employment background like being foreign. Hubby was looking for supply chain/ materials roles at the director/ senior director level, and despite an excellent resume - advanced degree, multinational household name company, regularly promoted, worked in multiple countries, etc etc - it took 7 months to find something, which was apparently still 'quick'. His outplacement consultant said at the outset to be prepared for up to a year, or sometimes more if restricting location or industry.
We had the added complication of a high schooler, so we had to triangulate moving around the possibility of a new job, and selling our AZ house, and his need to not miss any classes because credits. We spent March/ April getting the house ready to sell and marketed it from late April for the 'want to move during summer vacation' crowd, sold it in June, then did our job-hunting-while-camping road trip through California, the Pacific NW and so on.
Our plan was then to either return to Phoenix, rent a furnished holiday villa, and put the kids back in their usual schools while we waited to see what happened next. Or, as it turned out, to get a new job and move ready to start the new school year neatly.
From your previous posting, I suppose it wouldn't be altogether terrible if you ended up moving, and could pick a new school environment for your son..?
Subsidies can be claimed up front if you're confident of what your income will be, or you can't otherwise afford the insurance. Otherwise, it's all tidied up the following Feb/ March when you do your tax return. We didn't bother trying to get subsidies up front - it seemed to require more complicated paperwork to prove an income when we didn't know what it would be for that year - so paid the full premium of $715 each month (monthly COBRA would have been 1,300-something).
Hubby was on paid notice through to March that year, then we did Obamacare from April-August, then he started his new job. So income-wise over the entire year, he earned enough to take us out of the subsidy bracket so we would have ended up owing the whole premium and having to repay any subsidy we'd taken anyway.
Heads-up: as and when you cancel the ACA policy and go back onto employer insurance, they require 2 weeks' notice.
I assume you're on green cards, so no visa issues from the employment loss? And is your husband getting outplacement advice, help with his resume, etc? Job hunting can be such a grind, especially with a non-standard employment background like being foreign. Hubby was looking for supply chain/ materials roles at the director/ senior director level, and despite an excellent resume - advanced degree, multinational household name company, regularly promoted, worked in multiple countries, etc etc - it took 7 months to find something, which was apparently still 'quick'. His outplacement consultant said at the outset to be prepared for up to a year, or sometimes more if restricting location or industry.
We had the added complication of a high schooler, so we had to triangulate moving around the possibility of a new job, and selling our AZ house, and his need to not miss any classes because credits. We spent March/ April getting the house ready to sell and marketed it from late April for the 'want to move during summer vacation' crowd, sold it in June, then did our job-hunting-while-camping road trip through California, the Pacific NW and so on.
Our plan was then to either return to Phoenix, rent a furnished holiday villa, and put the kids back in their usual schools while we waited to see what happened next. Or, as it turned out, to get a new job and move ready to start the new school year neatly.
From your previous posting, I suppose it wouldn't be altogether terrible if you ended up moving, and could pick a new school environment for your son..?
His brother in law, who is a twice Ivy League grad, looked his resume over and gave him some suggestions. He also talked to unemployment to see if they could offer interviewing/resume help, but trying to get through to them in NJ is almost impossible. He has become very familiar with LinkedIn now and uses it a lot. He gets calls from some recruiters. He has supervisory links that have given him LinkedIn references. I guess he could pay someone who specializes in resumes, but we are trying to watch our $ right now. He has looked at tons and tons of online help. It is exhausting to watch. We are paying to keep our toddler in daycare 4 days per week (as I don't work Fridays), while he is constantly searching, but after his severance finishes and he doesn't have a job, we may just keep our toddler in daycare for 3 days only.
Apr 8th 2017, 2:01 am
#32
Austin. TX.
Joined: Sep 2013
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Re: Options for Health/Dental Insurance after layoff - Job Worries
That is great to know. I automatically presumed that you had to sign up for all medical, dental and vision together. I did not realize you could just do dental or vision alone. They quoted me $1,983.41 for medical, $108.28 for dental and $17.01. I am going to go with the dental and maybe vision. We are going to try and get our eye tests etc done prior to end of May and then we will just go with the dental. We are also thinking of getting braces applied to our almost 12 year old because out of pocket is $1.5k for braces on the plan. It would cover him for the 18 months of cobra and then the last 6 or so months would probably be then out of pocket. The orthodontist cost without insurance was 5.5k. So I think it makes sense to get it going for the 18 months and then pay out of pocket for the approx. 6 months at the end. What do you think about going with the braces now while we can?? I think the insurance company pays out quarterly.
I used to be a dental hygienist in a former life! Your son, at age 12 is at the young end for orthodontic work. Has he even lost his last baby molars? Unless the orthodontist has given you a specific reason to start at this age, this is something that could wait a year or two and still be ok. My own son started at 16.5 and is just finishing up at 18.
Apr 8th 2017, 2:04 am
#33
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Re: Options for Health/Dental Insurance after layoff - Job Worries
When it comes to taxes next year, what do they code the subsidiaries under? Is it a certain line on the 1040? Do you know what happens if you put a dollar amount in the amount that my husband is presumed to make for 2017 on the application and I think it will be lower than the subsidary allocated amount ( $97,200 max), but in fact it turns out to be more than the allocated amount for a family of 4 when the year ends?
For our application, I guesstimated an amount based on his pay received to date that year, and uninsurance benefit, and other income we have from investments. It was above the 100% federal poverty mark, but a fair bit below the 400% cut off. It came back that we were due a subsidy of X amount, and I threw a bunch of forms into an admin black hole to prove he'd been legitimately laid off, but in the end just paid the premiums as we had enough emergency fund to do this, and claim it the following year if needs be.
If you receive a subsidy but then he gets a job, and you end up over the maximum income for subsidies, then you'll just owe it back at tax return time, same as if you'd not withheld enough. You'll be able to tweak withholding later in the year, if this is the case, to avoid owing more than $1k and incurring an IRS penalty.
Last edited by kodokan; Apr 8th 2017 at 2:12 am.
Apr 8th 2017, 2:06 am
#34
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Re: Options for Health/Dental Insurance after layoff - Job Worries
Repeat as much as you like, ask all the questions - it's a whole new area of knowledge, and your mind is very full right now!
Apr 8th 2017, 2:08 am
#35
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Re: Options for Health/Dental Insurance after layoff - Job Worries
If I might add something here?
I used to be a dental hygienist in a former life! Your son, at age 12 is at the young end for orthodontic work. Has he even lost his last baby molars? Unless the orthodontist has given you a specific reason to start at this age, this is something that could wait a year or two and still be ok. My own son started at 16.5 and is just finishing up at 18.
I used to be a dental hygienist in a former life! Your son, at age 12 is at the young end for orthodontic work. Has he even lost his last baby molars? Unless the orthodontist has given you a specific reason to start at this age, this is something that could wait a year or two and still be ok. My own son started at 16.5 and is just finishing up at 18.
Now that what has happened though with my husband and insurance situation, I was thinking just take advantage of the 1.5k cap, rather than looking at 5.5K when cobra has run out and I don't know what the next stage with my husband will bring - maybe dental insurance or maybe No dental insurance depending on his job situation.
Apr 8th 2017, 2:21 am
#36
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Re: Options for Health/Dental Insurance after layoff - Job Worries
My son got braces at 12 and a couple of months; he had obviously croooked, overlapping bottom teeth that needed straightening, and probably some other stuff I couldn't see as a layman. His was an easy case, he had all his adult molars, and more importantly he was very compliant (he's my extremely reasonable and logical child). He did excellent dental hygiene, including the much more complicated flossing, and at 17 - three years after removal - still uses his retainer most nights and hasn't had any noticeable regression.
My daughter, now 13, thankfully doesn't seem to need braces as she has genetically rubbish teeth and is much more slack about caring for them. I'd be very wary about sticking brackets on them, to give her more surfaces to (not) clean (properly), and I'm 98% certain she'd be very hit and miss with ongoing retainer usage.
I've told her we'll save her braces allowance for a later date if she needs them then or, as is more likely, if she needs another cosmetic repair like veneers in the future.
So as regards your son - is he emotionally ready for braces, and the upkeep responsibility attached? It's a fairly burdensome regime. And I personally wouldn't start a braces treatment unless I knew I was staying put for the duration of it.
My daughter, now 13, thankfully doesn't seem to need braces as she has genetically rubbish teeth and is much more slack about caring for them. I'd be very wary about sticking brackets on them, to give her more surfaces to (not) clean (properly), and I'm 98% certain she'd be very hit and miss with ongoing retainer usage.
I've told her we'll save her braces allowance for a later date if she needs them then or, as is more likely, if she needs another cosmetic repair like veneers in the future.
So as regards your son - is he emotionally ready for braces, and the upkeep responsibility attached? It's a fairly burdensome regime. And I personally wouldn't start a braces treatment unless I knew I was staying put for the duration of it.
Apr 8th 2017, 2:24 am
#37
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Re: Options for Health/Dental Insurance after layoff - Job Worries
Just to give a little update on the American job search. He has started to get a few calls here and there. He has had several recruiters call him, they say to do this and do that and ask questions etc and then you don't always hear back from them - annoying. He is trying to set up an interview with a German company that is 2 hours away, but they seem extremely picky and taking their sweet time. He has started to send his resume across the US. He has had several calls about contracts per hourly rate, but no benefits - some 6 month/some longer. But we really want something with benefits. The killer is an upcoming interview that is 25% less salary than he was making, but probably decent benefits. It is a supply chain analyst, rather than a supply chain manager. He felt like he worked so hard to get to the manager level. But several people have told him it is not forever. After a year or so, you could look for something else at a higher salary or maybe there are promotional opportunities. I think he will also be bummed if he doesn't get the job and was willing to drop to 25%. I'm sure it will bring his confidence really down. Oh boy, who knew we would be dealing with something like this. Wish we had a glass ball and could have seen the future to prepare ourselves better 
Apr 8th 2017, 2:31 am
#38
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Re: Options for Health/Dental Insurance after layoff - Job Worries
It is good, of course, that he's getting all these flurries of interest. The timescales are often atrocious - application sent, weeeeeeeks go by with nothing, then suddenly it's all on again. Nothing to be done but practice being stoic.
Whether to take a job at lower pay, or hold out for something better... tricky one. Best thing for now is to tell yourself that you don't actually have a decision to make until they offer you it. And by then you'll have much more information about the people, the working environment, the prospects for advancement and promotion, etc. Go for everything, and leave the discernment for later. If nothing else, it's great interview practice and a nice confidence boost to be asked
Whether to take a job at lower pay, or hold out for something better... tricky one. Best thing for now is to tell yourself that you don't actually have a decision to make until they offer you it. And by then you'll have much more information about the people, the working environment, the prospects for advancement and promotion, etc. Go for everything, and leave the discernment for later. If nothing else, it's great interview practice and a nice confidence boost to be asked
Apr 8th 2017, 2:44 pm
#39
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Re: Options for Health/Dental Insurance after layoff - Job Worries
...We are also thinking of getting braces applied to our almost 12 year old because out of pocket is $1.5k for braces on the plan. It would cover him for the 18 months of cobra and then the last 6 or so months would probably be then out of pocket. The orthodontist cost without insurance was 5.5k. So I think it makes sense to get it going for the 18 months and then pay out of pocket for the approx. 6 months at the end. What do you think about going with the braces now while we can?? I think the insurance company pays out quarterly....
Our almost 9 year old is going through the Myobrace thing, so not quite the same thing as a full brace, but including getting the pallet expander bit put in and the whole treatment, x-rays, fixes, the lot over about 12-18 months worth was a set cost and insurance paid half up front.
Hopefully won't need to do proper braces after this, but who knows, but this was $3K total.
Apr 8th 2017, 2:48 pm
#40
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Re: Options for Health/Dental Insurance after layoff - Job Worries
Deductible... all depends if you have the money put by to afford it, if necessary. For reference, my daughter's mildly broken wrist cost about $600, and her mildly broken ankle was about $2k all in with physio being about half of that. Non surgical breaks aren't that expensive.
Apr 8th 2017, 3:06 pm
#41
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Re: Options for Health/Dental Insurance after layoff - Job Worries
Have you looked into seeing if they do a up front cost and payment?
Our almost 9 year old is going through the Myobrace thing, so not quite the same thing as a full brace, but including getting the pallet expander bit put in and the whole treatment, x-rays, fixes, the lot over about 12-18 months worth was a set cost and insurance paid half up front.
Hopefully won't need to do proper braces after this, but who knows, but this was $3K total.
Our almost 9 year old is going through the Myobrace thing, so not quite the same thing as a full brace, but including getting the pallet expander bit put in and the whole treatment, x-rays, fixes, the lot over about 12-18 months worth was a set cost and insurance paid half up front.
Hopefully won't need to do proper braces after this, but who knows, but this was $3K total.
For reference, a very well known professor of orthodontics in the UK was using this approach and has recently been struck off for it. Those of us in the dental world are very, very dismayed at what happened to him. He was very well liked and respected by those of us that had worked with him. He was very close to retirement and just couldn't be arsed to fight the unfair GDC process . It did seem rather like a witch hunt instigated by the regular orthodontists in conjunction with the GDC.
Apr 9th 2017, 12:56 am
#42
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Re: Options for Health/Dental Insurance after layoff - Job Worries
My daughter, going into kindergarten at the time, also non-surgical, rolled in at close to $30K after all the bills stopped coming. That was for all the x-ray scans, check ups, casts, ER time etc for her arm break. Her hand did touch her elbow though, but it wasn't a compound, just a clean double break.
Apr 9th 2017, 6:28 pm
#43
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Re: Options for Health/Dental Insurance after layoff - Job Worries
Aye, a big chunk of the cost was the 8 hours sitting around the ER and also the almost weekly scans on the arm it seemed. They wanted to see it was healing well and not require pins which it didn't in the end, but as she was in kindergarten it was something they wanted to avoid having to do.
We had insurance, but 10% is still a chunk of change. I don't think we can take anything health related for granted as far as costs go as there's so much that goes into it that is bonkers
We had insurance, but 10% is still a chunk of change. I don't think we can take anything health related for granted as far as costs go as there's so much that goes into it that is bonkers
Apr 10th 2017, 5:14 pm
#44
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Re: Options for Health/Dental Insurance after layoff - Job Worries
Couple of questions regarding the ACA plan.
To get the rebate, apparently a family of 4 needs to make less than $97,200 to get the rebate lower cost. What happens if you think you will make less than the $97,200 but end up making over that amount. Do you have to pay it back? Just don't know the exact annual amount right now for signing up. I'm wondering if I put in $100K for now, which we will then have to pay the full monthly premium. Or do I put in $97K for now, get the lower cost, and see what happens next? Just afraid of owing a lot of money back if it goes over the bracket (severance/unemployment/vacation back pay - I have accounted for my part time job). How do they even prove it that you made over the $97,200?
Also, as far as deductibles go, there was a Horizon plan with a deductible of 6K. Usually, do check ups/immunizations for my kids have to go towards the deductible (such as my 18 month old goes about every 6 months)? Meaning I will get charged say for example a $300.00 doctors visit and have to pay that full amount towards the deductible. Is it contracted with the insurance company so that I am charged less than I would be straight with the doctor?
I keep hearing that so many doctors/offices don't accept the ACA program. This would be Horizon (I think an EPO - whatever that is) so it should not be too bad, I would presume.
To get the rebate, apparently a family of 4 needs to make less than $97,200 to get the rebate lower cost. What happens if you think you will make less than the $97,200 but end up making over that amount. Do you have to pay it back? Just don't know the exact annual amount right now for signing up. I'm wondering if I put in $100K for now, which we will then have to pay the full monthly premium. Or do I put in $97K for now, get the lower cost, and see what happens next? Just afraid of owing a lot of money back if it goes over the bracket (severance/unemployment/vacation back pay - I have accounted for my part time job). How do they even prove it that you made over the $97,200?
Also, as far as deductibles go, there was a Horizon plan with a deductible of 6K. Usually, do check ups/immunizations for my kids have to go towards the deductible (such as my 18 month old goes about every 6 months)? Meaning I will get charged say for example a $300.00 doctors visit and have to pay that full amount towards the deductible. Is it contracted with the insurance company so that I am charged less than I would be straight with the doctor?
I keep hearing that so many doctors/offices don't accept the ACA program. This would be Horizon (I think an EPO - whatever that is) so it should not be too bad, I would presume.
Apr 10th 2017, 6:00 pm
#45
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Re: Options for Health/Dental Insurance after layoff - Job Worries
Couple of questions regarding the ACA plan.
To get the rebate, apparently a family of 4 needs to make less than $97,200 to get the rebate lower cost. What happens if you think you will make less than the $97,200 but end up making over that amount. Do you have to pay it back? Just don't know the exact annual amount right now for signing up. I'm wondering if I put in $100K for now, which we will then have to pay the full monthly premium. Or do I put in $97K for now, get the lower cost, and see what happens next? Just afraid of owing a lot of money back if it goes over the bracket (severance/unemployment/vacation back pay - I have accounted for my part time job). How do they even prove it that you made over the $97,200?
To get the rebate, apparently a family of 4 needs to make less than $97,200 to get the rebate lower cost. What happens if you think you will make less than the $97,200 but end up making over that amount. Do you have to pay it back? Just don't know the exact annual amount right now for signing up. I'm wondering if I put in $100K for now, which we will then have to pay the full monthly premium. Or do I put in $97K for now, get the lower cost, and see what happens next? Just afraid of owing a lot of money back if it goes over the bracket (severance/unemployment/vacation back pay - I have accounted for my part time job). How do they even prove it that you made over the $97,200?
If you end up having a higher yearly income than you projected in your application, it will get reconciled when you file your 2017 taxes (i.e. by April 15th, 2018) and you will have to pay the difference as part of that. Similarly in the other direction if your yearly income ends up being lower than your projected. And remember this kind of reconciliation will take place even if both your projected and actual 2017 income is less than $97k.
How do they prove you earned over $97k? The same way they prove what your taxable income is...