Here’s a common problem:
Your spouse’s employer offers a group health insurance plan, but the price to add a spouse is really expensive. The company typically pays some portion (usually 50% or more) of the employee premiums, but often does not pay anything towards the cost for dependent coverage. So what can you do?
The simple answer to the question is YES you can buy an individual health insurance policy. There is nothing in the Affordable Care Act that would make you ineligible for an individual policy if you can be covered through your spouse’s plan at work. There is a significant caveat, however…
You are NOT eligible to receive a premium tax credit (subsidy) from the government to help you pay your premiums if a group health insurance plan is available to you. That may or may not make a difference for you, depending on your income.
This is one reason why some employers might consider dropping dependent coverage altogether.
So here are your options:
1. Swallow the cost and stay on your spouse’s group sponsored plan at work.
2. Get an individual health insurance plan without a premium tax credit. The good news here is that, since there’s no subsidy eligibility, you can bypass the entire government marketplace portal and get a policy much more quickly.
3. Get an individual health insurance plan that starts in 2013. This option will only be available for a little while longer, of course. There are still some insurance companies offering individual health insurance plans in 2013 that will let you keep these plans (and more importantly these prices) for a full year. If you’re relatively healthy, this option will save you a BUNCH of money.
As always, we invite you to contact us to discuss the details of your particular needs and situation.