Can I have COBRA and Obamacare at the same time?
Asked by: Mrs. Molly Kautzer | Last update: February 4, 2025Score: 4.3/5 (7 votes)
Can I have COBRA and ACA at the same time?
If you have both COBRA coverage and Covered California at the same time, and you receive financial help to help you pay your Covered California premium, when you file your federal taxes, state taxes, or both, you will have to pay back some or all of the financial help you received for the months that you also had COBRA ...
Can I have both marketplace insurance and employer insurance?
If you're offered job-based insurance that meets the federal minimum standards, then you lose your eligibility for cost savings on the Marketplace. So, some people may want to cancel their Marketplace plans to enroll in job-based insurance. For many, this will best allow you to stay covered and keep your costs down.
What is the COBRA loophole?
If you decide to enroll in COBRA health insurance, your coverage will be retroactive, meaning it will apply to any medical bills incurred during the 60-day decision period. This loophole can save you money by avoiding premium payments unless you actually need care during this time.
What disqualifies you from COBRA?
Why would an employee not qualify to enroll in Cal-COBRA? The employee is enrolled in or eligible for Medicare. The employee does not enroll within 60 days of receiving the notice of eligibility from the employer. The employee is covered by another health plan.
Under the Affordable Care Act, can I stay on COBRA?
How much does COBRA typically cost per month?
COBRA coverage is not cheap.
A COBRA premium can cost on average $400 to $700 a month per person.
Can I get Marketplace insurance if I have Cobra?
Does that affect my eligibility for Marketplace subsidies? You can only drop COBRA and sign up for a Marketplace plan and premium tax credits during Open Enrollment.
Can I refuse health insurance from my employer and get Obamacare?
Obamacare is available to everyone, whether or not their employers offer insurance. From a practical standpoint, though, there are financial consequences to doing this. Often, an employer subsidizes part or all of their employees' coverage.
Who is not eligible for Obamacare?
Must live in the United States. Must be a U.S. citizen or national (or be lawfully present). Learn about eligible immigration statuses. Cannot be incarcerated in prison or jail.
Does Obamacare check income?
When you fill out a Marketplace application, you'll need to estimate what your household income for the year. Marketplace savings are based on your expected household income for the year you want coverage, not last year's income. You'll be asked about your current monthly income and then about your yearly income.
What happens if I underestimate my income for Obamacare in 2024?
For the 2024 tax year, if you underestimated your income and received a larger tax credit than you were eligible for, you must repay the difference between the amount of premium tax credit you received and the amount you were eligible for.
Can you drop COBRA and get Obamacare?
Can I drop it during Marketplace Open Enrollment and enroll in a Marketplace plan instead? During Marketplace Open Enrollment, you can sign up for a Marketplace plan even if you already have COBRA. You will have to drop your COBRA coverage effective on the date your new Marketplace plan coverage begins.
Is it better to take COBRA or obamacare?
Both COBRA and ACA Marketplace plans have their advantages. COBRA lets you keep your exact employer-based plan but is often more expensive. ACA plans may be more affordable, especially with subsidies, but require choosing a new plan. The best choice depends on your financial situation and healthcare needs.
Can I keep COBRA and new insurance?
You May Keep COBRA If You Are Offered New Employer Insurance.
Can I have both Obamacare and employer insurance?
Yes, you can. People who are eligible for employer-sponsored coverage can still qualify for Marketplace premium tax credits if the employer-sponsored coverage is considered unaffordable.
What is the 9.5 rule in Obamacare?
The 9.5% threshold for health insurance costs
The Health Reform bill established 9.5% as the amount of income used for health insurance beyond which, it would not be an affordable. This means that if you make $40K annually, the bill subsidizes health insurance premiums beyond just short of $4K.
What is the 30 hour rule for ACA?
If an employee is credited with an average of 30 hours per week or more during the Standard Measurement Period, the employee would be eligible for benefits for the upcoming plan year. The Stability Period is the period of time that the employee cannot lose eligibility regardless of the hours he works.
Who is not eligible for COBRA?
Indemnity policies, PPOs, HMOs, and self-insured plans are all eligible for COBRA extension; however, federal government employee plans and church plans are exempt from COBRA. Individual health insurance is also exempt from COBRA extension.
How much is cobra insurance for a single person?
The average monthly cost of COBRA Insurance premiums ranges from $400 to $700 per individual.
What is the best health insurance for unemployed people?
The best health insurance for unemployed individuals depends on your specific needs and financial situation. Medicaid offers health coverage for those with little to no income. For others, the Health Insurance Marketplace may provide affordable plans, especially for those eligible for financial help to lower costs.
What are the disadvantages of COBRA coverage?
- COBRA can be expensive, especially compared to the premiums you were paying before your qualifying event. ...
- COBRA does not apply to all employer-sponsored health plans—in particular, those organizations with fewer than 20 employees may have no requirements. ...
- Even if you get an extension, COBRA is only temporary.
Does COBRA coverage begin immediately?
Assuming one pays all required premiums, COBRA coverage starts on the date of the qualifying event, and the length of the period of COBRA coverage will depend on the type of qualifying event which caused the qualified beneficiary to lose group health plan coverage.