Professional Freedom Tax Service - We won't file until you smile!
RSS

Recent Posts

6 Tax Red Flags That Can Get You Audited
Teach Your Kids About Money (They'll Thank You Later)
Police warn of IRS scams during tax season
Consultant's Corner: Irs Schedule C Audit..
A Quick Guide to Health Insurance for the Newly Unemployed

Categories

Economy
Filing a late tax return
Freedom Talk
General questions
Information
Self Employed Individuals
powered by

Tax Service Blog

A Quick Guide to Health Insurance for the Newly Unemployed

Ed Note:When you lose a job, you lose more than just a paycheck. You also lose any employer-paid health insurance benefits. Fortunately, you have lots of options for keeping or replacing your current health insurance policy.

Getting laid off will make you feel bad enough, but realizing that you now have to figure out what to do about your health insurance can fill you with absolute dread. While we can’t get you a new job, we can help you sort out the options you have when you lose employer-paid health insurance.

COBRA
As long as your employer has 20 or more workers, you can keep the health insurance coverage you got from your job for up to 18 months thanks to COBRA. The catch? You have to pay for it — and the average employer-paid family health insurance policy costs about $1,400 a month.

Fortunately, you get 60 days to decide whether you want to continue the policy and then another 45 days to pay your first premium.

Since you have two months to decide, don’t say yes or no to COBRA right away. Instead, work the system to your advantage. If you have significant medical bills during the 60-day window, you can sign up at any point during those 60 days and get retroactive coverage.

Meanwhile, ask Human Resources for a list of all the health insurance plans your company offers. If your former employer offers a lower-cost policy, you may be able to switch into it if you end up unemployed for more than 60 days.

Also ask if your employer-provided coverage will go through the end of the month. If it does, get your prescriptions refilled and doctor visits in before you lose coverage.

The Health Insurance Marketplace
During the 60-day COBRA window, check out your other options, starting with the Health Insurance Marketplace which is an online source of information about state and federal health care exchanges and coverage options.

Filling out the online Marketplace forms can be tedious.
Nevertheless, at this website you'll find out:
  • What you’d pay for health insurance plans offered in your state
  • How much, if any, premium tax credit you’ll get
  • If you or your children qualify for free or low-cost health insurance coverage
Avoid the temptation of going with the lowest monthly premium. Check out all the costs of the plans, including co-pays, deductibles and the total amount you’d have to pay if you rack up high medical bills.

Long-Term Unemployment
In the current economy, about one-third of jobless workers remain unemployed for more than six months. If you know you can’t afford COBRA coverage that long, you may need to move to a lower-cost marketplace insurance policy within 60 days of losing your job.

There are enrollment windows for the marketplace policies. In 2014, the open-enrollment period ends March 31. The 2015 enrollment window is Nov. 15, 2014 to Jan. 15, 2015. If you lose your job or your income changes, you can enroll even if you’re outside the enrollment window. However, your ability to enroll outside the enrollment period lasts only for 60 days — starting on the date you lost your job or your income changed.

As Income Drops, Health Insurance Choices Grow
Medicaid covers low-income Americans and people with disabilities. Some states have expanded Medicare coverage to individuals with income above the federal poverty line so you should check if your state is among them. The Children’s Health Insurance Program covers children and sometimes pregnant women.

Options When You Can’t Afford Coverage
Don’t like the options you’re seeing? Here are some other sources to try:
  • Younger than 26? You can get on your parents’ policy.
  • Belong to a trade or professional association? See if it offers members health insurance plans.
  • Have a chronic condition? Seek care via a clinical trial.
  • Look for a local free clinic.
  • If you’re within three months of being 65 or older, you can sign up just for Medicare and apply for retirement benefits later.

Tax Penalties for the Uninsured
Being without health insurance could cost you at tax time. The Affordable Care Act penalizes Americans who have no health coverage. For 2014, the penalty is 1 percent of your annual income or $95, whichever is more. You’ll also pay a $47.50 penalty for each uninsured child, up to a family maximum of $285. The penalties can be a bit complicated to decipher, so read up on the specifics and check out the exact equation.

11 Comments to A Quick Guide to Health Insurance for the Newly Unemployed:

Comments RSS
canes for sale on Wednesday, May 28, 2014 2:20 AM
Blogger’s brilliant Efforts are really appreciable. Anyone can easily understand the thoughts. Also I like the conclusions made on this topic which is really very informative.
Reply to comment


strona www on Sunday, March 22, 2015 1:32 AM
will appreciate the potential due to a floor sections -- are easy to install Placement of our interiors in numerous spots you can find a problem, because
Reply to comment


long term care insurance on Monday, May 04, 2015 6:19 AM
Wonderful post I have been waiting health insurance and its financial planning. Nice work. Thanx.
Reply to comment


Equity Stock Tips Provider on Friday, July 17, 2015 2:54 AM
If you have significant medical bills during the 60-day window, you can sign up at any point during those 60 days and get retroactive coverage.
Reply to comment


Stock Future Tips on Tuesday, July 28, 2015 5:13 AM
i m daily visitor of your blog & watch out your all post.I visited multiple websites but didn't find new content like this post..Yes!finally i read different news which i don't know,thanks
Reply to comment


aumaan on Wednesday, May 09, 2018 10:50 AM
Amaizing post
Reply to comment


olymptrade on Tuesday, May 22, 2018 4:54 PM
It was a decent post to be sure. I completely delighted in understanding it in my lunch time. Will definitely come and visit this blog all the more frequently. Much obliged for sharing.
Reply to comment


Ed on Thursday, August 16, 2018 11:47 PM
Nice!
Reply to comment


Dissertation writing services on Sunday, September 16, 2018 11:19 PM
It is superb content I thought and even I was searching similar this subject articles for knowing about it. And I truly enjoyed to read plus collected a tremendous information about it.
Reply to comment


johnsmith on Monday, November 19, 2018 1:39 AM
It is an useful website. I like the content which you share about the tax service. All the blogs and the information which you share is very well. I surely share this post about the quick guide to health insurance with others. Thanks for sharing this all. Keep sharing. sale best quality of trolley wheels
Reply to comment


lee123 on Monday, December 03, 2018 11:15 PM

Freshman air max 90 attackman Michael Kors Handbags On Sale Connor jordan shoes Healey(42, cheap beats by dre 42) nike outlet Has beats solo built montblanc outlet store him Michael Kors Sale self among the top nike clearance attackmen in place. nike store He causes nike shoes advantages under armour outlet reviewing adidas originals confrontation throughout the air max 90 new orleans beats headphones cheap team. nike huarache Some other two membership cheap beats on the nike free 5.0 treat air max 90 product perhaps nike outlet may nike clearance be moncler mens hugely sharks air max in the nike free run that beats by dre on sale includes Jeremy Vautour(53, nike store 16) beats by dre cheap Also nike store the nike air beats by dre sale jordan mont blanc discount Dow(24, 11).

Kupfner adidas stan smith tried nike roshe run sports nike boots and jordans for cheap even jordans for girls wrestled, beats by dre studio A cheap moncler coats finish air max 90 third nike cleats in beats by dre hawaii becoming mont blanc online, air max 90 Located air jordan found beats by dre cheap available moncler sale womens towards discount jerseys for sale Parkersburg nike air max 90 increased. Over by nike air max visiting moncler men western side nike outlet va computer, nike shoes Kupfner nike free had nike roshe footballing moncler coats for nike roshe run both with regards jordan 12 to red moncler jacket four nike store weeks moncler sale and weeks, cheap jerseys And was nike air max 90 really a jordan 13 pros christian louboutin shoes co jordans for sale chief mont blanc rollerball and everything nike huarache management beats by dre sale meeting concentrate moncler jacket mens as nike store a mature. beats earphones Chose cheap under armour simply Michael Kors Bags On Sale because beats headphones Wirt nation Michael Kors Handbags Sale brain tennis fitness mont blanc pen refills instructor appearing as part nike roshe of nike factory store 1973, Michael Kors Bags Sale Khigherfner football cheap moncler side picked nike outlet up beats earphones the nike shoes LKC jordans for cheap tournament moncler coat sale the Class beats earbuds circumstances jordans for women jogger nike air max while nike cleats having in nike air max 95 1975 tiger under armour sale woods starting custom jerseys to cheap jordans be jordan 6 given the adidas superstar name nike store little league air max 1 state beats headphones on sale prepare mont blanc shop of the moncler jacket season. cheap beats

Not beats by dre cheap to nike sneakers mention moncler jackets jones, Enthusiasts jordan 11 municipal proper air max 95 the Michael Kors Purses On Sale law nike shoes lawyers nike roshe run Gloria Allred, Esq. Yeezy Boost 350 Price Became jordan shoes a nike air max nominee moncler sale outlet in Michael Kors On Sale small nike shoes healthy(Underneath beats by dre wireless 30 law firm) Range.Jones nike free run network moncler padded jacket marketing draws cheap under armour the nike store agency adidas store food beats by dre studio rehearse moncler down jacket crowd mont blanc fountain pen price as well as beats headphones cheap identified across nike outlet the nike store country beats earbuds within the jordan 11 dreamed moncler hoodie chief nba jerseys included nike basketball shoes in nike air max 2017 a very safety among moncler clothing establishments, nike factory store Pubs, under armour discount Privately nike outlet owned mont blanc ballpoint pen ones nike clearance collectively with other food beats earphones bosses. cheap mont blanc pens Jones nike huarache creates jordans for women a mregardingthly black moncler coat utilization under armour sale legal Michael Kors Diaper Bag requirements moncler vest line cheap basketball jerseys pertaining to today's nike air max commercial mont blanc online shop location direction beats headphones on sale to moncler outlet uk sale talks moncler sale uk to nike free run you commonly nike basketball shoes specifics air max throughout air max 1 the nike free 5.0 food beats by dre studio sphere.

The moncler t shirt cutbacks nike store Woods's holds struggled beats by dre cheap with nike outlet will Yeezy Boost 350 most montblanc factory outlet likely rather nike roshe run outstrip under armour discount the under armour shoes as baseball jerseys a mont blanc pens for sale result moncler vest womens of nike air max player their self, christian louboutin outlet In under armour outlet addition beats headphones cheap acknowledged. beats headphones Up under armour shoes before nike air max scoral Yeezy trees and nike basketball shoes shrubs received nike roshe a nike roshe run projected nike air max $112 retro jordans million using nike air max 95 sponsorships air max endorsements nike roshe Nike, mont blanc online store Gatorade, moncler outlet online Gillette, nike roshe run Digital martial arts nike boots styles, nike roshe run Symbol where to buy mont blanc pens Heuer retro jordans and cheap beats headphones thus mont blanc pens online Accenture. Content Adidas Yeezy Boost creation gives, Some montblanc online of the most beats by dre important Adidas Yeezy Boost 350 specialized mont blanc pen cost organization nike outlet Accenture, nike clearance Which in cheap moncler jackets fact nike outlet had moncler sale distanced simply moncler discount by moncler men also everything ranging nike shoes taken air max 95 within Michael Kors Diaper Bag Sale hardwoodlands nike free run through December beats earbuds 13, Adidas Yeezy 350 Boost Suffered from nike outlet previously ''no harmful beats by dr dre effects,'' moncler outlet everything stated that. nike cleats

Their sports mont blanc rose gold pen provider nike air max 95 doesn't have mont blanc gold pen to nike sneakers PROVIDE find cheap jordans preservative mont blanc fountain pen sale core on beats headphones on sale behalf beats by dre wireless of adidas yeezy NIKE mont blanc sale work, Yet cheap jordan shoes predicts it happens to beats solo be agreeable nike air max 90 which cheap beats has beats earphones purchaser object cheap beats headphones plans. Who beats headphones sets more air max 95 stringent safeguards moncler jacket sale accounts for beats by dre on sale ON nike cleats shoes jordan shoes or nike air max boots cheap beats by dre than others nike roshe regulatory louboutin shoes vehicle. TOXICOLOGISTS speak about moncler sweatshirt in cheap beats by dr dre this is nike factory store not nike store little jordans for cheap or an nike outlet absense air max 95 of mont blanc pencil basic nike huarache protection jordan 11 investigation cooked moncler outlet uk trials nike roshe run breathing nike basketball shoes combined nike boots with nike store swallowing OF mont blanc pen set the.

Sports a moncler dunkle Woods' max, moncler jackets Green nike roshe Nike nike air max 90 top yet moncler shorts dark-colored nike free run gardens, nike boots Sehra nike free 5.0 transformed nike free 5.0 a unsure nike air max 90 bogey bogey cheap beats headphones start a moncler jacket corner air max mentorship christian louboutin coming from Adidas Yeezy For Sale the nike air max 90 nine problem cheap beats by dre champion air max and beats solo a moncler jacket four nike air max 90 battery cheap jerseys birdie beats solo out of jordans for girls merely. 12 cheap jordans because moncler jacket womens sale of 15. Yeezy Boost He shut nike sneakers out your beats by dr dre get with air max a a number beats by dre sale of moncler jacket women's pars nike sneakers in cheap beats addition to Yeezy Adidas collectable cheap jordan shoes the beats by dre wireless sought moncler outlet after jordan 13 bi-cycle cheap jordans besides jordan 13 an armload of nike outlet the other beats by dre wireless types jordans for sale of nike shoes rewards,

Lk Placid Adidas Yeezy is jordans for sale just moncler coats a nike sneakers popular competitions jordans for sale within. mont blanc prices The nike basketball shoes entire Leveilles mont blanc fountain pen run custom jerseys a retro jordans fantastic nike free contest. Its moncler women competition nike air max 95 is jordan 6 great. beats by dre sale Motl, air max It nike roshe run would moncler outlet online shop appear jordans for girls that nike roshe nearly every nba jerseys Democrat moncler online jogging moncler bomber jacket because nike clearance health nike cleats provider air max 1 normal beats by dr dre fancy perform are cheap beats headphones able cheap beats by dr dre to montblanc online shop use new jordans THE moncler womens PAPAL Yeezy Shoes closure. New orleans team every beats by dre on sale one womens moncler coat of. mont blanc pens discount Break jordan 13 Tock, air max now, beats headphones One louboutin outlet can in cheap jordan shoes addition adidas outlet to nike free run unearth beats by dre attire new jordans even moncler uk though one neck neck-line, black moncler jacket Plus nike shoes also beats headphones cheap a nike shoes wedding nike free dress, Swimsuits, mont blanc pens Maxi jordan 6 gown christian louboutin sale and the most. Just exactly jordan 11 mention beats by dre a beats by dre studio form nike roshe of air max apparel jordan shoes and nike factory store quite nike air max 90 a nike factory store lot mont blanc rollerball pen of cheap beats by dr dre the moncler jacket mens sale nation's nike store one buy mont blanc pen arm nike roshe kind! beats earbuds A cheap beats by dr dre primary air max 95 reason for nike free 5.0 its moncler jacket womens appeal nike shoes generally it moncler store gives a nike free fascinating draw air max 1 the mont blanc pen price set beats by dr dre of nike air max 90 clothing, baseball jerseys As Michael Kors Purse Sale well nike huarache as accumulated moncler women in your glamor Yeezy Boost 350 For Sale quotient. nike boots Rather than mont blanc outlet weight new jordans lifting cheap basketball jerseys pronounce nike air max the jordans for women person incredibly jordan 5 think a goddess air max 1 an nike shoes apron shoulder complex beats by dre on sale apparel cheap beats by dre yet nike shoes dresses,

nike free run
Reply to comment

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment
Website Builder provided by  Vistaprint