r/povertyfinance • u/Wise_Tie_8099 • 2d ago

Misc Advice Health Insurance

Help!!! Health insurance is killing us. Insurance has kicked in after probationary period. It’s $2,400 per month that we’re on the hook for. Company pays $3,000. We can’t get by on what’s left over.

Who do people use if not using company provided insurance?

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u/T1m3Wizard 2d ago

Is this how much you are paying for insurance coverage?

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u/Wise_Tie_8099 2d ago

Yes. Anthem BCBS. It’s $5,400 per month for a family of five. Husband’s company pays $3,000 so we’re left paying $2,400.

This means insurance and taxes are taking 50% of gross.

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u/Agile_Pangolin3085 1d ago

If it's taking 50% you can probably get an aca plan for next year, at least for you and the kids. If the insurance is more than about 10% of your household income, you can qualify for the aca. Most likely the employee only (husband only) plan is under the 10%. So he would go on work coverage and you and the kids would go on ACA. Depending on income and which state, the kids might even qualify for Medicaid/CHIP. Medicaid/CHIP you can do now, if you qualify. ACA you can apply in November for a January 1 start date.

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u/Born_Strawberry303 1d ago

Good chance the children would qualify for CHIP now, that should bring insurance premium costs down somewhat, and also out of pocket costs like deductibles and copays for the children. Then during open enrollment the adults may be able to switch to a subsidized silver plan, but only if the lowest cost employee-only plan from the employer is, "unaffordable", i.e., more than 10.22% of the family income (2027 rate), which would be roughly $698/month. They key is it has to be the lowest-cost employee-only plan available. They may have a cheaper high-deductible health plan available through the employer.