Only silver plan rebates OOP, unaffordable care act

Discussion in 'Financial Planning' started by dumbstruck, Dec 1, 2014.

  1. dumbstruck

    dumbstruck Guest

    To cover a scenario where your income falls off a cliff next year - whether loss of job or big capital losses - it sounds like it may be important to be covered by an extortionate SILVER health plan AND obtained thru a marketplace - re: out of pocket expenses.
    https://www.healthcare.gov/lower-costs/save-on-out-of-pocket-costs/

    This is in addition to getting a premium tax credit YEAR END, which doesn't require silver but may require having used marketplace? I am not talking about the complexities of advance monthly credits for some expected poverty, only getting eventual rebate due to unexpected income implosion. https://www.healthcare.gov/lower-costs/save-on-monthly-premiums/

    Is this a correct analysis that alone can make it worthwhile to step up coverage when you don't otherwise want the extravagance of silver (also maybe a reason to downshift from gold to silver)? I notice some wiggle room in the writeups saying you "may" qualify for rebates... are there enough exceptions where the credits may not be granted for sudden losses in income anyway? thanks
     
    dumbstruck, Dec 1, 2014
    #1
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  2. dumbstruck

    dumbstruck Guest

    I guess the answer is no, it's not worthwhile to choose silver just for it's unique ability to rebate Out Of Pocket expenses after unexpected loss of income. I found an unofficial worksheet on how it would work if you lost your job, and it gives some tiny rebate but is largely implemented in an unfair fashion for those with unpredictable income.
     
    dumbstruck, Dec 4, 2014
    #2
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