So, I've interviewed for a new job that will be essentially doubling my salary, and it sounds like I have a pretty good shot at being one of their 4 new hires. Yay!
So right now I'm trying to look at what this is going to mean financially if things happen as it seems like they will.
I'm also one of the (apparently few) people who until this point did rather well on marketplace insurance. $350 a month, 320 a month subsidy so $30 out of pocket.
From what I've been able to find, this means trouble with the new job, because when they calculate it at tax time, it will look at my total income, including from 3/4 of the year making double what I'd told it, and will want this back, even though it was completely accurate at the time in the months that it was used.
However, I also qualified for the "cost-sharing reductions", that made my deductible $250 and my max out of pocket $500. Which has been very nice, and means I'm past deductible, and will easily hit the max soon. And this part does not get changed by end of year corrections, so I won't have to pay anything back for no longer qualifying.
So, the new job insurance would start first of the month after 60 days. I assume they aren't going to move fast enough to have me start in the next week, so that will be June 1, so 7 months left on the year.
The new insurance isn't awful, will pay just over 100 a month, but it does have a $1500 deductible. One of my meds alone is over $200 a month, so that should be hit fairly easily.
So question basically is: Should I even bother changing anything, or just take the full hit here?
I'm going to owe back the $350 a month for the first 5 months. I could have them stop giving me the subsidy as soon as I start the new job since I know I will have to pay it back, but from what I can tell, there doesn't seem to be any interest charged on overpayments, so it's basically the same either way in the end. And I assume with the new income and advance plans I'll be in a better place to pay it later rather than sooner.
But, for the 7 months that I'll be eligible with the work insurance... with the cost-sharing reductions not being paid back, if I stay on the marketplace plan, even though I would be paying the $350 a month totally out of pocket, I would have no further out of pocket medical expenses for the year.
So for those 7 months, its a choice of a certain $2450 but also a certain no more, or $700 certain plus $1500 likely unless a major med change happens, for $2200 plus whatever copays past the deductible.
So, it would take $250 in out of pocket post-deductible to break even with the marketplace, but if anything major happened, could be quite a bit over.
I'm getting the feeling that either way I'm going to be unhappy this time of next year. The higher income will easily make up for it with knowing to plan for it to minimize the impact, but already seems messy now and I don't even have the official "yes" yet.
I guess I'm just trying to figure out if I'm missing anything in this picture that would make a better outcome of the mess.
Submitted February 23, 2017 at 08:06AM by Whymsi http://ift.tt/2l3lpaf
