Should I drop my health insurance from work?

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PostPosted: Fri Nov 15, 2013 5:00 am   Post subject: Should I drop my health insurance from work?  

Hi! I’ve been reviewing my finances lately and found my health insurance from my job is causing me trouble.

I have no family and still it’s costing me $450 a month. The numbers went up twice last month and probably will go up again. The overspending is hurting my financial goals tremendously. I’ve 35...quite healthy...and seldom get sick.

Anyone here who drop insurance voluntarily? Would that be so much risky? Saving money here in NYC getting harder day by day and I’m determined to give it a fight. Thanks!!

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PostPosted: Fri Nov 15, 2013 9:29 pm   Post subject:   

The numbers went up twice last month and probably will go up again.
This makes no sense. Health insurance premiums are set one year at a time.

Regardless, the Affordable Care Act requires you to be insured or pay a penalty of $95 in 2014 (or 1% of your income which will probably be much higher). If you have access to health insurance through your employer, you are not eligible to obtain premium tax credits through the NY Exchange unless your premium cost exceeds 9.5% of your income. ($450 / 0.095 = $4,737 per month or $56,842 per year).

Hope this helps.


CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
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PostPosted: Sat Jan 04, 2014 7:54 pm   Post subject:   

There is no solution at all but govt. Has forced everybody to get insured by 2014 or pay a penalty and those who earn huge have to pay more. Possibly no way out.

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