Any good ideas about health care when rif’d? As a single income family I am more worried about losing health care than my job. How do you afford health care with no income or just unemployment benefits, which don’t even cover most monthly bills. (speaking after severance period of course)
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These are the assets that Medicaid counts in determining her eligibility for Medicaid nursing home benefits: A person who has more than $2000 in countable assets, such as bank accounts, mutual funds, certificates of deposit, and the like, is not eligible for benefits.
If applying for Medicaid be cautious and ask about the Medicaid estate recovery rules in your state. It may only apply to long term care or those over 55, but I would investigate before making a decision.
After your servance period ends, in a single wage earner household, most likely your drop in monthly income( ie. from investments, etc) is likely to qualify you for the medical portion of Medicaid.
Depending on the state you reside covers most doctors, hospitals and medications without deductibles. There are two portions to Medicaid: medical and food stamps. The food stamps portion takes into consideration your other assets such as bank accounts, stocks, etc. and therefore it is likely you may not qualify for it, however if your state participated in Medicaid expansion only monthly family income is taken into consideration .
Medicaid may be a better route than Affordable care act discounts as it may last longer and cover you up to your transition to your new employment period due to the political climate of non funding. Also you may have wider choice in providers.
You are doing the right thing by investigating your medical options prior to severance ending, because it is very important to be ready and submit the application for Medical coverage at the right time if you do not want break in medical coverage .
I wish you the best and hopefully you will find employment prior to your servance ends and avoid medical coverage concerns.
kwo - yes because sh1thole countries like india are known for their awesome healthcare. They all crap in the streets so im sure it fine to get your healthcare there.
lol
You can get Cobra through HON for 18 mo's after the severance period. After that you are on the marketplace. If you can keep your adjusted gross income under ~ $64,900 a year (married, no dependents) you can get a tax credit to help with premiums. I am retired, pre Medicare and my wife and my premium is $0.15 per month. Not a typo fifteen cents a month! Now our deductible is $6550 per person with a $13,100 out of pocket maximum, so it's not two far off of what we were paying for the HON coverage with average + medical spending. It's actually a lot cheaper if everyone is healthy. The key for us is to keep our investments in growth vehicles that don't generate income and supplement our pension income with post tax cash to meet monthly spending. It's a bit of a juggling act, but workable.
You can enter your data into Healthcare.gov and play with numbers until you find the income level for your particular circumstance. The income threshold seems to be a little different depending on your age and of course your family size. For us it was right around $64,900. At $64,800 Adjust Gross Income our premiums are $0.15, at $64,950 our premiums would be $1588 per month. Our wonderful government at work!
There's a bit a truth to the message that your health will improve when no longer working at Honeywell, which will inevitably bring down your health care costs. There's one of the upsides.
You get healthy or move to another country where healthcare is free. Pick any of the sh--hole countries, they probably have free better healthcare.