Ever since the Affordable Care Act was announced, I supported it. This was when I was single with no dependents. Time has passed since then, and I still support the underlying principle of the act, but now I am married and I have one child.
Here is a quick breakdown of my scenario. My wife works for a company that provides her with healthcare coverage that fits the ACA’s definition of “affordable”. While she is allowed to add me and our son to her insurance, the premiums that we would be charged would NOT meet the definition of “affordable”. I work for a company that does not offer healthcare insurance. Together we make about $58,000 annually. My wife dedicates $2500 to a Flex Plan. We generally use the entire $2500 every year but not much extra.
Because of the inaccurately dubbed “family glitch”, my son and I do not qualify for any discount by buying from the Marketplace. My son and I together qualify for healthcare plans ranging from $225/mo on up, but even the lowest end options are a hard sell for us (no health issues, healthy child, etc). The copay for said plan is the same price as what it costs to see our doctor out of pocket, and the deductible is an astronomical $12,700. We could definitely use the $2700/year on something more tangible.
So what are my options? Buy insurance that doesn’t cover anything? Pay a fee to not have insurance? And how does that work? Even though my wife has insurance do we still calculate our fee with both salaries? Please help me to make the most cost-effective decision.