Hello Mustachios,
Different case study than the usual RE case study.
I am soon to be unemployed as I gave my resignation from my 6 figures paying job, without backup job (I know it’s stupid, facepunching myself for that)
I’m 38M with a 38DW (part time assistant teacher) and 2 kids (9, 5) leaving in WA.
I’m hoping to find a new job quickly, but in case it takes me longer to find a job, I have a stash than should support us for 2 years or so if needed.
My case study is really around healthcare coverage.
For the rest of this year, for the sake of simplicity and to avoid a period with no coverage, I’m planning to use COBRA.
It will be expensive but is only 1 or 2 months.
My question is for next year.
Until I find a new job I anticipate my income to be as follow:
Me: $0 (will withdraw from EF)
DW: she earns $16,000/year but we put everything in 403b so her AGI will be close to zero (not intending to change that, since I have cash)
I see at least 2 options (maybe more?):
Option 1:
We can use her company medical insurance, the cost would be around $1,000 per month to cover the family.
Its roughly $80 for her and $920 for the spouse and the 2 kids.
Option 2:
She could cover herself only by her company next year ($80/month)
For myself and my child, I was thinking on enrolling in ACA? Since with a $0 income we would fall below the 9.86% threshold, I should be eligible ?
Would the cost be less than $920/month with subsidies ?
With an AGI of $0 or close would I even be eligible to ACA?
What type of verification will I need to provide to show that I plan to have an income of $0, knowing that this year I was in the 6 figures?
Any other option?
I’m sure people in the RE population must have faced something somewhat similar.
I would love to benefit from their experience.
Thanks for reading