Author Topic: Fear of losing Health care subsidy / need to raise income - condundrum  (Read 933 times)

DieHard_772

  • Bristles
  • ***
  • Posts: 384
  • Location: California
Hey all,

So I have a question.
I'm married, 37, and my SO is 60  (I am male, she is female, yes you read that right about our age difference).
I am really eager to raise my income to handle expenses, save a higher percentage, and achieve our financial goals.

Currently we are getting a huge subsidy for our Covered California Health insurance.
Without the subsidy, our insurance would cost over $900/mo... that's even with the high deductible HSA-compatible
plan (btw I love our HSA).
Obviously, as I grow my income, that will reduce the subsidy.  The income is MORE important than the subsidy,
I know that, yet there is some fear, some hesitation.  And I really just want to blast it out of the park and earn
so much money that it won't matter how much our health care is.

Yet there seems to be a gap where I will be earning more money yet will be therefore paying high premiums
therefore not seeing as much money and it's discouraging me even though I MUST earn more money!  Aaaaaay.

I appreciate any perspective or ideas that could help me get out of the way and do what I need to do (raise my income
and take the risk of higher premiums).

Thanks.

Paul der Krake

  • Magnum Stache
  • ******
  • Posts: 4608
  • Age: 11
  • Location: USA
Lots of unknowns here. Your older spouse is driving the cost of the premiums, but you probably knew that.

How much do you earn now? How much does your spouse earn? What are your earning potentials? You can and should go to your state's exchange website and plug in different incomes and see what subsidies come out.

You don't specify how you intend on earning more. If your plan relies on self-employment income, compare what you could be getting for equivalent work as a W-2 employee that gets employer insurance.