Page 1 of 1

Obamacare and Starting Biglaw

Posted: Tue Oct 01, 2013 9:37 am
by Anonymous User
So, politics of this aside, if my school's plan doesn't have a continuation option through the summer, and my parents don't have jobs with health insurance, I'm going to have to buy insurance privately for August and September or whatever until I get my firm insurance in October, right? And my subsidy (or lack thereof) is going to be based on the income I won't be earning for two or three months, since you have to give them a projection of your 2014 income, correct? Is there any way around this?

Re: Obamacare and Starting Biglaw

Posted: Tue Oct 01, 2013 9:42 am
by Joe Quincy
My firm paid for health insurance over the bar summer.

Re: Obamacare and Starting Biglaw

Posted: Tue Oct 01, 2013 10:01 am
by Anonymous User
Where/what kind? Is this market now? Apologies for a stupid thread if it is.

-OP

Re: Obamacare and Starting Biglaw

Posted: Tue Oct 01, 2013 10:15 am
by Joe Quincy
Not giving too many details because don't want to out myself. But I believe standard practice at many firms is to pay the premium for short-term coverage (which largely sucks) until you start and their real insurance kicks in.

I'd cross this bridge when you get to it. It's still too early to tell if/what parts will actually be in effect and what your specific circumstances will be.

Re: Obamacare and Starting Biglaw

Posted: Tue Oct 01, 2013 6:50 pm
by Anonymous User
I guess if my firm's materials over the next few months don't address this, I will consider raising it with Recruiting. Thanks.

Re: Obamacare and Starting Biglaw

Posted: Tue Oct 01, 2013 7:22 pm
by BVest
Gaps in coverage less than three months in length do not trigger a penalty.

Re: Obamacare and Starting Biglaw

Posted: Tue Oct 01, 2013 7:40 pm
by Anonymous User
Thanks for the education.

I was going off of http://kff.org/infographic/the-requirem ... -care-act/ which asks whether "you were insured for the whole year." Site otherwise seemed diligent so I guess they dropped the ball there.

- OP

Re: Obamacare and Starting Biglaw

Posted: Wed Oct 02, 2013 2:13 am
by Redamon1
BVest wrote:Gaps in coverage less than three months in length do not trigger a penalty.


This.

Re: Obamacare and Starting Biglaw

Posted: Wed Oct 02, 2013 9:46 am
by Joe Quincy
Redamon1 wrote:
BVest wrote:Gaps in coverage less than three months in length do not trigger a penalty.


This.


Yeah, except that people graduate in May and start, at the earliest, in October, which is more than 3 months. Some people I know aren't starting until January.

Re: Obamacare and Starting Biglaw

Posted: Wed Oct 02, 2013 10:28 am
by mr. wednesday
Joe Quincy wrote:
Redamon1 wrote:
BVest wrote:Gaps in coverage less than three months in length do not trigger a penalty.


This.


Yeah, except that people graduate in May and start, at the earliest, in October, which is more than 3 months. Some people I know aren't starting until January.

If you have no income for 8 months, you may qualify for the expanded Medicare depending on what state you are in. If your state doesn't offer an expanded Medicare but you would have qualified for it based on income, no penalty is triggered.

Even if a penalty is triggered, your income during your stub year will be so low that the penalty will be negligible. Or you could always get health insurance in case you get sick at some point during those 8 months.

Re: Obamacare and Starting Biglaw

Posted: Wed Oct 02, 2013 3:55 pm
by Anonymous User
Joe Quincy wrote:
Redamon1 wrote:
BVest wrote:Gaps in coverage less than three months in length do not trigger a penalty.


This.


Yeah, except that people graduate in May and start, at the earliest, in October, which is more than 3 months. Some people I know aren't starting until January.


OP here. I'm on my school's plan, and it lasts until August (as I imagine many might, given that plans seem to usually cover non-graduating students through the summer, and don't have a different plan for third years). I understand this may not be universal, though. And yes, it may not help those with start dates later than October.

Re: Obamacare and Starting Biglaw

Posted: Wed Oct 02, 2013 4:11 pm
by pjo
How would they know if you go without insurance for say 4 or 5 months? I really haven't looked into this that closely. I just assumed it was something you had to address when you file your taxes. Are there people actively monitoring whether you have/maintain coverage?

Re: Obamacare and Starting Biglaw

Posted: Wed Oct 02, 2013 4:48 pm
by Amity
Why would Obamacare have any affect? Doesn’t the firm pay health care (as stated in their benefits package)? Up until the firm’s start date I suppose I’d keep my current insurance (it’s inexpensive, but virtually worthless).