In Colorado there is a program called CHP+, which is low cost healthcare for children and pregnant women in families that make <260% the federal poverty level for their family size, but too much to qualify for Colorado’s Medicaid program.
We’re expecting a baby this summer and are trying to figure out our insurance/healthcare options for her.
(PS, I’ve gotten the advice of just apply and find out but I actually can’t apply for the baby until the baby is literally here)
Are any of my reads on the info wrong? Is there any reason I would want baby to be on marketplace insurance if they could qualify for this?
- At an annual income of $65000/year or $5416.66 monthly gross income, we nowhere near qualify as a family of 2 and don’t quite qualify (am like $30 over monthly) as a family of 3 once baby is here. Source pic:
- I can contribute to an IRA to sneak into these limits.
This source seems to say contributions to an IRA reduce your income for these purposes, but contributions to an employer-sponsored 401k do not (PDF):
Relevant screenshots:
This source seems to suggest I’m within the income limits to deduct contributions up to the max from my income:
It also seems like I may get 50% back as a saver’s credit. Do I need to double my minimum contribution to compensate for this?
- Worthwhile-ness
My husband and I have different insurance through the marketplace – he’s self employed and I’m part time, and neither of us have employer provided options.
Based on what I’ve read, my insurance is the one I can enroll a newborn on. Mine is very expensive, as I got a gold plan figuring I would absolutely hit my deductible and could hit the OOP max if I had a complicated labor.
So assuming baby’s insurance would cost a similar amount, it could be like… 500 a month I think? More? No idea what our income-based adjustment could change by to cover a bit of it.
I can’t find the enrollment cost for this year - in 2020 it maxes out at $105 annually.
Here is what different copays would be.
And out of pocket max for enrolled members in a household is 5% of family income, or about $3k for us. Waaay better than the $7500 OOP max for my insurance.