Can You Cancel Obamacare If You Get a New Job?
If you’re currently paying for health insurance through COBRA (Consolidated Omnibus Budget Reconciliation Act) and are considering signing up for Obamacare, you may be wondering what will happen if you get a new job that offers health insurance.
COBRA allows you to continue your employer-sponsored health insurance for a period of time after you lose your job. However, COBRA can be expensive, so you may be wondering if you can cancel it and switch to Obamacare if you get a new job.
The good news is that you can cancel Obamacare at any time for any reason. This means that if you get a new job that offers health insurance, you can cancel your Obamacare plan and enroll in your employer’s plan.
There are a few things to keep in mind if you’re considering canceling Obamacare:
You must cancel your plan by the 15th of the month for it to cancel the next month. This means that if you want to cancel your plan for January 1, you must cancel it by December 15.
If you cancel your Obamacare plan, you will not be eligible for a special enrollment period. This means that you will have to wait until the next open enrollment period to enroll in a new plan.
If you cancel your Obamacare plan and do not have other health insurance, you may be subject to a tax penalty. The tax penalty for not having health insurance is $695 per adult and $347.50 per child in 2023.
If you’re not sure whether or not you should cancel your Obamacare plan, it’s a good idea to talk to a licensed insurance agent. They can help you compare your options and make the best decision for your needs.
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