Can You Keep Your Affordable Care Act Plan if You Get a Job?

If you’re fortunate enough to secure full-time employment, you may be wondering if you can maintain your current Affordable Care Act (ACA) plan. The answer is generally yes, but there are a few important things to consider.

Employer Coverage Considerations

When you start a new job, your employer may offer health insurance coverage. In most cases, you must enroll in your employer’s plan if it’s offered. However, there are some exceptions to this rule. For example, you can decline employer coverage if:

The coverage is unaffordable, meaning the cost of the monthly premium exceeds 9.61% of your household income.
The coverage doesn’t meet minimum essential health benefits standards set by the ACA.
You have access to other qualifying health insurance coverage, such as through a spouse or parent.

Subsidies and Penalties

If you qualify for subsidies to help pay for your ACA plan, your eligibility may be affected if you get a job. Specifically, you will likely lose your subsidies if you enroll in employer-sponsored coverage. However, if you decline employer coverage because it’s unaffordable, you may still be eligible for subsidies.

Coverage Comparison

Before making a decision, it’s important to compare the cost and coverage of your employer’s plan to your current ACA plan. Consider the following factors:

Monthly premiums: This is the amount you pay each month for coverage.
Deductibles: This is the amount you pay out-of-pocket before your insurance starts to cover costs.
Co-pays: These are fixed amounts you pay for specific medical services, such as doctor visits or prescription drugs.
Out-of-pocket maximum: This is the most you will have to pay out-of-pocket for covered medical expenses in a year.
Covered services: Make sure both plans cover the medical services you need, including any ongoing treatments or medications.

Need Help Deciding?

If you’re unsure whether to keep your ACA plan or enroll in employer coverage, it’s a good idea to consult with a licensed insurance agent. They can help you assess your options and make an informed decision that’s right for you.

Conclusion

Getting a job doesn’t necessarily mean you have to give up your ACA plan. By understanding the rules and comparing your options carefully, you can make the choice that’s best for your health and financial situation.