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Janicespark
Points:37
(0)(0)
Affordable Health Care Act Affecting My Traveling
Hi Guys
I am planning on quitting my job this June and traveling the world for the next 6 months. My current job just sent out the paperwork to renew our insurance. At the bottom of the page it there was documentation stating the IRS will be having a new form which will be provided with your W-2 at the end of the year ( 1095-C).
8 years agoin Health & Safety-WuhuAnswers(7) Comments(0) -
Willem
Points:33You can lack insurance for up to two months in a calendar year and not have to pay a penalty. See the IRS page here for the details on the "short coverage gap" exemption. Also see post #3 of this thread that describes that any calendar month during which you have insurance counts as having insurance (which might only apply just before you leave the country).8 years ago -
Louise303
Points:9Oh, this part is brilliant. I am planning to leave my job in October, and will be without coverage for the last 2 months of the year....and then we take off. I thought I'd have to suck it up and pay for 2 months of ACA exchange health care. Maybe I still will, but this gives me a little ray of hope.8 years ago -
Gracemashabela
Points:5particularly in her analysis of how many months you can go without insurance without having to pay the fee.8 years ago -
Afrotate
Points:11have a follow up question on health insurance under the ACA which I am hoping some others can share their experiences.
My husband and I have decided to take the step and start traveling. We do want to come back to the US to spend time with friends and family each year. Since we will not live in the US we do not want to spend money on health insurance when we are not actually here. We do not qualify for Medicaid or other programs. If I have read the rules correctly, if a person (citizen or resident) spends more than 35 days in the US then purchasing insurance is obligatory. Unfortunately, the time period to purchase insurance is the open enrollment period of November then the insurance coverage would begin in January and I would have to pay for months that we are not here.
8 years ago -
Arnold303
Points:36After you lose your employer provided health insurance you have 2 months essentially waived until you are “required” to have qualifying health coverage. After that point you either have to sign up and pay for a plan via healthcare.gov or pay the penalty. Sadly travel insurance doesn't meet the standards of qualifying health coverage.8 years ago -
Felix303
Points:36You would sign up for Healthcare on your state exchange. As you'd have no income, you'd be eligible for subsidies. I don't know if travel insurance qualifies instead though.8 years ago -
Adrian303
Points:36Basically this form breaks down the months you had insurance with that company. Since I will be leaving my company, I will not have insurance for the next 6 months of this year. Except travel insurance. Anyone know any exemption rules so I will not get fined a fee next year on my taxes. The only information I saw about it was that you had to be out of the country for 330 days to be exempt from being fined. Any feedback would help!8 years ago
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