kingfalcon wrote:
lb2015 wrote:
Okay, good points. The problem for me is that MA residents are required to have health insurance every single day of the year or else pay a penalty, so it probably just makes sense to purchase it in advance. I think I was able to find my full health insurance premium on our website, and luckily it looks to be lower than that range. Also, it looks like my company's coverage ends on the last day of the month you leave, so there's a big incentive to have your last day at the beginning of the month! Erghh my new idea about leaving at the end of June might not be as wise as I thought.
I left a message at Yale's student services office, so I'll update on here once I hear from them on health insurance.
FYI, here's some info about the MA penalties if you don't have insurance. It seems like it could still be a wise financial decision to forgo insurance through COBRA unless you actually need it.
What are the penalties?
The 2012 tax penalties for adults above 300% of the federal poverty level are based on half the cost of the lowest priced Commonwealth Choice plan. They are:
$83 each month or $996 for an entire year for individuals aged 18-26 earning more than $32,676
$105 each month or $1,260 for the year for individuals 27 or older earning more than $32,676
Thanks for looking this up, kingfalcon! I also just checked the MA department of revenue and found the following (
https://www.mass.gov/dor/individuals/tax ... ls.html#18):
Is there a grace period for people who have a gap in coverage?
Yes, individuals can have up to three consecutive months without penalty. Thus, taxpayers who lose but then resume their coverage within three or fewer consecutive calendar months will not be subject to penalties for lack of health insurance coverage.
So, no penalty for gaps under 3 months--perfect! Okay, time for me to schedule a doctor's, dentist's, and eye appointment ASAP and get into gear. Thanks to everyone who helped me figure this out.