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Can I sign up for fed health insurance but leave it when get new job with its own coverage?

+1 vote
Want to know if a person is forever forced ot stay in federal government health insurance program once enrolled or can leave when get new job which offers health coverage.
asked Mar 4, 2014 in Health Insurance by Xena
recategorized Mar 4, 2014 by DeniseC
   

1 Answer

+4 votes
When your health insurance from your job begins, you would no longer qualify for subsidized health insurance from the exchange.  At the point, you would simply discontinue your exchange health insurance and have your group insurance cover you.

You would notify your insurer that you wish to end your plan.  They will end your coverage, and will no longer bill the government for whatever subsidies you were receiving.  You will get a statement, Form 1095-A, about the subsidies that you received for your tax filing for that year.  You will need that statement to complete Form 8962.  A draft version of Form 8962 instructions is available at:  http://www.irs.gov/pub/irs-dft/i8962--dft.pdf .

Your employer will list your new health insurance on your W-2 form.  So, you will have proof that you had coverage for the whole time period.  (You are allowed a three-month gap, in any case, without having to pay a penalty.)

And congrats on the new job!
answered Dec 13, 2014 by Linda Riddell

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