Since 2018, I have purchased a group BCBS health insurance plan through my LLC (far from my full time job – might make a few hundred dollars this year). At the time, this was saving me a couple of hundred dollars a month rather than just purchasing a personal plan without running it through the business. My employer doesn’t offer health insurance. A few things have changed since then. 1. My wife and I had a third child in 2020 2. My wife now makes no income – stay at home mom (new to 2021)
Looking at healthcare.gov, I can get a BCBS policy almost identical to my current plan for about $417 less a month with the subsidy I now qualify for since my spouse quit her job and our income for this year will be less.
Questions: If I cancel my policy through my LLC with BCBS, are there any repercussions? Is this now a qualifying event that I can now sign up for a plan on healthcare.gov, or no because it was voluntary on my part? I still want to keep my LLC… I wouldn’t have to dissolve it to make this work, would I?
PS: my state allows a husband and wife to both be part of a single entity LLC, thus allowing us to qualify for a group plan through BCBS.
submitted by /u/AxisPT
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Since 2018, I have purchased a group BCBS health insurance plan through my LLC (far from my full time job – might make a few hundred dollars this year). At the time, this was saving me a couple of hundred dollars a month rather than just purchasing a personal plan without running it through the business. My employer doesn’t offer health insurance. A few things have changed since then. 1. My wife and I had a third child in 2020 2. My wife now makes no income – stay at home mom (new to 2021) Looking at healthcare.gov, I can get a BCBS policy almost identical to my current plan for about $417 less a month with the subsidy I now qualify for since my spouse quit her job and our income for this year will be less. Questions: If I cancel my policy through my LLC with BCBS, are there any repercussions? Is this now a qualifying event that I can now sign up for a plan on healthcare.gov, or no because it was voluntary on my part? I still want to keep my LLC… I wouldn’t have to dissolve it to make this work, would I? PS: my state allows a husband and wife to both be part of a single entity LLC, thus allowing us to qualify for a group plan through BCBS.
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