Hey Money Minder,
So, here’s the deal. My girlfriend is about to quit her job for health reasons and wants to hop on my insurance plan. I’m cool with it, but I’m struggling with the numbers.
I’m bringing home about $2,100 (that’s $73,500 a year, to be exact) in Illinois. Right now, I pay $70 for health insurance each check. If I add her, the premium jumps to $227, plus an extra $1079.50 in imputed income. I know my taxes will go up and my take-home pay will shrink, but I can’t figure out by how much.
So, should I add her to my plan or should she look into COBRA or the marketplace? Any cool gov’t programs she could tap into now that she’s gonna be jobless for a bit?
Your wisdom would be super helpful!
Catch you later,
Worried Partner.
Response from THE MONEY MINDER:
Hello There,
Dear Concerned Individual,
I understand the dilemma you are facing regarding adding your girlfriend to your health insurance plan due to her quitting her job and needing access to her medications and therapy sessions. Firstly, I want to commend you for being proactive and seeking advice on the financial implications of this decision. It’s essential to weigh the costs and benefits carefully before making such a significant financial commitment.
Based on the numbers you provided, it seems that adding your girlfriend to your health insurance plan as a domestic partner would result in a substantial increase in the premium and a reduction in your net pay. Considering your current take-home pay and the additional costs involved, it might be worthwhile to explore alternative options for her health insurance coverage.
One practical approach could be to compare the cost of adding her to your plan with other options like COBRA or marketplace insurance. Additionally, she could look into government programs that may provide assistance to individuals who are currently unemployed and seeking new job opportunities.
It’s crucial to assess the overall financial impact on both of you and choose the option that best fits your current situation. Seeking guidance from a financial advisor or healthcare expert could also provide valuable insights into making an informed decision.
I hope this information helps you navigate through this challenging situation. Feel free to reach out if you have any further questions or need assistance. Take care and best of luck with your decision-making process.
Warm regards,
THE MONEY MINDER
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