How Does Life Insurance Income Affect ObamaCare?
Both Inheritance and a death benefit from Mom’s death life insurance will likely be received this year. How does it count in income calculation, and what can I expect?
I was named a a beneficiary on my Mom’s life insurance policy. While my month to month income remains steadily as low as it’s been, and would reflect my normal expected income throughout the course of the year, this year, it looks like I will, unusually, be in receipt of both an additional life insurance benefit, as well as some inherited proceeds from the sale of her house, probably during the year 2015. The one time life insurance benefit approximates 18,000, and the estimated inheritance payment may be close to 20,000.
Can you please let me know how those unusual monetary occurrences will be considered in my insurance rate calculations, if at all, so that I may plan accordingly. Thanks so much for your kind attention.
Ralph
If I take money out of my life insurance policy does that count as household income from obamacare.
ObamaCareFacts.com
It can. Life insurance isn’t simple. The rule of thumb is if you have to pay taxes on it then it counts. There are different types of life insurance plans so general different answers to this question.
Ralph
These are my divindes from my policy for 5000 dollars I did not pay any tax on it so I think it would not count as income.
Samual Brarbo
Hello, I have a similar question. I am a benefactor of a life insurance policy and currently on a marketplace health insurance. I understand that the lump sum of the life insurance policy isn’t taxable but the interest gained from that is. Would that affect my allegibility of my current insurance?