My husband is losing his health coverage due to job loss. I know we can sign up for Obamacare under the special circumstances, however, it asks how much money you will make this year. So my concern is, my husband will make around 45K before he is let go so it will look like we make quite a bit. But after he is let go his income will go down considerably, how does that factor in?
When you sign-up for ObamaCare's Health Insurance Marketplace you'll project income based on your expected household income for the year, if you are unsure make an educated guess and consider only taking part of the tax credit up front. Tax credits can be adjusted at the end of the year and claimed as a net tax credit on your 1040 using form 8962 - Premium Tax Credit. If you take too much up front you'll owe back tax credits up to the repayment threshold for your income.
Anyone can use the Marketplace, but cost assistance is based on income.
We suggest getting a marketplace Silver plan if you are unsure of what your income will be as it can be adjusted throughout the year in regards to both advanced tax credits and out-of-pocket cost assistance.