For 2020 coverage, those making between $12,490-$49,960 as an individual, or $25,750-$103,000 as a family of 4, qualify for ObamaCare. For 2021, those making between $12,760-$51,040 as an individual, or $26,200-$104,800 as a family of 4, qualify.
Anyone living in the United States who is a citizen or legal resident, and who is not incarcerated, is eligible for ObamaCare’s cost assistance based on income if they make between 100% – 400% of the Federal Poverty Level.
The minimum income for ObamaCare is 100% of the federal poverty level. The dollar amount of this changes every year, but for 2020 it is $12,490 for an individual and $25,750 for a family of four.
You can use your HSA to pay for Medical debt any time after the HSA was opened. You cannot use your HSA to pay for debt incurred before the HSA was open.
If you or your spouse become eligible for health insurance from a program like Medicaid or Medicare it counts as a qualifying life event and you can change your coverage. The same is true for losing eligibility for one of those programs.
Under the Affordable Care Act (ObamaCare) you can only get coverage that qualifies for cost assistance and offers all of ObamaCare’s benefits during each year’s open enrollment peroid.
The Affordable Care is still in effect for 2020 and beyond, although there are some changes. In short, Americans no longer have to pay a fee for not having coverage, but they can still get cost assistance.
ObamaCare subsidies are part of the current law and will not end unless the Affordable Care Act (ObamaCare) is repealed. That means you can still get subsidies in 2020 and beyond.
Household income is MAGI of the head of household (and spouse if filing jointly) plus the AGI plus the AGI of anyone claimed as a dependent.
The year(s) you claim your taxable lump-sum payment in is the year(s) it will impact marketplace cost assistance. If you know you will claim only part of the lump sum as taxable this year, then that is the only part of the payment you need to account for when figuring out cost assistance.
Assets are not counted for cost assistance subsidies on marketplace plans under the Affordable Care Act (ObamaCare). Only income is counted for premium tax credits and cost sharing reduction subsidies.
If you had Medicaid, CHIP, or Medicare you should get a 1095-B sent Form 1095-B. A 1095-B can help you complete your taxes, for example if you had marketplace coverage for part of the year and need to file a 8962 form for tax credits.
The law requires employers with over 20 employees to offer health coverage to all full time employees regardless of their age. Thus, they must offer coverage to an employee on Medicare.
If you cancel a plan by mistake, the best thing to do is to quickly appeal. In many cases appealing a health insurance decision or marketplace decision will lead to a resolution in favor of the customer.
In general, inheritance does not affect Premium Tax Credits or Cost Sharing Reduction assistance because inheritance is not taxable on the federal level and not considered income for federal tax purposes.
I read the “How IRA’s and HSAs work with the ACA” section of this website but I’m still not clear on this: Is the one time allowable use of traditional IRA funds to set up a HSA (which I would use to buy an HSA eligible Obamacare plan) counted toward my MAGI? Also… is this… Read More
HealthCare.Gov (or your state marketplace) can enroll you in Medicaid if you qualify and you give them the necessarily information. You can also enroll directly with your state Medicaid agency.
There are no universal death benefits to help survivors. Aside from things like the Social Security Lump Sum Death Payment, this type of insurance is private.
An employer can cut back hours, but once you qualify for employer health insurance they must offer coverage until the end of the calendar year.
Generally, you should sign up for the marketplace ASAP and then enroll in a marketplace plan starting 60 days before your old coverage ends.
To the question: “are there legal issues with switching from what is known as ObamaCare to what is known as TrumpCare?” The answer is potentially yes.
ObamaCare’s income rules for assistance always consider your household income for the year, not what coverage you qualify for in a given month.
There is no perfect answer to how much ObamaCare raises taxes, because it differs by income. Most Americans will mainly only face the fee for not having coverage.
If ObamaCare is repealed people on marketplace coverage might lose tax credits, but they will almost certainly be able to continue their plan. For others, it is more complicated.
Hey, So I am in NYC and I am looking through all of these plans and there are only a few random Bronze and Silver plans that say “HSA” in the title. But the premiums are very high compared to the “Catastrophic Care Plans.” If it doesn’t say “HSA eligible” does that really mean that… Read More