That means if your household income after deductions is in that range you qualify for at least premium tax credits. You can learn more at our latest version of this page https://obamacarefacts.com/questions/what-is-the-maximum-income-for-obamacare-for-2022-2023/. With this in mind, when you go to enroll in a major medical plan either through he marketplace or with any qualified broker, they will help explain what assistance you qualify for. Hope the answer helps, but don’t wait to start shopping. It becomes much clearer when you get help or check out a website like HealthCare.Gov an enter your informaiton!
I am in school living on a savings with rental property. I profit $1100 after I pay expenses for that property, but rent is $1800. I put in the 1100 a month and was told “maybe” I qualify for medicaid. Should I have put in the $1800 rent? This is the only taxable income I have
The higher number in most states would put you closer to not qualifying. As you qualify up to 138% of the poverty level, which right now for 2022 is $17,775. At 1100 you qualify, at 1800 you don’t. That said, if you live in a state that didn’t expand Medicaid, 1800 gets you cost assistance and 1100 potentially gets you nothing. So that is the logic, what you should do depenends on specifics. Do you have to write off your expenses? Do you live in a state that expanded Medicaid. Those are questions to ask.
I’m a novice to Obamacare – 2021 was my first year in it. I made very little money in 2021, but because they announced the removal of the income cap for Obamacare subsidies for 2021, I took a large withdrawal from my IRA, which then pushed me over the 400% of federal poverty line. Here’s my problem: The benchmark plan in my area is also apparently below 8.5% of our income, so they have now said that I need to repay all of the received subsidies for 2021. But this isn’t fair, in my opinion. Here are some actual numbers: I am paying $900 per month (before subsidy) for the least expensive Single Bronze PPO plan that allows an HSA and is accepted by my hospital / doctor. They are saying that the benchmark plan is a Silver HMO that costs $730 per month. But, it doesn’t include an HSA option and it is not accepted by my doctor/ hospital. Here’s my question: Can I protest their choice of a benchmark plan?
What if you start the year on a family plan of 2 and then one person drops off the plan so now the coverage is only for one person. Which income bracket above do you fall into?
Well, you would need to switch from a family plan to an individual plan, and then you would switch to the individual federal income level bracket. You would then adjust the credit for tax filing using the 8965 form. There is a part of the form that can be adjusted for this. That is the simple version of it at least. There is going to be added complexity if you don’t make the plan change or don’t make it right away.
so just double checking. My husband and I file jointly. We are only 2 people. But we fall under family of 4? 2021 was family of 2 for maximum income requirements
What is modified AGI income limit for 2021 if our policy started with 2 person in January then change to one person in April?
I became eligible for Medicare in April so dropped out and my wife continued Obamacare
“$12,760-$51,040 as an individual, or $26,200-$104,800 as a family of 4”
What if you are a married couple filing jointly? Does this fall under the “family of 4”?
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michelle
I have a family of 4. What is the income limit? Y does it say from 26k to 104k what does those numbers mean?
ObamaCareFacts.comThe Author
That means if your household income after deductions is in that range you qualify for at least premium tax credits. You can learn more at our latest version of this page https://obamacarefacts.com/questions/what-is-the-maximum-income-for-obamacare-for-2022-2023/. With this in mind, when you go to enroll in a major medical plan either through he marketplace or with any qualified broker, they will help explain what assistance you qualify for. Hope the answer helps, but don’t wait to start shopping. It becomes much clearer when you get help or check out a website like HealthCare.Gov an enter your informaiton!
Kelly Vallandingham
I am in school living on a savings with rental property. I profit $1100 after I pay expenses for that property, but rent is $1800. I put in the 1100 a month and was told “maybe” I qualify for medicaid. Should I have put in the $1800 rent? This is the only taxable income I have
ObamaCareFacts.comThe Author
The higher number in most states would put you closer to not qualifying. As you qualify up to 138% of the poverty level, which right now for 2022 is $17,775. At 1100 you qualify, at 1800 you don’t. That said, if you live in a state that didn’t expand Medicaid, 1800 gets you cost assistance and 1100 potentially gets you nothing. So that is the logic, what you should do depenends on specifics. Do you have to write off your expenses? Do you live in a state that expanded Medicaid. Those are questions to ask.
Jim
What about married filing jointly – family of 2 ?
ObamaCareFacts.comThe Author
You can always find the latest federal poverty level info here: https://obamacarefacts.com/federal-poverty-level/
The maximum for the 2021 levels used in 2022 is $69,680 for a family of 2.
Patrick
I’m a novice to Obamacare – 2021 was my first year in it. I made very little money in 2021, but because they announced the removal of the income cap for Obamacare subsidies for 2021, I took a large withdrawal from my IRA, which then pushed me over the 400% of federal poverty line. Here’s my problem: The benchmark plan in my area is also apparently below 8.5% of our income, so they have now said that I need to repay all of the received subsidies for 2021. But this isn’t fair, in my opinion. Here are some actual numbers: I am paying $900 per month (before subsidy) for the least expensive Single Bronze PPO plan that allows an HSA and is accepted by my hospital / doctor. They are saying that the benchmark plan is a Silver HMO that costs $730 per month. But, it doesn’t include an HSA option and it is not accepted by my doctor/ hospital. Here’s my question: Can I protest their choice of a benchmark plan?
ObamaCareFacts.comThe Author
I have no idea how one would protest a benchmark plan since they are set by the state I believe. But if you find a way I would love an udpate.
Don
What if you start the year on a family plan of 2 and then one person drops off the plan so now the coverage is only for one person. Which income bracket above do you fall into?
ObamaCareFacts.comThe Author
Well, you would need to switch from a family plan to an individual plan, and then you would switch to the individual federal income level bracket. You would then adjust the credit for tax filing using the 8965 form. There is a part of the form that can be adjusted for this. That is the simple version of it at least. There is going to be added complexity if you don’t make the plan change or don’t make it right away.
susan a Adie
so just double checking. My husband and I file jointly. We are only 2 people. But we fall under family of 4? 2021 was family of 2 for maximum income requirements
Phil
What is modified AGI income limit for 2021 if our policy started with 2 person in January then change to one person in April?
I became eligible for Medicare in April so dropped out and my wife continued Obamacare
ObamaCareFacts.comThe Author
The thresholds are $12,760-$51,040 as an individual, or $26,200-$104,800 as a family of 4 for 2021 coverage. For all levels for all years, see https://obamacarefacts.com/federal-poverty-level
Glynn Pennington
“$12,760-$51,040 as an individual, or $26,200-$104,800 as a family of 4”
What if you are a married couple filing jointly? Does this fall under the “family of 4”?
ObamaCareFacts.comThe Author
Yes. It is all about your tax family. If you are a tax family, then you can get coverage together (coverage family) and assistance.
Kevin Cushing
Is there a resource limit for Obamacare?
And what if you qualify for both Medi-Cal and Obamacare? Which do you get?
ObamaCareFacts.comThe Author
No there is not. It is based on income only. However, if you go on Medicaid rules can vary by state.
Michael J Donovan
is the minimum and maximum income based on the Gross or Adjusted Income?
ObamaCareFacts.comThe Author
Adjusted, and it is a specific type of adjusted income with some exceptions called Modified Adjust Income (MAGI).
https://obamacarefacts.com/modified-adjusted-gross-income-magi/
Allen Wayne
Is this INCOME gross income? Adjusted Gross Income? Or Taxable Income? It makes a huge difference!
ObamaCareFacts.comThe Author
It is modified AGI. It does make a huge difference, but it is basically AGI. https://obamacarefacts.com/modified-adjusted-gross-income-magi/