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.
A List of Federal Poverty Level Guidelines By Year For ObamaCare, Medicaid, and Other Assistance Programs Below is a list of Federal Poverty Level (FPL) Guideline tables for each year since 2013. This can be helpful to see at a glance since you’ll need to use different tables for different programs. Where Can I find…
For 2016 coverage, you could go silent on your tax returns regarding health coverage. For 2017 and 2018 coverage, going silent isn’t an option.
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
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Under the Affordable Care Act (ObamaCare) marketplace cost assistance and Medicaid eligibility are based on household income and family size, not assets. The only exceptions to this are Medicaid’s Asset Rules for long-term end of life care (which does count assets) and Medicaid in states that didn’t expand Medicaid (those states may have special rules).…
ObamaCare’s income rules for assistance always consider your household income for the year, not what coverage you qualify for in a given month.
We look at the Affordable Care Act, asking why many people’s medical insurance or care is unaffordable.
Can we Trust CBO figures? Republicans argued the Congressional Budget Office inaccurately projected the numbers of people left uninsured by proposed programs. Can the CBO be trusted? What is the CBO? The CBO has provided Congress with reliable and impartial budget information on the efficacy of policies for over four decades. It has a track…
On this page we ask the question, “did the ACA (ObamaCare) lead to higher medical costs, or is something else causing the increase in healthcare costs?”
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.
We explain Trump’s executive order on ObamaCare’s individual mandate (the fee for not having insurance) and the employer mandate (the fee for not providing coverage to full-time employees).
Every year under the ACA people are left without coverage due to accidental plan drops due to non-payment outside of open enrollment.
A Quick and Simple Guide to Health Insurance Costs and Assistance Types of health insurance costs include: monthly premiums and out-of-pocket costs / cost sharing (copays, coinsurance, deductible, out-of-pocket maximum). Here the premium is what one pays for the policy, and then cost sharing is a reference to the part of the costs the plan covers…
The Ways in Which ObamaCare is and isn’t Free ObamaCare is free for some via Medicaid expansion, offers cost assistance to others via the marketplace, and cost those without cost assistance money. Below we discuss all the ways ObamaCare is or isn’t free depending on income and state. TIP: All cost assistance mentioned below is based on family size…
Whether it is individual costs, insurers costs, or costs as a nation, drug price increases go hand-in-hand with rising costs under the ACA. This is a monetary and moral issue, but where is congress and where is the code of ethics?
When it comes to Advanced Premium Tax Credits, it is always tempting to take the maximum amount you qualify for. However, repayment limits can mean owing back credits.
Every American is allowed two full months without coverage a year, so if you find yourself missing a month you can take the short coverage gap exemption on form 8965
Capital gains from the sale of your primary home under $250,000 can be excluded and don’t affect subsidies. The exclusion is $500,000 for a family.
If you sort plans by price you’ll be able to easily find HSA compatible High Deductible Health Plans.
Federal foster care or adoption assistance income is exempted from MAGI and won’t affect Medicaid or tax credit eligibility.
All US citizens, who qualify based on income, must obtain coverage or an exemption. For someone traveling back and forth between the U.S. they can be exempt for spending 330 consecutive days in the year outside the US.
An incarcerated person can’t use the Marketplace, doesn’t owe the fee for not having coverage, and can be dropped from a family plan without penalty.