Impact of Lump Sum on Obamacare Premium Credit Eligibility

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.

Are Assets Counted for ObamaCare Subsidies?

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. 

Do I Need a 1095 For Medicaid, CHIP, or Medicare?

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.

List of Federal Poverty Levels

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…

Does Inheritance Affect Marketplace Assistance?

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.

ObamaCare Counts Income, Not Assets

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).…

Is the Congressional Budget Office (CBO) Trustworthy?

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…

How Much Does ObamaCare Raise Taxes?

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.

Health Insurance Premium and Cost Sharing Explanation

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…

Is ObamaCare Free?

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…

Can I Skip a Month of ObamaCare?

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

Coverage Requirements for New Citizen Traveling?

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.

1 2 3 6