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?
Do you take more than you need and pay it back, or do you risk missing out on advanced credits? Either way, it’s as much tax strategy as it is psychology
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.
If you file a tax extension with form Form 4868 the extension applies to all ACA related tax forms including Form 8962 for tax credits and Form 8965 for exemptions.
Section 9010 of the Affordable Care Act includes a tax on America’s largest insurers, the one’s who profit the most off of ObamaCare.
People filing taxes together should get a family plan together, if you want your own plan simply leave the plan and get individual coverage starting Jan 1st.
You must project to claim at least 100% of the Federal Poverty Level in household income to qualify for tax credits through ObamaCare. This is true in all states.