Tax Credits to lower health insurance premium costs are generally available to anyone making 100% – 400% of the Federal Poverty Level. The 400% cut-off creates a “Subsidy Cliff”, meaning that families who make just slightly more than the limit can lose all assistance, resulting in a loss of thousands in potential savings by earning… Read More
A List of States With a Health Insurance Requirement and Fee for 2023 and Beyond Although the fee for not having health insurance was reduced to $0 on a federal level starting 2019, some states still have an individual mandate. Here is a list of states where you have to buy health insurance. States that… Read More
Long and short term capital gains taxes impact taxable income in terms of what is counted for marketplace cost assistance.
For 2021 coverage, those making between $12,760-$51,040 as an individual, or $26,200-$104,800 as a family of 4, qualify for ObamaCare. For 2022, those making between $12,880 – $51,520 as an individual, or $26,500 – $106,000 as a family of 4, qualify.
There are no asset limits for Marketplace assistance under ObamaCare. Cost assistance for tax credits, out-of-pocket assistance, and Medicaid are all based on income only and not assets.
The national average of the lowest cost plan under ObamaCare before cost assistance in 2020 is $331 for Bronze, $442 for Silver, and $501 for Gold.
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.
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.
ObamaCare subsidies are part of the current law and will not end unless the Affordable Care Act (ObamaCare) is repealed.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.
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… Read More
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… Read More
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)…. Read More
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… Read More
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… Read More