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Started By
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Healthcare.gov/ Obamacare question
Posted on 10/18/23 at 5:43 pm
Posted on 10/18/23 at 5:43 pm
Unfortunately I may need to go this route shortly. Does anyone know if what you are charged monthly is based on strictly your personal income? Household income? Do they ask for info on savings or 401k?
5
Posted on 10/18/23 at 6:55 pm to Julz5198
It’s income, google modified adjusted gross income for affordable care act.
Your savings and 401k don’t get factored in (unless you had a retirement distribution that year).
Your savings and 401k don’t get factored in (unless you had a retirement distribution that year).
Posted on 10/18/23 at 6:56 pm to Julz5198
Household income from my understanding.
Posted on 10/18/23 at 9:25 pm to Julz5198
Premium is based on the plan you select. Based on your estimated 2024 household income you are allowed a credit to reduce the monthly premium. Savings and 401-K are not considered in the credit.
When you file your 2024 federal income tax if your household income exceeds what you estimated you will need to repay a portion of the credit you received. If your income is less than you estimated you will receive an increased credit on your taxes.
If you visit Healthcare.gov there is a tool to enter your estimated annual income and generates an estimate of your monthly credit.
When you file your 2024 federal income tax if your household income exceeds what you estimated you will need to repay a portion of the credit you received. If your income is less than you estimated you will receive an increased credit on your taxes.
If you visit Healthcare.gov there is a tool to enter your estimated annual income and generates an estimate of your monthly credit.
This post was edited on 10/18/23 at 9:28 pm
Posted on 10/19/23 at 6:41 am to Julz5198
Keep in mind there is no real point in lying about your income on the application- it will be checked when you file your income tax return in 2025 (for 2024), and your premium credit will be adjusted up or down accordingly and retroactively.
Posted on 10/19/23 at 8:08 am to slackster
quote:
Keep in mind there is no real point in lying about your income on the application- it will be checked when you file your income tax return in 2025 (for 2024), and your premium credit will be adjusted up or down accordingly and retroactively.
While this is true, the amount you have to pay back can be capped if you stay below 400% FPL. Also, if you report a lower income you can qualify for 'cost sharing reductions' which lower deductible, co-pay and co-ins. Even if you have to pay back some/all of the premium tax credits, you still get the cost sharing reduction benefits.
I know all this from personal experience as I was on ACA 2020-2022. The site below has very good info on all of this:
https://www.kff.org/health-reform/issue-brief/explaining-health-care-reform-questions-about-health-insurance-subsidies/
Posted on 10/19/23 at 9:46 am to gpburdell
quote:
I was on ACA 2020-2022
How was your experience on ACA compared to employer provided health insurance?
Posted on 10/19/23 at 11:46 am to tigerforever7
quote:
How was your experience on ACA compared to employer provided health insurance?
Depends upon what Insurance provider and plan you purchase.
My sister retired at 56 and purchased a Blue Cross premium/gold plan on the healthcare.gov site. She was diagnosed with cancer about a year later. BCBS paid pretty much everything once she hit her max out of pocket expense. She had major med bills from cancer treatment at MD Anderson to end of life hospice treatment over 2 years. She had better health care insurance through the exchange than I have with my employer.
Posted on 10/19/23 at 12:38 pm to tigerforever7
quote:
How was your experience on ACA compared to employer provided health insurance?
I have ACA currently. I have a Blue Cross Blue Shield plan, which is offered by ACA. I also get the premium credits due to my income.
As far as the plans go, it is no different than any employer plan. Mine in particular has a higher deductible and higher max out of pocket, but that was by choice. You can pay more premiums to reduce the deductible and out of pockets.
The major pain in the arse is that usually employers will pay some of your premiums. The credits are good to compensate for this now, but the credits will be expiring after 2025, unless they vote in an extension, which is highly unlikely.
Posted on 10/19/23 at 3:17 pm to TIGERSby10
When you say the credits may not be renewed, are you saying that premiums in the future may not be based on income level?
Sorry if this is a naive question -- I have no experience with it, but may in the future.
Thank you.
Sorry if this is a naive question -- I have no experience with it, but may in the future.
Thank you.
Posted on 10/19/23 at 3:26 pm to Zachary
quote:
When you say the credits may not be renewed, are you saying that premiums in the future may not be based on income level?
he is talking about the obamacare SUBSIDY phasing out. The subsidy is based off your household MAGI.
Posted on 10/19/23 at 4:22 pm to tigerforever7
quote:If income dictates you pay full rates, employer is cheapest, cobra is next, and unsubsidized Obamacare approaches robbery with an order of rape on the side for most folks.
How was your experience on ACA compared to employer provided health insurance?
If you're subsidized, ACA is a different equation.
Posted on 10/19/23 at 5:26 pm to tigerforever7
quote:
How was your experience on ACA compared to employer provided health insurance?
I had no problems with it. I chose a Silver plan and everything was fine; nothing denied etc.
The only issue I had at the time was that one of the doctors I would see occasionally wasn't in-network for the plan I picked. He was in-network on another plan but my primary wasn't. I happened to check earlier this year and saw that both doctors were available on the same plan now.
Posted on 10/19/23 at 5:54 pm to NC_Tigah
quote:
quote:How was your experience on ACA compared to employer provided health insurance?If income dictates you pay full rates, employer is cheapest, cobra is next, and unsubsidized Obamacare approaches robbery with an order of rape on the side for most folks. If you're subsidized, ACA is a different equation.
This. My wife and I are self employed and would receive no subsidies. It was cheaper to just buy US Health non ACA.
Posted on 10/19/23 at 8:58 pm to XenScott
quote:
It was cheaper to just buy US Health
what is this? tell us about it
Posted on 10/20/23 at 10:04 am to CEB
Here are some additional specifics in my case. Not working nor do I plan on going back. I have cancer and am currently going through chemo through the end of the year. My short term disability will end in Feb from my current employer. I don’t have long term disability. I worked most of the year up until August when I was diagnosed. If the are going to look at a full year worth of income, my premium would be high right? Current household income net is $237 a week from that short term disability(which I pay back $145 of that for my current health insurance). My wife draws a SSA check monthly for $1903. I have applied for Medicare about a month ago along with state disability. Open for suggestions. My cancer is terminal so I won’t be spending that last year or two of my life working. I’m 60. Thanks
Posted on 10/20/23 at 11:46 am to Julz5198
Sorry to hear that. I'd suggest trying their estimator as it will tell how much the premium would be for each plan in your area.
https://www.healthcare.gov/see-plans/#/
https://www.healthcare.gov/see-plans/#/
Posted on 10/20/23 at 12:04 pm to Julz5198
They look at household income which is basically a modified AGI plus the income of any dependents living in your household. This determines the amount of subsidies you are qualified for. The goal is that for a "silver" plan you would not pay more than a certain perentage of your income. The pecentage varies based on your income and phases out.
I am very sorry you have this terminal cancer. Do you have the option to go on federal disability? If you do, and you qualify, you may also qualify for Medicare.
I am very sorry you have this terminal cancer. Do you have the option to go on federal disability? If you do, and you qualify, you may also qualify for Medicare.
Posted on 10/20/23 at 12:05 pm to NC_Tigah
quote:
If income dictates you pay full rates, employer is cheapest, cobra is next, and unsubsidized Obamacare approaches robbery with an order of rape on the side for most folks.
If you're subsidized, ACA is a different equation.
The whole point of the marketplace was to get people coverage who had no coverage. So even if the coverage is terrible, it's better than nothing, which was the alternative.
Posted on 10/20/23 at 3:11 pm to Fat Bastard
quote:
It was cheaper to just buy US Health
what is this? tell us about it
United Healthcare
It's a bit complicated when doing a family. My wife used an agent to get it set up.
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