ACA Cliff / College grad with income for 1/2 year
I have a question some of you may have been through already or could point me towards a good resource.
2015 - Family on a health insurance exchange plan qualifying for ACA tax credits, including low income college student in total household income.
2016 - College students goes to college spring semester, graduates, hopefully gets a good job with insurance, but who knows, maybe stays unemployed or low income.
I'm wondering if we should get an individual plan for one of the kids who will likely be working at least one semester next year, or should we keep him on our subsidized plan until he actually graduates and gets a job. The potential problem with keeping him on our plan is I don't want his fulltime income to push our family income over the ACA cliff, if his salary for the entire year will count toward our household O-MAGI.
Will his income be prorated on our ACA tax credits since he was only on our plan part of the year, or will all his income count and push us over the cliff? Should we get an individual plan for him for 2016 or keep him on our ACA plan until graduation and a job actually happen?
DH will have to run some model taxes for 2016, but I thought maybe some of you who have been through this might have some advice.
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)