Join Early Retirement Today
Thread Tools Search this Thread Display Modes
MediCal income limits and types
Old 08-14-2014, 03:45 PM   #1
Dryer sheet aficionado
Join Date: Jan 2009
Posts: 27
MediCal income limits and types


When ACA (Obamacare) sign up began in California, I went to the website and applied to see what I qualified for. But after numerous attemps to complete the application, I quit. I am unemployed and it will be almost 2 years in October since I lost my job. Although I've been to interviews and sent in countless resumes, I've yet to land a job - mostly because I'm over qualified. And I think that my age is a factor in my not getting hired. I was hoping to be employed by now and have an employer sponsored health plan

The County sent me an application for MediCal after I told the guy that I'm not working and am living off my savings. I've earned about $5,000 in investments so far. But I just received $13K from my late brother's estate which I'm told is a gift(and taxable). I wanted to know if this totally disqualifies me from Obamacare. Will I end up paying more in premiums than the income I make from my investments?

What options do I have as far as getting affordable healthcare. Is there anyone on this board that has healthcare through CA's MediCal plan. If so, what is your experience? TIA

CABarb is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-16-2014, 05:40 AM   #2
Walt34's Avatar
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 14,123
Originally Posted by CABarb View Post
But I just received $13K from my late brother's estate which I'm told is a gift(and taxable).
It should not be taxable, at least not at the federal level. We've received several inheritances that size and one a bit larger but all well under the $5 million where the federal tax kicks in. The taxes have already been paid by your brother or his estate. I don't know if California taxes an inheritance.

I can't answer about the insurance.

I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 08-16-2014, 06:16 AM   #3
MichaelB's Avatar
Join Date: Jan 2008
Location: On the road again
Posts: 21,155
The executor or trustee of your late brother's estate should confirm if it is taxable distribution or not.

Regarding health care insurance, this charts tells you what income sources are taxable
If your MAGI income is less than 200% of the federal poverty level you will be eligible for Medicare in California (MediCal). The FPL is here and if your MAGI income is slightly over 200% you will be eligible for an subsidized policy from Covered California.

What health care coverage do you have now?
MichaelB is offline   Reply With Quote
Old 08-16-2014, 06:50 PM   #4
Full time employment: Posting here.
Join Date: Feb 2014
Posts: 892
Looks like gifts and inheritances will not be counted at all for MAGI.
Page 27
NOTE: Gifts and Inheritances
Other common examples of “lump sums” are one-time gifts or inheritances. Gifts and
inheritances are NOT included in MAGI (because gifts and inheritances are taxed to
the donor or the estate, not to the receiver). Therefore, under MAGI rules for both
Medicaid and APTCs, gifts and inheritances will not be counted at all.
jim584672 is offline   Reply With Quote

income limit, obamacare

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
For all you engineers and DIY types... REWahoo Other topics 16 12-04-2011 10:15 PM
Roth IRA Income limits podey Young Dreamers 4 12-14-2007 04:33 PM
Why are Roth IRA income limits less than half for married couples? soupcxan FIRE and Money 7 09-17-2007 07:14 PM
Paging Martha and any other lawyer types... SecondCor521 FIRE and Money 38 08-13-2007 07:22 PM
Account types and Asset Allocation Helen Young Dreamers 5 03-07-2005 05:09 PM


All times are GMT -6. The time now is 01:38 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.