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Question about ACA signup
12-06-2018, 09:07 PM
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#1
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Posts: 17,241
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Question about ACA signup
OK, was talking to one of my sisters about the ACA plans...
She said that when she was signing up that they asked her about the assets she had in her 403(b).... I said that assets do not come into play to determine subsidy, only income.... but she INSISTS that it was a required field...
Does anybody know if they require you to list how much you have in a 403(b)?
Anybody sign up that had one?
I just do not believe my sister but will admit that I do not know everything...
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12-06-2018, 09:28 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Oct 2017
Location: Tellico Village
Posts: 2,622
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 Quote:
Originally Posted by Texas Proud
OK, was talking to one of my sisters about the ACA plans...
She said that when she was signing up that they asked her about the assets she had in her 403(b).... I said that assets do not come into play to determine subsidy, only income.... but she INSISTS that it was a required field...
Does anybody know if they require you to list how much you have in a 403(b)?
Anybody sign up that had one?
I just do not believe my sister but will admit that I do not know everything...
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That question did not come up on Heathcare.gov application.
I have completed an application and am currently insured on the ACA.
I have never heard of them asking about assets.
__________________
Retired May 13th(Friday) 2016 at age 61.
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12-07-2018, 06:20 AM
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#3
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,298
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^^^ this
There is definitely not any questions or references to assets for being on an ACA plan. It is all based on MAGI.
That is the gist of some of the more shall I say involved discussions on this site.
__________________
TGIM
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12-07-2018, 06:26 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Jun 2016
Posts: 1,961
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3rd time signing up for ACA via healthcare.gov and no asset questions. The very first signup was more involved with income verification etc. because it was a special enrollment mid-year when COBRA price went way up, but even then there were no questions about assets.
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12-07-2018, 06:46 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Aug 2017
Location: Champaign
Posts: 4,726
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We've been on the ACA since 2014. Never a question about assets. They only ask you to guess about the next years income based on MAGI which can be hard to predict, but they're only looking for a ballpark figure.
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"Do not go where the path may lead, go instead where there is no path and leave a trail."
Ralph Waldo Emerson
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12-07-2018, 07:06 AM
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#6
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Recycles dryer sheets
Join Date: May 2013
Posts: 327
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Previous posters are correct: there are no questions about assets.
(Inside baseball: One of the reasons ACA's policy designers decided not to include assets were family farms. A family farm can have millions in illiquid land assets. This was one of the big reasons ACA applications never ask about assets.)
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12-07-2018, 07:09 AM
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#7
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Posts: 17,241
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I agree that there is no question, but my sister insisted there was...
BUT, thinking about it I bet that when it was asking about income it popped up something with 403(b) and my sister was confused and put the whole amount in there when all they wanted was the income part (withdrawals)...
No issue at all as she was on Medicare in 5 months... got insurance through her husbands previous employer even though they did not want to give it to her... but the rules said she could sign up as it was a change losing hers...
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12-07-2018, 08:07 AM
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#8
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Recycles dryer sheets
Join Date: Feb 2015
Posts: 176
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Your sister is flat out wrong. There is no asset test for ACA, it is strictly income based.
She must be doing it through something not sanctioned as ACA, using a middle man type of situation that is also wanting to submit her for regular insurance, has misread the questions, or is not actually applying for the ACA supported health insurance.
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FIRE as of spring 2015!
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