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Will ACA ask for my 2018 income or estimated 2019 income when we sign up in 2019?
Old 11-05-2018, 06:02 PM   #1
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Will ACA ask for my 2018 income or estimated 2019 income when we sign up in 2019?

Just started exploring what health insurance is going to cost me when my wife and I retire early (53 & 52) sometime in 2019.

Planning to early retire in 2019. Our 2018 income was over the allowed amount for a subsidy but 2019 income will be less than the 400% of poverty level to receive a subsidy. Will they be asking for my 2018 income when I apply in 2019 or just what my estimated income will be for 2019.

2nd question--Am I understanding that a married couple of 2 needs to keep their MAGI below $65,840 (400% of $16,460) for 2019?............so if my MAGI is $64,000 I get a full subsidy and if my MAGI is $65,841 I get zero subsidy. Is this accurate?

thank you

Joe
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Old 11-05-2018, 06:05 PM   #2
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Quote:
Originally Posted by GNXGuy View Post
Just started exploring what health insurance is going to cost me when my wife and I retire early (53 & 52) sometime in 2019.

Planning to early retire in 2019. Our 2018 income was over the allowed amount for a subsidy but 2019 income will be less than the 400% of poverty level to receive a subsidy. Will they be asking for my 2018 income when I apply in 2019 or just what my estimated income will be for 2019.

2nd question--Am I understanding that a married couple of 2 needs to keep their MAGI below $65,840 (400% of $16,460) for 2019?............so if my MAGI is $64,000 I get a full subsidy and if my MAGI is $65,841 I get zero subsidy. Is this accurate?

thank you

Joe
They will ask for your 2019 estimated MAGI.
2nd question - that is correct, thus the falling off the cliff concept.
The subsidy for 64k+ though will be lower than for 30k.
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Old 11-05-2018, 06:12 PM   #3
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Thank you, this is all new to me.

So the subsidy increases and MAGI decreases.

It looks like if we keep our MAGI below the $65,000 cliff the ACA gives me about a $1000.00 subsidy toward our coverage. Does this sound accurate

Thanks again

Joe



Quote:
Originally Posted by Dtail View Post
They will ask for your 2019 estimated MAGI.
2nd question - that is correct, thus the falling off the cliff concept.
The subsidy for 64k+ though will be lower than for 30k.
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Old 11-05-2018, 06:17 PM   #4
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You can model various MAGI scenarios that will estimate subsidies for you at https://www.healthsherpa.com
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Old 11-05-2018, 08:04 PM   #5
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I just started my first ever ACA app and they asked for 2107, 2018 and a 2019 estimate. For me 2017 and 2018 are over "the cliff", but my 2019 estimate is under. Notwithstanding that, I was approved for the subsidy online almost immediately. I worked half of 2017, and sold a bunch of stock to partially fund the next few years' spending in 2018. I did have to enter W-2, capital gains, and one or two other categories of income separately.

However, I'm in Maryland which has its own system, so YMMV.
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Old 11-05-2018, 09:15 PM   #6
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Originally Posted by GNXGuy View Post
Thank you, this is all new to me.

So the subsidy increases and MAGI decreases.

It looks like if we keep our MAGI below the $65,000 cliff the ACA gives me about a $1000.00 subsidy toward our coverage. Does this sound accurate

Thanks again

Joe
As @candrew pointed out, check out Healthsherpa.com. The total charges and subsidies can range greatly by county in the same state.
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