Assets too high for Medicaid, income too low for subsidy

[AllDone]

Medicaid is available to people with up to 138% of the federal poverty level. For a family of three that would be up to $26,951 per year in the contiguous 48 states. Subsidies apply up to 400% of FPL on a sliding scale. Kff.org has a subsidy estimator.

 

[daylatedollarshort]

Tried that before posting. Maybe others can help.

According to this article, you can earn up to 138% of federal poverty level - Illinois Medicaid: Gov. Pat Quinn signs law to expand Medicaid to up to 342,000 Illinoisans - Chicago Tribune

Then according to the chart below, for 2013 the federal poverty level in Illinois for a family of 3 at 100% would be $19,530, making 138% = $26,951.40.-

Federal Poverty Guidelines

(Posted at same time as Alldone's reply. Glad my math was right.)

 

[cantlogin]

Her's a link to the K.F.F. calculator that can provide state specific results.

Subsidy Calculator | The Henry J. Kaiser Family Foundation

 

[ziggy29]

It's important to remember that asset limits are still in place for states which have not expanded Medicaid. The 138% test applies specifically to states which expanded Medicaid, and in those states no asset limits apply.

 

[golfnut]

Thanks to all who replied here. When applying, I know we had more than $27,000 entered into the ACA site (but still got the Medicaid letter). Want to avoid Medicaid.

Our scenario is we presently are covered by my former employer's retirement hc. The rub is it is $800 per month and it can be cancelled in years going forward (we are good for 2014). I know based on out limited income, the aca coverage (even a gold plan) with subsidies would be much cheaper. However, if I go to the exchanges, we cannot go back to my former employer's plan.

Also, looking far into the future, if the employer's coverage is still in place, it offers x/s coverage over Medicare at a present monthly cost of $691 (for both my wife and me). Not sure if this a reasonable price for x/s Medicare coverage.

Anyone out there with some comments or advice??

Thanks,
Propman

 

[Birdie Num Nums]

Her's a link to the K.F.F. calculator that can provide state specific results.

Subsidy Calculator | The Henry J. Kaiser Family Foundation

When using that calculator and entering 2014 "annual income," is that the MAGI amount, for purposes of Medicaid? I understand that the Exchanges use MAGI, but does the state as well for Medicaid (using 138% of federal poverty level)?

The FAQ section linked by the calculator says, in part:

The calculator allows users to enter household income in terms of 2014 dollars or as a percent of the federal poverty level. Household income includes incomes of the taxpayer, spouse, and dependents. In determining eligibility for exchange subsidies, income will be based on your attestation of your expected income in 2014 and will be verified by the exchange with documentation from your most recent tax return, with consideration of reasonable changes you expect. Exchanges will calculate enrollees’ household incomes using Modified Adjusted Gross Income, or MAGI. The MAGI calculation includes such income sources as wages, salary, foreign income, interest, dividends, and Social Security. MAGI calculation does not include income from gifts, inheritance and some other income sources are partially excluded. More information on MAGI is available here.​

 

[MichaelB]

When using that calculator and entering 2014 "annual income," is that the MAGI amount, for purposes of Medicaid? I understand that the Exchanges use MAGI, but does the state as well for Medicaid (using 138% of federal poverty level)?

Yes. Income is determined using the same formula. Medicaid eligibility is also determined by the exchange.

 

[Birdie Num Nums]

Just saw mention in a local TV newscast that 180,000 people have signed up for health care in Washington state in the last two months, with 160K of those approved for Medicaid, & 20K for other HI!