How do I reach minimum income for ACA subsidy?

[figuy1]

@ figuy1: the high number I quoted was for full price without subsidy, which we would need to pay if we can't come up with enough income to qualify for subsidy. Hence the entire thread about it. I don't know if we would qualify for medicaid.

I get where you got the $1300 number, I didn't understand where you got the $700-800/mo after subsidy number. With a $1200-$1300/mo subsidy, your plan should be $0-100/mo. Are you looking at gold or platinum plans by chance?

In any case, I have made several appointments to interview some tax planners in my area in the next coming weeks. I figured it doesn't hurt to talk to some tax CPAs and see what they say.

It's good to talk to CPAs too, just try to find one that has dealt with a lot of clients that have used ACA subsidies. Some that haven't had much experience with the ACA, may not fully account for the value of the loss of subsidies and may encourage you to fully fill up your 12% bracket space with Roth conversions and possibly do even more than that.

 

[jim584672]

Yes, Medicaid does look at assets and all sorts of rules surrounding it.

Only for the elderly, disabled and blind are assets considered. Not for the expansion group, 18-64 able bodied childless adults.

 

[Dtail]

Only for the elderly, disabled and blind are assets considered. Not for the expansion group, 18-64 able bodied childless adults.

Interesting, didn't know that.

 

[Popsicletoes]

I get where you got the $1300 number, I didn't understand where you got the $700-800/mo after subsidy number. With a $1200-$1300/mo subsidy, your plan should be $0-100/mo. Are you looking at gold or platinum plans by chance?

The $700 - $800 range was for the full price Bronze plan per the preview on Healthcare.gov (the website gives you a preview of plans and costs for your area, just to whet your appetite, so to speak). Although when I looked at it again yesterday, it already jumped to $800 - $1000 full price per month for 2 people. Not sure why.

It's good to talk to CPAs too, just try to find one that has dealt with a lot of clients that have used ACA subsidies. Some that haven't had much experience with the ACA, may not fully account for the value of the loss of subsidies and may encourage you to fully fill up your 12% bracket space with Roth conversions and possibly do even more than that.

Yeah, not going to max out Roth conversion for now. We are going fulfill our dream to travel slowly around the world when we retire, so that is one of the main reasons for targeting under 150% FPL taxable income so we pay 0 in US healthcare for the little time when we are in the US. I still have to buy travel and overseas medical insurance as it is (but they will be a lot cheaper than paying full price for ACA, for sure).