- Joined
- Oct 13, 2010
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- 10,767
Maybe this is an "oh, that's easy", but I'm not sure how to optimize across the goals of saving money on health insurance and taxes. Here's the situation:
But then I worried about her 2014 income being counted and blowing up my carefully orchestrated MAGI. So should I just put 3 of us (DW, DD2 and I) on the ACA policy and buy DD1 the college-based coverage? I suspect that DD1's employment in July would constitute a "life event", so if I had an ACA based policy with all four of us, maybe I could unregister DD1 from the policy at that time. But a mistake here would be huge, to the tune of $8 to $10K or something. I want to play it safe, and don't mind leaving a few bucks on the table.
Advice? Ideas? More things for me to consider?
- DD1, 21, is a senior in colleage and has accepted a job starting in July, out of state (DD2, 18, is in college, in state, a freshman).
- DW and I will have minimal W2 income in 2014, no company health insurance.
- COBRA would cost $23,000 and no subsidy (not a good option).
- Have unsheltered assets to live on (able to manage MAGI).
- Would like to Roth convert as much as possible given ACA MAGI or 15% bracket.
- Both DD's have access to college-based HI at 800 to 1000 per semester (covers during and between semesters, but not after graduation).
- I've never used college-based HI coverage (the kids have been on the megacorp HI with the family).
- Historically very minimal health care usage, and expect that to continue.
- KFF calculator suggests that adding more people to the policy increases the subsidy and the cost to me stays the same.
But then I worried about her 2014 income being counted and blowing up my carefully orchestrated MAGI. So should I just put 3 of us (DW, DD2 and I) on the ACA policy and buy DD1 the college-based coverage? I suspect that DD1's employment in July would constitute a "life event", so if I had an ACA based policy with all four of us, maybe I could unregister DD1 from the policy at that time. But a mistake here would be huge, to the tune of $8 to $10K or something. I want to play it safe, and don't mind leaving a few bucks on the table.
Advice? Ideas? More things for me to consider?