CHIP Insurance for Children of FIRE Parents
- Thread starter momoney
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Texas Proud
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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They wanted me to do CHIPS when my DS graduated from college and I had only one kid... I had to up my income so I could get her under ACA... the CHIPS forms were not something I wanted to go through... and did not want her on CHIPS anyway...
Morgan22
Recycles dryer sheets
CHIP is not the only way to get your children health care under the ACA. Bring your income up to over 138% or greater of the FPL for your family size if you want your kids on your ACA plan. You can do this through Roth conversions if you don't have other income.
ACA is not based on assets, it's based on income. Medicaid is based on monthly income, so IF you want to make sure your children are not on CHIPS then report that your monthly income is higher than the Medicaid level.
Now saying all that, not all states have bad Medicaid programs. From experiences relayed by family/friends I can tell you that MA and CA had great care for Medicaid recipients. But there are some people that say other states are not that great for care under Medicaid. So you will need to take that into consideration.
ACA is not based on assets, it's based on income. Medicaid is based on monthly income, so IF you want to make sure your children are not on CHIPS then report that your monthly income is higher than the Medicaid level.
Now saying all that, not all states have bad Medicaid programs. From experiences relayed by family/friends I can tell you that MA and CA had great care for Medicaid recipients. But there are some people that say other states are not that great for care under Medicaid. So you will need to take that into consideration.
Trying this out on healthsherpa.com. Looks like I need $75,900 in income to allow a child on ACA quotes? Sound right?
RetiredAndLovingIt
Thinks s/he gets paid by the post
That sounds really high but I have no experience with it.
Have you checked Healthcare.gov or your state website if they have one?
https://www.healthcare.gov/
Have you checked Healthcare.gov or your state website if they have one?
https://www.healthcare.gov/
Texas Proud
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- May 16, 2005
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Morgan22
Recycles dryer sheets
That sounds really high. Did a quick google search and see that CHIP eligibility varies by state. Some up to 400% FPL. So maybe your # is correct. Maybe call your exchange to get clarification. Sorry, can't be more help.
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1 child on the policy.
Healthcare.gov also removes the child off of ACA coverage until I enter $75,900.
And what happens if you get an ACA plan with your child, but at the end of year you earn less? How would a penalty be calculated for adding the child?
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Something is wrong. You should be eligible for an ACA policy with subsidy for a family with one child if your income is above $34k (roughly).
In Missouri it looks like if you are under these income levels you are offered CHIP.
Household Size/ Maximum Income Level (Per Year)
1 $43,740
2 $59,160
3 $74,580
4 $90,000
