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Old 12-14-2020, 02:32 PM   #41
Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: South central PA
Posts: 2,396
This was my first time to be eligible for a subsidy. They were fine with my application, but wanted verification of my husbandís self-employment income. Heís a musician, so no income from March, and until the end of next year.

There was a list of documents: schedule C and 1040, so I sent those. Not good enough. So DH produced a spreadsheet with his income and mileage deduction. He printed it, signed it, and they accepted it. It only took 48 hours for them to review the documents each time.

It was quicker than I expected.
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Old 12-18-2020, 05:09 PM   #42
Recycles dryer sheets
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Join Date: Jul 2011
Location: Richmond, VA
Posts: 103
Originally Posted by Carpediem View Post
How would I answer if I just plan on withdrawing less money in 2021?
I don't think they ask. They never asked me when I did ACA a few years ago. I withdrew the smallest amount I could (that didn't made it look like Medicaid) as I had lots of cash. The year before I was working and had a big income. Unless you are audited (which is rare) the ACA website doesn't look at your incomes and wonder why it is changing.
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Old 12-18-2020, 05:28 PM   #43
Recycles dryer sheets
Join Date: Feb 2017
Location: Gloucester
Posts: 90
2020 was our first year on ACA plan after retiring in Jan 2019 and we signed up again last month for 2021. We had absolutely no issues and provided ZERO income documentation/explanation on 2019 and prior years (when we were well over the ACA subsidy cliff) when signing up for ACA plans in late 2019/2020. We simply stated an expected income for 2020/2021 that were just under the subsidy cliff for our size family - all on the website.

The key is managing you MAGI to definitely stay under the cliff and/or to a level that is reasonably close to what you stated on your application. This can be a little challenging if you have significant after tax investments that pay out somewhat unpredictable dividends in the last days of the year. Much more simple to manage if your income is coming exclusively from pre-tax retirement accounts, pensions, simple interest. Also, donít forget about income that others in your household may have, such as summer jobs by dependent kids.
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Old 12-18-2020, 06:13 PM   #44
Full time employment: Posting here.
Join Date: Jan 2016
Posts: 686
Just an FYI- some states have ACA Health Care Navigators that can assist you and if your state does not there are brokers out there that can handle the application process for you.

After some frustration trying to do it on my own I tracked down a broker to do it and he did so in no time flat. I’m going to use him when I have to go over to Medicare when I turn 65 this upcoming year.
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