Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
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.
EastWest Gal is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-18-2020, 05:09 PM   #42
Recycles dryer sheets
2retireearly's Avatar
 
Join Date: Jul 2011
Location: Richmond, VA
Posts: 103
Quote:
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.
2retireearly is offline   Reply With Quote
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 healthcare.gov 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.
Canoeboy is offline   Reply With Quote
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.
meleana is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
HSA newbie question for married couple hopeisnotaplan Health and Early Retirement 3 01-05-2019 12:06 PM
Comparing Working Couple's Expenses to Retired Couple DFW_M5 FIRE and Money 38 01-19-2015 06:38 PM
Couple questions about an upcoming Vegas/Grand Canyon trip.. thefed Other topics 7 10-24-2008 11:05 AM
27 and I have a couple questions... River Hi, I am... 9 07-18-2008 01:59 PM
A couple stocks out, a couple ones in... Art G Stock Picking and Market Strategy 0 02-11-2008 09:03 AM

» Quick Links

 
All times are GMT -6. The time now is 11:35 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.