ACA income estimates and cost sharing with Silver plans

[Dtail]

Quote:

Originally Posted by pb4uski Just call it pension income since that is what is shows up as on the tax return... and if they ask tell them that you can determine how much it is each year and leave it at that.

Nice creative idea. Thanks.

[pb4uski]

You can do the same thing on a loan application.

[Rianne]

I have learned this much from submitting income to ACA.

1. Two years in, I tried scanning our income (all around convenience, right?) Not! This method does not work or it did not work for me. Scanning is a big freaking mess and they do not know how to handle it.
2. Send all your documents via registered mail and on every single page (I mean every single page) put your state, ID #, SS, DH name, your name and any other self identifiers you can think of. Copy, copy, copy. We've been on the ACA since 2014. Once you get this down, it is easy.
3. Each renewal, we submitted previous year tax returns with a letter of changes. They will accept a spreadsheet ( DH does some consulting from home to stay involved in his industry and avoid bordem). Do not, I repeat, do not go over said income maximum. Figure it out or you are scr**ed.
4. All they want is documentation. I frantically micro worried about everything I sent the first 2 years. Just give them copies and identify yourself correctly.

I hope the same plans are offered for 2019. These plans work so well for us and have saved us for the last 4 years.

[Dtail]

Quote:

Originally Posted by Rianne I have learned this much from submitting income to ACA. 1. Two years in, I tried scanning our income (all around convenience, right?) Not! This method does not work or it did not work for me. Scanning is a big freaking mess and they do not know how to handle it. 2. Send all your documents via registered mail and on every single page (I mean every single page) put your state, ID #, SS, DH name, your name and any other self identifiers you can think of. Copy, copy, copy. We've been on the ACA since 2014. Once you get this down, it is easy. 3. Each renewal, we submitted previous year tax returns with a letter of changes. They will accept a spreadsheet ( DH does some consulting from home to stay involved in his industry and avoid bordem). Do not, I repeat, do not go over said income maximum. Figure it out or you are scr**ed. 4. All they want is documentation. I frantically micro worried about everything I sent the first 2 years. Just give them copies and identify yourself correctly. I hope the same plans are offered for 2019. These plans work so well for us and have saved us for the last 4 years.

Did most of the above, but since it was my 2nd year, they did not ask for the prior year tax return.
I explained the documentation in a separate letter which helped the process.

[Murf2]

Is there some action or change in income that is triggering this?

I ask because I have just guesstimated a number and called it a pension. Three years and no trouble so far. Our " income" is very low, though. Have I just been lucky?

Thanks
Murf

Quote:

Originally Posted by Rianne I have learned this much from submitting income to ACA. 1. Two years in, I tried scanning our income (all around convenience, right?) Not! This method does not work or it did not work for me. Scanning is a big freaking mess and they do not know how to handle it. 2. Send all your documents via registered mail and on every single page (I mean every single page) put your state, ID #, SS, DH name, your name and any other self identifiers you can think of. Copy, copy, copy. We've been on the ACA since 2014. Once you get this down, it is easy. 3. Each renewal, we submitted previous year tax returns with a letter of changes. They will accept a spreadsheet ( DH does some consulting from home to stay involved in his industry and avoid bordem). Do not, I repeat, do not go over said income maximum. Figure it out or you are scr**ed. 4. All they want is documentation. I frantically micro worried about everything I sent the first 2 years. Just give them copies and identify yourself correctly. I hope the same plans are offered for 2019. These plans work so well for us and have saved us for the last 4 years.

[SecondCor521]

Quote:

Originally Posted by Murf2 Is there some action or change in income that is triggering this? I ask because I have just guesstimated a number and called it a pension. Three years and no trouble so far. Our " income" is very low, though. Have I just been lucky? Thanks Murf

I think it depends on the state. My state is quite lax, and one year I updated things via a phone call. I haven't submitted a single piece of actual documentation to my state exchange yet and am on my 3rd year of ACA.

[Rianne]

Quote:

Originally Posted by SecondCor521 I think it depends on the state. My state is quite lax, and one year I updated things via a phone call. I haven't submitted a single piece of actual documentation to my state exchange yet and am on my 3rd year of ACA.

That is amazing. We would get letters and e-mails, to send more documentation. It's federal, I wonder why it's different state to state.

[MRG]

Quote:

Originally Posted by Rianne That is amazing. We would get letters and e-mails, to send more documentation. It's federal, I wonder why it's different state to state.

Some states have their own exchanges with different rules.

After the first two years I've never been asked for any documentation.

[Lisa99]

We went over our estimate by about $10k last year and the only outcome was we owed about $600 additional on our federal tax return.

[SecondCor521]

Quote:

Originally Posted by Rianne That is amazing. We would get letters and e-mails, to send more documentation. It's federal, I wonder why it's different state to state.

As MRG notes, some states (including mine) run their own exchange. I think the personnel are local, the processes are local, etc.

A number of states use the federal exchange, and it's my impression that the federal exchange website is more difficult to work with than mine, and that the people are also more rigid in terms of the documentation.