My wife and I are retired (I'm 62 and she is 59). We sold our business last year and for the past four years or so, we have received health insurance through the ACA. We plan to live off our savings until I turn 66 and take social security. Our estimated stated income for tax purposes will be around $10,000 in 2019 from interest, dividends and capital gains. The rest of our living expenses will come from our savings.
Unless we earn over $23,500 (and below around $40,000), we do not qualify for ACA premium subsidies and will have to go with the Oregon Health Plan (Medicaid). We would prefer to stay with our current insurance plan which is very affordable thanks to the subsidies.
My question is, if we estimate our 2019 income to be $24,000 (in order to receive ACA premium subsidies) but our 2019 "income" for tax purposes is only around $10,000, will we be forced to pay back the subsidies that we received?
That could amount to quite a bit of money (around $20,000 or so).
Thanks so much for any advice or comments.
Gary
Unless we earn over $23,500 (and below around $40,000), we do not qualify for ACA premium subsidies and will have to go with the Oregon Health Plan (Medicaid). We would prefer to stay with our current insurance plan which is very affordable thanks to the subsidies.
My question is, if we estimate our 2019 income to be $24,000 (in order to receive ACA premium subsidies) but our 2019 "income" for tax purposes is only around $10,000, will we be forced to pay back the subsidies that we received?
That could amount to quite a bit of money (around $20,000 or so).
Thanks so much for any advice or comments.
Gary