RockyMtn
Thinks s/he gets paid by the post
If I understand the ACA rules correctly one must have a minimum income level in order to qualify for subsidies and cost sharing. In 2018 for a single person that amount is $12,140. If you fall below that level you'll get thrown into the Medicaid depending on your state's rules.
Here is the predicament for my GF. She is 62, will be 63 next year. She has been retired for a number of years and using ACA as her insurance by converting traditional IRA to Roth to reach the income levels for subsidies and cost sharing. She is now down to about $10k in TIRA to convert next year.
What is the amount they will look at for next year to determine her eligibility? Is it her actual 2018 income or her projected income for 2019? If it is her 2018 income then when we get to 2020 and her income is below the minimum (as she is out of TIRA to convert to Roth) can we just say she is going to make above the minimum by getting a job or claiming Social Security for that one year as she turns 65 in 2021 and will be on Medicare? If she doesn't ultimately hit the minimum income levels do you have to pay the cost sharing and subsidies back?
I guess worse case is she just signs up for ACA and we pay full boat for a plan without cost sharing and subsidies.
Here is the predicament for my GF. She is 62, will be 63 next year. She has been retired for a number of years and using ACA as her insurance by converting traditional IRA to Roth to reach the income levels for subsidies and cost sharing. She is now down to about $10k in TIRA to convert next year.
What is the amount they will look at for next year to determine her eligibility? Is it her actual 2018 income or her projected income for 2019? If it is her 2018 income then when we get to 2020 and her income is below the minimum (as she is out of TIRA to convert to Roth) can we just say she is going to make above the minimum by getting a job or claiming Social Security for that one year as she turns 65 in 2021 and will be on Medicare? If she doesn't ultimately hit the minimum income levels do you have to pay the cost sharing and subsidies back?
I guess worse case is she just signs up for ACA and we pay full boat for a plan without cost sharing and subsidies.