RetireRay
Dryer sheet aficionado
Question...
I retired almost 4 years ago, but my wife still has her own consulting gig (1099) and makes pretty good money. We are both in our late 50's. We have been paying for a Blue Shield Silver Plan PPO out of pocket with no subsidy due to income limits. Earlier this year, those income limits were raised and we now qualify for subsidies. We were able to cancel our insurance and re-apply via Covered California and now receive a subsidy of about $1,000/month for the same insurance plan.
Renewal time is now, and it got me thinking...did I make a mistake by moving us to a subsidy since, as a 1099 tax self employed individual, she is able to deduct the Healthcare Premiums we pay each year. Now, we deduct less, but at the same time, we are paying less due to the subsidy.
Thanks in advance to anyone who can help me clear up my confusion!
I retired almost 4 years ago, but my wife still has her own consulting gig (1099) and makes pretty good money. We are both in our late 50's. We have been paying for a Blue Shield Silver Plan PPO out of pocket with no subsidy due to income limits. Earlier this year, those income limits were raised and we now qualify for subsidies. We were able to cancel our insurance and re-apply via Covered California and now receive a subsidy of about $1,000/month for the same insurance plan.
Renewal time is now, and it got me thinking...did I make a mistake by moving us to a subsidy since, as a 1099 tax self employed individual, she is able to deduct the Healthcare Premiums we pay each year. Now, we deduct less, but at the same time, we are paying less due to the subsidy.
Thanks in advance to anyone who can help me clear up my confusion!
