pirsquared
Recycles dryer sheets
- Joined
- Jun 13, 2021
- Messages
- 129
DH was laid off in 2020 and received unemployment for the first 4 months of 2021. At that point, he decided to stop looking for work and retire (at age 63) and thus stopped collecting unemployment. We started health insurance through the ACA on 1/1/21 and recently got a reduced rate due to the American Rescue Plan because he had been on unemployment at some point in 2021. Although the SLCSP is now $0 for us, we are continuing the policy we started at the beginning of the year that now costs us ~$400/mo for 3 of us (down from ~$600/mo and with even better CSRs) because the $0 options do not cover all of our doctors.
So here is my question: would an increase in our (relatively low) income now have no effect on our ACA premium/CSRs for 2021 due to the ARP unemployment provision? Would this then be a good year to realize some capital gains? There is an old account I would really like to close but it would involve selling stocks and realizing ~$20K of capital gains. We would still be well under the ~$80,000 MFJ 0% capital gains limit so it seems it would only involve state taxes. The biggest factor, however, is the effect on ACA premiums. If I am understanding this correctly, this year may be a unique opportunity. Although DH will go onto Medicare in a little over a year, I am 14 years younger and will be using the ACA for 15 years if it still exists. I work 3/4 time, but am not offered health insurance. Also, DH will likely eventually pre-decease me, which will halve our/my 0% capital gains rate limit.
Also, if this plan does work, should I go in and update our income in healthcare.gov even though it will not affect anything? I know we are supposed to update when we have income changes and I have done that already (once when income increased, once when it decreased, and once when the unemployment discount became available). However, in this case, I am not sure if it is required. if not required, should I update anyway so that I am continuing to give them a good faith estimate?
Thanks for reading all of this. I appreciate any insight/advice you may have.
So here is my question: would an increase in our (relatively low) income now have no effect on our ACA premium/CSRs for 2021 due to the ARP unemployment provision? Would this then be a good year to realize some capital gains? There is an old account I would really like to close but it would involve selling stocks and realizing ~$20K of capital gains. We would still be well under the ~$80,000 MFJ 0% capital gains limit so it seems it would only involve state taxes. The biggest factor, however, is the effect on ACA premiums. If I am understanding this correctly, this year may be a unique opportunity. Although DH will go onto Medicare in a little over a year, I am 14 years younger and will be using the ACA for 15 years if it still exists. I work 3/4 time, but am not offered health insurance. Also, DH will likely eventually pre-decease me, which will halve our/my 0% capital gains rate limit.
Also, if this plan does work, should I go in and update our income in healthcare.gov even though it will not affect anything? I know we are supposed to update when we have income changes and I have done that already (once when income increased, once when it decreased, and once when the unemployment discount became available). However, in this case, I am not sure if it is required. if not required, should I update anyway so that I am continuing to give them a good faith estimate?
Thanks for reading all of this. I appreciate any insight/advice you may have.