DenverCraig
Dryer sheet aficionado
I'm 58 and want to retire next year (actually I want to retire tomorrow, but that's a different issue) so I'm starting to look at health insurance. I'm hoping someone from Colorado can confirm my understanding.
I just spoke to Connect for Health, "Colorado's Official Health Insurance Marketplace" to find out how to get insurance. I learned:
So if i quit my job at a time of the year where I've made a good chunk of my salary, I won't get a premium tax credit, and when the next year rolls around, I won't have any salary so I'm either getting Medicaid or paying full-boat for insurance (since my annual income is less than $17K). Or I need to have $17K of income to get some premium assistance.
This is a depressing exercise. Is there some detail I'm missing.
Thanks!
I just spoke to Connect for Health, "Colorado's Official Health Insurance Marketplace" to find out how to get insurance. I learned:
- If my annual income is under approximately $17K, I can get "Health First Colorado" which is Medicaid (and not handled the Connect for Health).
- If my income is over approximately $17K, but less than some number that they didn't know, I can get insurance through Connect for Health, and they will manage a premium tax credit and apply that to my premium, so I will pay less. It sounds like the more I make, the less my premium tax credit.
So if i quit my job at a time of the year where I've made a good chunk of my salary, I won't get a premium tax credit, and when the next year rolls around, I won't have any salary so I'm either getting Medicaid or paying full-boat for insurance (since my annual income is less than $17K). Or I need to have $17K of income to get some premium assistance.
This is a depressing exercise. Is there some detail I'm missing.
Thanks!