Alvin Tostig
Recycles dryer sheets
- Joined
- Jul 31, 2015
- Messages
- 61
I'm putting this out there to see if my interpretation of the MAGI calculation is correct. I now live in a state (North Carolina) which is one of the remaining 12 states that has not expanded the Medicaid subsidy for ACA. Therefore, as I understand it I must reach a certain minimum income level in 2021 to receive and keep a subsidy.
(I'm currently still getting health insurance through my employer as a part-time employee but that will end 12/31/20 and I can go to COBRA or ACA for 2021. I will be 65 at the end of April 2021, so I will shift to Medicare, but my wife, who is 4 years younger will either remain on COBRA if we choose it or continue on ACA).
When I plugged my estimated income for 2021, I get no subsidy for the ACA unless I get a MAGI of at least $18,000 or greater for the year. So if 2021 looked liked this....
a) estimated part time salary for wife and I ($10,000)
b) estimated capital gains and interest on investments ($5000)
c) withdrawals from IRA's or 401k's ($3000 +)
Total MAGI = $18,000 +
Are my assumptions on b) and c) correct as a component of an ACA subsidy?
If so, that would be great, as I can adjust c) up or down during 2021 depending on what the real numbers are for a and b.
If this is the case, the ACA plan for us would be much cheaper than COBRA.
(I'm currently still getting health insurance through my employer as a part-time employee but that will end 12/31/20 and I can go to COBRA or ACA for 2021. I will be 65 at the end of April 2021, so I will shift to Medicare, but my wife, who is 4 years younger will either remain on COBRA if we choose it or continue on ACA).
When I plugged my estimated income for 2021, I get no subsidy for the ACA unless I get a MAGI of at least $18,000 or greater for the year. So if 2021 looked liked this....
a) estimated part time salary for wife and I ($10,000)
b) estimated capital gains and interest on investments ($5000)
c) withdrawals from IRA's or 401k's ($3000 +)
Total MAGI = $18,000 +
Are my assumptions on b) and c) correct as a component of an ACA subsidy?
If so, that would be great, as I can adjust c) up or down during 2021 depending on what the real numbers are for a and b.
If this is the case, the ACA plan for us would be much cheaper than COBRA.