My DH will probably need to buy a policy via Connect for Health Colorado in Feb, 2016. However, he will only need it through Aug because he will be on Medicare in Sept. We plan on managing our MAGI so he can qualify for a subsidy.
My original thought was we would only need to maintain MAGI for as long as he is on an ACA policy. As soon as he is on Medicare, we should be able to increase MAGI with no impact on the subsidy he already received. But then I looked at IRS form 8962, it appears that my thought was incorrect. We must maintain MAGI throughout the year in order to not having to pay back the premium tax credit.
Has anyone run into this situation? Is my understanding correct?
Thanks for your thoughts.
My original thought was we would only need to maintain MAGI for as long as he is on an ACA policy. As soon as he is on Medicare, we should be able to increase MAGI with no impact on the subsidy he already received. But then I looked at IRS form 8962, it appears that my thought was incorrect. We must maintain MAGI throughout the year in order to not having to pay back the premium tax credit.
Has anyone run into this situation? Is my understanding correct?
Thanks for your thoughts.
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