Mid-year application for Covered CA

[cali-freedom]

This is my first post and glad there is such a forum to get responses from like-minded folks.

I'm 54 years of age and with the guidance of a financial advisor I'm ready to pull the trigger to early retirement over the next year or so. My question is related to Covered CA subsidies I can receive if I terminate employment mid-year. I know that during the application process you provide your estimated income in order to view health plan options. My current income will not allow me to qualify for credits. If I apply mid-year can I enter my post-termination estimated income? Once my income taxes info are assessed at end of year, will the state only consider my income from the time I left my employer?

Any guidance would be greatly appreciated as well as resource links on this topic. If needed, I will also reach out to a certified insurance agent.

Thank you!

 

[cathy63]

ACA subsidies are based on your income for the entire calendar year, so you have to add up the amount you made while employed plus any additional income that comes in after you leave your job.

 

[jim584672]

Only Medicaid is monthly based. You can earn $100K in one month, and almost nothing the next month and qualify if your income is low enough.