Two Questions on ACA new enrollment

[Hyper]

Just enrolled for 22'.

We put DW income as the full amount we will receive from investments including interest in 22'. We put my income as -$0-. It then showed DW income as the household income which is correct.

Q1: Is this how everyone else is reporting income or should we have broken the income in half for each of us?

Available silver HC plans showed two new plans which were a bit cheaper than established plans. We went with an established plan for the sole reason of it being established, hopefully no surprises on our first year of aca.

Q2: Comments on new HC plans?

As others have stated in other threads, we do have to provide proof of income by March, 22'.
One additional "item" for us is that we currently have our house on contract and will be moving soon. We stated "moving" in state for a reason for 22' lower income.
The lowest silver HC plan we chose is cheaper than a current HC plan from the state as employer with a sizeable premium and less benefits. Thank the Lord we don't use insurance much currently.

 

[4legsgood]

Just enrolled for 22'.

...
Q2: Comments on new HC plans?

...

If you haven't looked into them before, and a very high deductible works well for you, it's worth exploring health plans that are compatible with Health Savings Account. Added bonus if you're receiving ACA tax credit, your HSA contribution is an above-the-line deduction and will reduce your MAGI.

 

[cathy63]

Just enrolled for 22'.

We put DW income as the full amount we will receive from investments including interest in 22'. We put my income as -$0-. It then showed DW income as the household income which is correct.

Q1: Is this how everyone else is reporting income or should we have broken the income in half for each of us?

It doesn't matter at all who claims each line item of income. The only thing they care about is the total for the household.

Available silver HC plans showed two new plans which were a bit cheaper than established plans. We went with an established plan for the sole reason of it being established, hopefully no surprises on our first year of aca.

Q2: Comments on new HC plans?

There's no reason to worry about how long a HC plan has been around as long as the doctors you want to use are included in the plan you choose. Insurance is regulated by your state, so even if this is a brand new company that sprung up out of nowhere (unlikely), they didn't just decide to start offering ACA plans without jumping through a lot of hoops and getting past your state regulators.

As others have stated in other threads, we do have to provide proof of income by March, 22'.
One additional "item" for us is that we currently have our house on contract and will be moving soon. We stated "moving" in state for a reason for 22' lower income.
The lowest silver HC plan we chose is cheaper than a current HC plan from the state as employer with a sizeable premium and less benefits. Thank the Lord we don't use insurance much currently.

Are you eligible for COBRA from your prior state employer? You may find that's cheaper than ACA, especially if most of your co-workers are younger.

I don't see how "moving" would have an effect on your income, so the exchange people may contact you with questions about that. "Retirement" might be a more understandable reason to them. Also, since you're selling your home, will you have a profit that you have to claim as income, or will you be able to exclude all of the gain (up to $500K)? If you have any income from the sale, don't forget to include that.

 

[PaunchyPirate]

Q1: Is this how everyone else is reporting income or should we have broken the income in half for each of us?

Q2: Comments on new HC plans

1. I don’t think it matters since it’s all based on total household income.

2. Are these new plans from existing companies or are you referring to new insurance companies that are just entering your “territory”?

If they are new companies entering the market, I would view them cautiously until they have a proven track record for good customer service. If they’ve been servicing elsewhere, you may be able to determine that even if they are new to you.

If they are simply new plans from existing providers, then you just have to familiarize yourself with the details of the new plan first.

 

[Hyper]

2. Are these new plans from existing companies or are you referring to new insurance companies that are just entering your “territory”?

If they are new companies entering the market, I would view them cautiously until they have a proven track record for good customer service. If they’ve been servicing elsewhere, you may be able to determine that even if they are new to you.

If they are simply new plans from existing providers, then you just have to familiarize yourself with the details of the new plan first.

From what I understand, they are new companies entering our market, which is exactly why we chose the established BCBS plan.

We are extremely blessed with the amount we sold our house for but won't hit the $500k and we've lived here 5 years.

Although DW has a fair amount of carryover sick and vacation days that we have the feeling will be paid in Jan 22'. I'm not sure if that should go on 21' or 22' wages?

 

[PaunchyPirate]

I would expect that if the final employment check is paid in 2022, then it will apply to 2022 income. I would expect a W2 for that income in January 2023.

How far are you relocating in your move? If it’s a new zip code (it might be at the county level) you will need to change your application on the exchange when that happens. Plans and pricing may or may not be the same.

 

[Hyper]

I would expect that if the final employment check is paid in 2022, then it will apply to 2022 income. I would expect a W2 for that income in January 2023.

How far are you relocating in your move? If it’s a new zip code (it might be at the county level) you will need to change your application on the exchange when that happens. Plans and pricing may or may not be the same.

We're moving across state, so different county/zip. But the county we are moving to is a bit smaller and we believe less median income? So if anything, we would think the plan rates might be better?
Where we currently live, there is considerably more wealthy individuals. Not sure if that would even matter?
We will give a change of address once we move, so suppose if rates change, they might tell us then or at tax time 23?

 

[PaunchyPirate]

We're moving across state, so different county/zip. But the county we are moving to is a bit smaller and we believe less median income? So if anything, we would think the plan rates might be better?
Where we currently live, there is considerably more wealthy individuals. Not sure if that would even matter?
We will give a change of address once we move, so suppose if rates change, they might tell us then or at tax time 23?

I would be checking the availability of plans and their pricing in the new location now using the exchange. Pretend you’re moving on January 1st. You can even do this without signing into your account so as to not accidentally change what you just signed up for. Then you will know what to expect prior to your move. Prices will remain the same for all of 2022.

Where I live, in my county, offered plans and prices differ quite a bit just by going 5 miles across the county line.

Moving to a new location is considered a “life event” and you need to go thru that process on the exchange timed with your move. So part of your planning should be that when you decide on the date you will officially live in your new location you should also have arranged for your any insurance change for that same date.

It is likely your subsidy will change because it’s quite likely that the baseline price of the second lowest priced silver plan will be different in your new location. This will alter your subsidy amount even if your income remains the same.

That’s why the exchange wants you to reapply using the new address on time so they can change the subsidy if necessary.

 

[Sarah S]

That is a good point. If you needed to change to a new plan your deductible would reset which you don’t want.

I don’t think plan prices are income based before subsidies. I believe rather they reflect the health/ historical insurance use of the population. A few years ago I moved less than 12 miles but across the county line. My premium rose over 30 dollars a month

 

[Aerides]

We're moving across state, so different county/zip. But the county we are moving to is a bit smaller and we believe less median income? So if anything, we would think the plan rates might be better?
Where we currently live, there is considerably more wealthy individuals. Not sure if that would even matter?
We will give a change of address once we move, so suppose if rates change, they might tell us then or at tax time 23?

You might want to browse the new location now on healthcare.gov for an idea. Most providers are statewide, but will differ in costs based on zip.

 

[Hyper]

Not logging in to our account, the subsidy stayed the same with the new county.

 

[PaunchyPirate]

Not logging in to our account, the subsidy stayed the same with the new county.

You are lucky. Did the premium as well?

 

[Hyper]

Yes, premium did also. I kinda suspected it to be lower.