In NY State if your MAGI is under 38,000, you are kicked out of the marketplace and are forced into Medicaid.
But, in 2016, while estimating your income you figure your MAGI will be 42K, so you are in a Bronze plan, heavily subsidized.
You estimate in Nov. 2017 the same thing. You get the same Bronze plan, again heavily subsidized.
You do your 2017 taxes in February of 2018, and you find that your MAGI is really lower than you estimated because your Social Security Benefits are taxed much lower than you estimated. Your MAGI is below that 38K threshold, but you were covered for 2017, which has come and gone, with the Marketplace Bronze plan, and you have already been declared eligible for 2018 due to your projected income.
So what happens? Will they kick you out of the marketplace in 2018, based upon your real 2017 income, or allow you to stay in the marketplace based upon your 2018 projections?
But, in 2016, while estimating your income you figure your MAGI will be 42K, so you are in a Bronze plan, heavily subsidized.
You estimate in Nov. 2017 the same thing. You get the same Bronze plan, again heavily subsidized.
You do your 2017 taxes in February of 2018, and you find that your MAGI is really lower than you estimated because your Social Security Benefits are taxed much lower than you estimated. Your MAGI is below that 38K threshold, but you were covered for 2017, which has come and gone, with the Marketplace Bronze plan, and you have already been declared eligible for 2018 due to your projected income.
So what happens? Will they kick you out of the marketplace in 2018, based upon your real 2017 income, or allow you to stay in the marketplace based upon your 2018 projections?