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Yesterday I went on the website for the first time because my dad wanted to find out how much he could save with the new health care law. I was surprised that with an income of around $23000 you cannot get any assistance from the government. I even included my mom in the application with the same income just to see if there was going to be any difference, but there wasn't.
Monthly premium for both of them was $320,, including dental insurance. Also I think deductible was going to be $6000...is this the normal range for such low income?
Yesterday I went on the website for the first time because my dad wanted to find out how much he could save with the new health care law. I was surprised that with an income of around $23000 you cannot get any assistance from the government. I even included my mom in the application with the same income just to see if there was going to be any difference, but there wasn't.
Monthly premium for both of them was $320,, including dental insurance. Also I think deductible was going to be $6000...is this the normal range for such low income?
Do they each make that or is that their total household income? If that is the total household income and you put it in twice, the site thinks they make 46,000 and they probably wouldn't get a subsidy for a total premium of $320. Also, depending on their age, $320 is pretty low so that might be why they didn't get a subsidy.
Do they each make that or is that their total household income? If that is the total household income and you put it in twice, the site thinks they make 46,000 and they probably wouldn't get a subsidy for a total premium of $320. Also, depending on their age, $320 is pretty low so that might be why they didn't get a subsidy.
No I put $23000 for household income just to see. I didn't include hers.
Yeah I know 320 is low, but I'm still wondering why no subsidy for that type of income. My dad is over 60.
No I put $23000 for household income just to see. I didn't include hers.
Yeah I know 320 is low, but I'm still wondering why no subsidy for that type of income. My dad is over 60.
I think you are maybe just missing the subsidy. There is no way 2 people in their 60's, or near 60, are paying a joint premium of $320/month without a subsidy. It might not be line-itemed out in the quote. My guess is they have some subsidies for their out of pocket costs as well at that income level--you should check a silver plan to see. You can double check the figures by going to the insurance company website and pricing out the plans without checking for subsidies. My guess is the premium is 3x's that at least.
I think you are maybe just missing the subsidy. There is no way 2 people in their 60's, or near 60, are paying a joint premium of $320/month without a subsidy. It might not be line-itemed out in the quote. My guess is they have some subsidies for their out of pocket costs as well at that income level--you should check a silver plan to see. You can double check the figures by going to the insurance company website and pricing out the plans without checking for subsidies. My guess is the premium is 3x's that at least.
I forgot to mention that they won't be filling together next year because she will owe money. I read something along these lines "by selecting this option you will not get a tax credit..."
Maybe that's why I didn't see a subsidy.
I tried to go back and remove my mom from the application but it wouldn't let me. I figure it'll probably be best they don't do it to together since she makes more than him.
I forgot to mention that they won't be filling together next year because she will owe money. I read something along these lines "by selecting this option you will not get a tax credit..."
Maybe that's why I didn't see a subsidy.
I tried to go back and remove my mom from the application but it wouldn't let me. I figure it'll probably be best they don't do it to together since she makes more than him.
You can get the subsidy in 2 ways, either lower monthly payments or a credit on your taxes...guessing you took the lower monthly payment so that is why it said that.
If you didn't include all of their income, you probably need to call them tomorrow and get it fixed.
Its not like income tax at all. They have to make sure people don't scam the system by having rich be able to file separately for wife who individually has zero income if joint isn't counted.I have friend who had employer provided. He filed for wife and kids on exchange because it was cheaper even with missing the employer dependent contribution. Amount of income was his income because she doesn't work.
I think you are maybe just missing the subsidy. There is no way 2 people in their 60's, or near 60, are paying a joint premium of $320/month without a subsidy. It might not be line-itemed out in the quote. My guess is they have some subsidies for their out of pocket costs as well at that income level--you should check a silver plan to see. You can double check the figures by going to the insurance company website and pricing out the plans without checking for subsidies. My guess is the premium is 3x's that at least.
Maybe they have rental properties? Our income for 2012 was low and the way we have to account for our rental income here in AZ puts us in the dead zone. I am hearing now that the subsidies promised are coming in far short for some....hope this is not the case.
Did you select that your parents are going to be filing taxes/filing jointly? Oftentimes if you select no for this option (and check page 3 of your eligibility letter .pdf to double check) you will be ineligible. https://www.healthcare.gov/how-can-i...lace-coverage/
Check the table on this page to see income and household size eligibility.
If you are in the range for that you did something wrong.
Also if you select you have employer coverage (or other gov. insurance liek through the VA) you are ineligible for a subsidy, keep that in mind.
In order to give you better answers, we would need to know a few more answers.
Does his wife receive insurance where she works.?
Is your father eligible for insurance under her work policy?
What is their MAGI (that is their adjusted gross income after deductions) This will be on their tax returns. Easy to see.
What state do you live in?
What kind of plan are you looking for? Depending on all of the above answers, perhaps I might suggest a plan. If your dad has any sort of condition that requires him to see a doctor frequently and takes a lot of medications, then a plan with lower deductible and max out of pocket cost would be best for him (Gold or Platinum.) If he is healthy and does not require the above at the moment, then perhaps a Silver plan might work well for him.
You must add your mothers income in alongside his income. If their joint income is lower than $62-63,000, then he will be eligible for a subsidy. I don't know what plan you were looking at (Bronze, Silver, Gold, Platinum) so it is difficult to say, but it appears the number you were quoted if both incomes were included, was probably with subsidy, as plans when you reach your 60's usually range between $550-$800 depending on the one you select.
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