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I went to this site and put in my numbers for this year like i was going to retire now. It gave me several policies to choose from and all of them affordable. I feel like this is to good to be true. I hope there are others that have used this.
The numbers I inputted were...
Zip Code 89014 - My age 62, wife age 53, no boxes were checked. (no dependents, no insurance from work, etc) Income was $30,000. It gave me a $1,335 per month credit, with additional savings if I choose a silver plan.
I went to this site and put in my numbers for this year like i was going to retire now. It gave me several policies to choose from and all of them affordable. I feel like this is to good to be true. I hope there are others that have used this.
The numbers I inputted were...
Zip Code 89014 - My age 62, wife age 53, no boxes were checked. (no dependents, no insurance from work, etc) Income was $30,000. It gave me a $1,335 per month credit, with additional savings if I choose a silver plan.
Yes- that would be correct- For THIS year- if you count the 25K you already earned and then file for your SS now or soon at 1707 a month to put you at 30K for the year. You will find it's a balancing act. If you earn too much it will reduce your Premium credit and especially your subsidy. I think the sweet spot is around 31,400 to qualify for a premium subsidy (which reduces your deductible and out of pocket experiences.) Your issue will be NEXT year when your SS income will be 1707 x 12 =20484-which is MEDICAID level (if your state has opted into medicaid expansion). You will have to take the money out of savings to bring you up to ACA premium levels. Did I explain that somewhat clearly?
Yes, I believe I understand. Any money I take out of the 401k or IRA will be counted as income to add on to the $20,484? Or a part time job to maybe get up to the 31,400 sweet spot?
Is that premium credit applied each month so total out of pocket could be $100 or so depending on the plan? Or is that credit added at the end of the year when taxes are filed and I have to pay the full monthly along the way?
Yes, I believe I understand. Any money I take out of the 401k or IRA will be counted as income to add on to the $20,484? Or a part time job to maybe get up to the 31,400 sweet spot?
Yes- exactly
Is that premium credit applied each month so total out of pocket could be $100 or so depending on the plan? Or is that credit added at the end of the year when taxes are filed and I have to pay the full monthly along the way?
Thanks for the help!
If your yearly income is 31,400 your monthly premium ( for a Silver plan) should be around 154.00 a month-You will write a check for 154.00 (or double that to include your wife) credits are prepaid- you never see any of that. I actually think your income can be less than that -you just have to keep it so you don't go on medicaid-it depends on the state for that limit.
This is all pretty new to me too- my husband only retired a few months ago-he is old enough for medicare I still have a few years to go so I had to figure all this ACA out for myself.
Ok, when I look at the silver plans I see the estimated monthly premium. Under deductible i see two numbers, one for individual total and one for family total.(along with an out of pocket max) I didn't realize that the monthly was for one person, and to times that by 2 if you add a spouse. Thank you for pointing that out. It is still much more affordable than many who have quoted paying 800 a month or more. I'm guessing they don't qualify for the credit because of a higher income.
John I ran the numbers with the info you given and it provided me with $1296 per year/$108 mo. tax credit for both of you-
Cost for BOTH of you
BRONZE- FREE (Deductible ranges between 12K-13K per yr & around $14K out of pocket max0
SILVER-$80 mo. (Deductible $3700, $3700 out of pocket) or $189 mo with Deductible $1500, or Zero, Out of pocket varies.
GOLD-$192 mo to almost $400 month (deductible Zero, 6K or $2K).
Is that tax credit you speak off ($1296 per year/$108 mo.) different from the estimated tax credit (not your premium) of $1,334.94 per month. I see that number at the top of the screen above the plans available.
Looking through the plans it appears to me that the silver may be the right choice for us. The bronze choice with the higher deductible and 14k out of pocket look scary. I guess if i had confidence in our health that would be the way to go. The silver Ambetter from SilverSummit Healthplan - Ambetter Balanced Care 4 looks attractive. $67.07 per month with a deductible of $3,700 and out of pocket of $3,700. Emergency no charge after deductible, but there is no charge for generic drugs or primary doctor and specialists are $5. I take a blood pressure and thyroid medication. My wife doesn't take any medication at all though.
So that number of $67.07 per month is for both of us? Not 67.07 each?
So those gold, silver etc plans are not gap coverage to supplement Medicare but full coverage for people not yet 65? $67 per month per person? Are you sure? That does not make sense to me, I pay much more for coverage with my company picking up half the premium.
John if your family history is as it is, you are really miserable in your job, and the health care costs are as you found them to be I would strongly consider it as well. Life is too short to be miserable, you can always supplement your income by doing small stuff like driving for Uber or whatever if things get tight.
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