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I think the plan should be to gut it out and get through this year. And then apply for the medical in the open enrollment period planning on an income in the low $23,000 area. If I get 1700 a month = $20,400 a year. I either pull a couple grand from an investment or work that first month of 2019 to get me into that bracket.
That would be the perfect plan. Unfortunately, after my next paycheck i will be around $27,000 and I still have 2 weeks vacation owed to me which at least will put me around 29,000. If I quit my job and applied for SS in the near future and say got 5 checks of 1700, I'm now around $37,000 for the year. The plans would now be around 200 to 300 and the deductibles and out of pocket are much higher.
So, I'm not sure what to do, and today was my Monday at work, and it was brutal.
So if continue to work for the rest of the year your reported income will be 50 grand. How will that allow you to get the health care credits you would get with a low income for next year?
Oh, I hope I understand it correctly that my 2019 income will be what determines the tax credit. If it doesn't work like that, I'm screwed. Does anyone know if that is correct? With an income of 1700 a month, I will be short of the minimum, I will need to pull about 3,000 out of my 401k or IRA to hit the bottom tier of 22,800 or whatever it will be in 2019.
Thanks for the reply Sam, I looked up Medicaid for the Clark County. (Las Vegas Area) It appears there are several doctors that accept Anthem Blue Cross. Is income what determines eligibility? Since I'm around 29k for 2018 including vacation pay that's due if I was to retire now. Will what I've earned so far eliminate me, or I'm hoping its based on what will be coming in after retirement.
The cutoff is somewhere around 23K. If you choose traditional medicaid, it will be only $60 a month for the taxpayers the months you don't use it. Use Anthem Blue Cross and you are at the mercy of a private healthcare system, and because a middle man is involved, could have issues with billing. And it is hundreds of dollars a month charged to the taxpayer and maybe you down the line.
Why? Because of the Medicaid Estate Recovery Act. You don't have that risk with the exchanges of course but with traditional medicaid, you don't pay hardly anything. Most everything is free. No deductibles, barely any co-pays if any at all. And because less is spent on your healthcare, if it ever comes back to you in the form of your estate, you want it to be as little $$ as possible.
You'd need to show at least around 24K to be on the exchanges. You can play with the numbers.
Good luck
@creeksitter
Yes, she would have full healthcare in Singapore. It's expensive to live there, plus I wonder If I could be happy leaving the US. Good thought though. I'm going to try and make it through this year, hopefully I can. Since my income will be so low once I retire, maybe medicaid will be the answer. As you suggest, I need to be sure she qualifies as well. I don't need a lot to survive, if I can figure out medical, I can enjoy the final years of my life. Thanks for the reply!
I envy guys that have aggressive choice. Ours is just blended.
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