Listen the Key to using Obamacare is the SUBSIDY. Hoard your Cash & keep your "Reportable" income low enough that you get a sizeable subsidy. Remember if you retire at 62 you only need Obamacare for 3 years so supplement your small reportable income with cash from your savings or money from a Roth IRA that is not taxable as income. As of now Obamacare does not take into account your assets only your income.
Great Job explaining! I really appreciate it. My mom's income was just below the 100% to qualify for subsidy but too high to get Medicaid so she was stuck in the grey area with no insurance. It's good to know that she will automatically qualify for subsidy since she was denied for Medicaid. Thanks for explaining.
Will they ever look at savings and investments? For a family of four with 40k of passive income in Florida (ages 55,53,22,24) willing to pay for preventative, doctor visits and labs out of pocket, is there a low premium, high deductible plan that would protect us from an incident that might cost more than 15k or have long term multiyear bills like Trauma, heart attack, stroke, cancer, etc?
Is contributing to a Sep IRA a way to get Modified Adjusted Gross Income down? How else can a self employed person or freelancer get it down so they have less to pay for ACA health insurance?
JMO, but if you are an early retiree with low income, it's a great option. Just need to be aware of the complexities of qualifying for subsidies. BTW Biden opened open enrollment again.
If a divorced female has no or little income, will she qualify as low income and receive free or low-cost health insurance? Can you explain details on how she can apply? If not, any alternative? If this includes Kaiser, then that will be her preference. Thank you. B.
I no longer work and have no income from a job. I have traditional IRA's, most in 6month-1yr IRA CD's. Can I take withdrawals from retirement income and use that as income for MAGI. I wanted to hold off on Social Security for at least 2 years. I am 63.
Hey Ms. Jones. Why dont you call me at 708-566-6589 or shoot me an email at jdavern@myhst.com and we can discuss this. You may be able to use that, but now we are outside of Obamacare enrollment so not sure we can get you in the ACA. But please reach out and lets talk!
If your an LLC with you as the owner and operator of the business (Trucking) , do you use the projected gross from the business? Or the gross your expecting to pay yourself for MAGI?? Thanks
Hey Kevin. Feel free to email me at jdavern@myhst.com and I can help address this. The number the government is looking for thought is MAGI on your personal tax return.
That is something you must discuss with accountant to see which parent will be claiming the child. Many parents share and claim the child every other year
@@me-lg1yw If you live in a state where medicaid was not expanded, you are ACA eligible above 100% FPL. I think medicaid is less expensive generally, but providers seem to treat ACA more like regular insurance.
This is really good information. We just quit our jobs this year, decided to retire early. We are 59 and 62 next year, live in TX. A 20 years old son(dependent) in college. We plan not to work or just working part time next year. We do have rental income and 401k. Questions....1. Is rental income(Passive Income) count towards the income to qualify the subsidize? 2. My husband is considering getting his SS benefits starting next year. Should he hold off getting his SS? 3. Is the higher the income the lower the subsidize amount?4. My son may get an internship next summer, is his income counts towards our total income assuming he earns less than 12k and doesn't need to file his own tax.
Any taxable income will qualify yes. In regards to the SS income that will also qualify and count toward the projected income to get subsidy. Yes, the higher the income the lower the subsidy. In regards to your son, if he plans to make over 12k we may need to include it. Under 12k and we do not need to include it. This is if you guys still claim him on taxes. Give me a call on my cell and I would be happy to help you guys out. 708-715-2657
Depends on the policy (silver, gold, etc.) and their MAGI. Generally if you are below 400% FPL, the subsidies are substantial. If you are above 400%, no subsidies.
I have a question! If I have health coverage & subsidy with my spouse in 2020, do I have to file joint for 2019 if I did not have health coverage in 2019? or do I have to file joint only for 2020?
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Listen the Key to using Obamacare is the SUBSIDY. Hoard your Cash & keep your "Reportable" income low enough that you get a sizeable subsidy. Remember if you retire at 62 you only need Obamacare for 3 years so supplement your small reportable income with cash from your savings or money from a Roth IRA that is not taxable as income. As of now Obamacare does not take into account your assets only your income.
Great Job explaining! I really appreciate it. My mom's income was just below the 100% to qualify for subsidy but too high to get Medicaid so she was stuck in the grey area with no insurance. It's good to know that she will automatically qualify for subsidy since she was denied for Medicaid. Thanks for explaining.
Yes sir happy to help!
LOL! Agrees! it took me a FEW YEARS to really understand this.
You aint kidding!
Please talk more about offered company coverage. Thanks
(Florida) If a 🏠 of 2 or more does not make at least $19,000...they will send your application to medicaid.
Which Medicaid hardly pays anything.
Will they ever look at savings and investments? For a family of four with 40k of passive income in Florida (ages 55,53,22,24) willing to pay for preventative, doctor visits and labs out of pocket, is there a low premium, high deductible plan that would protect us from an incident that might cost more than 15k or have long term multiyear bills like Trauma, heart attack, stroke, cancer, etc?
Is contributing to a Sep IRA a way to get Modified Adjusted Gross Income down? How else can a self employed person or freelancer get it down so they have less to pay for ACA health insurance?
JMO, but if you are an early retiree with low income, it's a great option. Just need to be aware of the complexities of qualifying for subsidies. BTW Biden opened open enrollment again.
Thank you su much for this information,
If a divorced female has no or little income, will she qualify as low income and receive free or low-cost health insurance? Can you explain details on how she can apply? If not, any alternative? If this includes Kaiser, then that will be her preference. Thank you. B.
I no longer work and have no income from a job. I have traditional IRA's, most in 6month-1yr IRA CD's. Can I take withdrawals from retirement income and use that as income for MAGI. I wanted to hold off on Social Security for at least 2 years. I am 63.
Hey Ms. Jones. Why dont you call me at 708-566-6589 or shoot me an email at jdavern@myhst.com and we can discuss this. You may be able to use that, but now we are outside of Obamacare enrollment so not sure we can get you in the ACA. But please reach out and lets talk!
What if you have no W2 income, but live off investments?
If your an LLC with you as the owner and operator of the business (Trucking) , do you use the projected gross from the business? Or the gross your expecting to pay yourself for MAGI??
Thanks
Hey Kevin. Feel free to email me at jdavern@myhst.com and I can help address this. The number the government is looking for thought is MAGI on your personal tax return.
👍
Thank you expect a call 🙏
Earning 90k a year and a family of 4 living in Cali. Do I qualify for subsidies? And what does monthly payment look like?
I am not licensed in California but from what I do know you would qualify for subsidies
What if you’re not married but you and your partner share a child how does that work as far as who claims the child?
That is something you must discuss with accountant to see which parent will be claiming the child. Many parents share and claim the child every other year
So does medicaid offer a better deal than Obamacare? I only make $6000/yr
You would probably only qualify for medicaid. ACA requires you to earn at least 138% of the federal poverty level, which would be about $18000.
Yes, what he said^^
@@me-lg1yw If you live in a state where medicaid was not expanded, you are ACA eligible above 100% FPL. I think medicaid is less expensive generally, but providers seem to treat ACA more like regular insurance.
This is really good information. We just quit our jobs this year, decided to retire early. We are 59 and 62 next year, live in TX. A 20 years old son(dependent) in college. We plan not to work or just working part time next year. We do have rental income and 401k. Questions....1. Is rental income(Passive Income) count towards the income to qualify the subsidize? 2. My husband is considering getting his SS benefits starting next year. Should he hold off getting his SS? 3. Is the higher the income the lower the subsidize amount?4. My son may get an internship next summer, is his income counts towards our total income assuming he earns less than 12k and doesn't need to file his own tax.
Any taxable income will qualify yes. In regards to the SS income that will also qualify and count toward the projected income to get subsidy. Yes, the higher the income the lower the subsidy. In regards to your son, if he plans to make over 12k we may need to include it. Under 12k and we do not need to include it. This is if you guys still claim him on taxes. Give me a call on my cell and I would be happy to help you guys out. 708-715-2657
how much do people end up paying if they get the subsidies ?
Depends on the policy (silver, gold, etc.) and their MAGI. Generally if you are below 400% FPL, the subsidies are substantial. If you are above 400%, no subsidies.
Yes...what JM said. If you need specifi help on your scenario shoot me an email at jdavern@myhst.com
Im on SSI an I can't find health insurance for my wife medicade Denise her
Hey William. You can feel free to text or call me at 708-566-6589 and I can certainly do whatever I can to help you out!
@@healthcaremadesimple5367 ok thank you
I have a question! If I have health coverage & subsidy with my spouse in 2020, do I have to file joint for 2019 if I did not have health coverage in 2019? or do I have to file joint only for 2020?
Nope. Only for 2020!
@@joedavern8323 Thanks so much!
Do you. Have tick toc?