Affordable Care Question

Home Fairmark Forum Other Tax Topics Affordable Care Question

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #2154
    mike_stan
    Participant

    I read that if your 2018 annual household income for an individual is between $36,421-$48,560 the payback of Obamacare Premium Assistance would be capped at $1,300.

    If this is the case wouldn’t you want to underestimate your
    income (say estimate $15,000) for the year because the less you make the lower the premiums and the lower deductible you get on your health plan on healthcare.gov.
    If I estimate my income at $15,000 my premium is $26/month with a $350 deductible.
    If I estimate my income at $40,000 my premium goes to $300/month with a $6,700 deductible

    Then at the end of the year as long as you stay under $48,560 you only have to pay back a total of $1,300 for not estimating it properly? Or am I not understanding this correctly?

    • This topic was modified 2 years, 8 months ago by mike_stan.
    • This topic was modified 2 years, 8 months ago by mike_stan.
    • This topic was modified 2 years, 8 months ago by mike_stan.
    • This topic was modified 2 years, 8 months ago by mike_stan.
    • This topic was modified 2 years, 8 months ago by mike_stan.
    • This topic was modified 2 years, 8 months ago by mike_stan.
    #2161
    kaneohe
    Participant

    Found a couple of links that had the same thinking that you have. Just be sure you don’t exceed the top limit or you will have to pay all of the credit back. One link suggested being a bit careful of exploiting this every yr lest you gain a rep for this. Also to compare prev yr actual vs your current yr est …….to see how it would look to outsiders.

Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.