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7 votes
Accepted

Under the Affordable Care Act, do I get penalized if my dependents don't have insurance for the time they are not in the US?

In general, there are some exemptions that may apply to your situation, but may not, depending on the exact specifics. In particular the two exemptions that seem relevant: If your wife and son are ...
Joe's user avatar
  • 35.9k
7 votes

Do I have to pay a Health Care Tax Penalty for my F-1 spouse?

According to the IRS (look at the 11th question on this page) a nonresident alien is not covered by the individual mandate. If your wife has been in the country for less than 5 years on the F-1 visa, ...
NL - SE listen to your users's user avatar
7 votes

Does COBRA make sense anymore with the ACA?

What effect will not paying COBRA for April and not signing up for an ACA marketplace plan (thereby going uncovered for one month) have? None. Your new employer coverage will begin May 1; and ...
quid's user avatar
  • 49k
6 votes
Accepted

Can I use an IRA to avoid the ACA subsidy cliff?

Yes, anything that lowers your MAGI will help you avoid the cliff, and all above the line deductions like HSA/IRA contributions do so. I'd prioritize maxing HSA contributions over maxing IRA ...
Hart CO's user avatar
  • 70.6k
5 votes
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Does my spouse's income count the income calculation for the Affordable Care Act? (See details)

When doing the calculation for the Health insurance subsidy, do I have to count my wife's social security check in my income even though she won't be insuring through ACA? Yes, what matters is the ...
littleadv's user avatar
  • 178k
5 votes

Affordable Care Act claim limits by plan tier

How frequently you can receive certain services will depend on the specific service. Some services are considered preventive and are mandated by law, these benefits will have certain age and ...
quid's user avatar
  • 49k
5 votes
Accepted

Does retirement (pre-Full Retirement Age) qualify for a special enrollment period for the affordable care act?

If I retire before I am old enough to be eligible for Medicare, and it wasn't a forced retirement by my employer. Do I qualify for a special enrollment period for the Affordable Care Act (aka ...
user102008's user avatar
  • 17.3k
4 votes

Does COBRA make sense anymore with the ACA?

You asked, What effect will not paying COBRA for April and not signing up for an ACA marketplace plan (thereby going uncovered for one month) have? Considering that you asked this question well ...
dwizum's user avatar
  • 17k
4 votes
Accepted

ACA and HSA question - seems HSA policies are a lot more expensive in premium and out of pocket

To start: Do I have to get a policy that says it is "HSA compatible" in order to contribute pretax (or have the employer do it) into my HSA savings acct? Yes. There's more to an HSA compatible ...
quid's user avatar
  • 49k
4 votes
Accepted

Affordable Care Act subsidy effect on taxes after Income Gains

When it's time to file taxes, must the person pay back some or all of the subsidy received because they made more income in the year than their estimated income when signing up even though the new ...
NL - SE listen to your users's user avatar
3 votes
Accepted

ACA health insurance: What will happen if my income ends up being way higher than I have on record?

"Do capital gains impact my health insurance subsidy?" Definitely. "what could be the repercussions?" Maybe. I don't think so. https://www.healthinsurance.org/faqs/what-happens-if-...
RonJohn's user avatar
  • 50.7k
2 votes

Affordable Care Act claim limits by plan tier

You can claim as often as you like. The "Metal" tiers just identify how much of the costs you pay versus how much the insurance company will pay (after any deductible). Plan Category The ...
mkennedy's user avatar
  • 1,208
2 votes
Accepted

Do Affordable Care Act business requirements apply to "control groups?"

Yes, it applies to control groups. If I remember correctly common ownership rules are used to determine "Applicable Large Employer" status but if the time comes to owe a penalty, only the actual ...
quid's user avatar
  • 49k
2 votes

Can I apply for a subsidized health insurance plan when I lose my job?

Yes. While there are the normal annual enrollment periods, you are also granted a "special enrollment period" triggered by certain "qualifying life events." You'll typically have 60 days to make ...
quid's user avatar
  • 49k
2 votes
Accepted

How do ACA premium tax credits work?

I helped someone with this a few years ago and AFAIK, the process is still the same. You answered the basic questions and they indicated that you are eligible for a $999 per month "Estimated premium ...
Bob Baerker's user avatar
  • 76.8k
2 votes

ACA Premium Tax Credit - Claiming for prior year

You claim the tax credit for the tax year in which it was received. The government will send you a 1095-A denoting your monthly premium as well as your monthly advance premium PTC. You'll use form ...
Bob Baerker's user avatar
  • 76.8k
2 votes
Accepted

Does my new insurance plan have to pay for my pre-scheduled surgery (it normally covers this surgery)?

No, they don't, but we need to be very precise in what we're discussing There are a couple of ways your main question can be read: Will the new insurer cover a service that their insurance contract ...
Upper_Case's user avatar
  • 1,568
2 votes

Does my new insurance plan have to pay for my pre-scheduled surgery (it normally covers this surgery)?

No, they are not required to cover it. When you switch, you will need to have the surgery re-approved under the new plan/provider. The negotiated rates could be different, if you switch providers (...
BobbyScon's user avatar
  • 14k
2 votes

Is my calculation of gross income correct?

You are cutting it so close to the minimum AGI, that you might benefit from filling out the draft tax forms for 2021. This way you will have the most accurate estimate of your 2021 AGI, which you can ...
Orange Coast- reinstate Monica's user avatar
2 votes
Accepted

IRA rollover to meet minimum income for ACA subsidy

While flinty New Hampshire has attempted to implement a Medicaid work requirement and asset test, they are not in effect in 2022 and their prospects are dim for future years. All members of your ...
Orange Coast- reinstate Monica's user avatar
2 votes

My wife is 26 and I am 30. We want catastrophic health insurance. If she is the policyholder, can we do this?

Admittedly this is not a great answer, but when I go to https://www.healthcare.gov/see-plans/, enter ZIP code 60647 (Cook County, Illinois), and then specify a married couple with no kids, both 29 ...
Craig W's user avatar
  • 16k
1 vote

How to find information for premium increase trends?

Could this be inflation? Unfortunately the cost of healthcare is part of the calculation of inflation. But like any other part of that calculation it can be higher or lower then the overall inflation ...
mhoran_psprep's user avatar
1 vote

Roth Conversion over ACA Cliff

The cliff is temporarily gone, but the phasedown is extended to a phaseout, at a slightly lower rate. Specifically, your Premium Tax Credit is limited to the SLCSP (Second Lowest Cost Silver Plan) ...
dave_thompson_085's user avatar
1 vote

Mass Connector Health Plans and new employment

Income change is new information that you may have to report. An employer offer of health insurance is new information that you may have to report. See this MassHealth link. As you mentioned, you have ...
Orange Coast- reinstate Monica's user avatar
1 vote
Accepted

Owed taxes for discounted health care after pension cash out

She is 'stuck', sorry. Aside: this is not actually a discount. Technically it is an advance payment, to the insurance company for your benefit, of (edit) an estimate of the (refundable) Premium Tax ...
dave_thompson_085's user avatar
1 vote

Does insurance gap affect pre-existing condition coverage?

Pre-existing conditions are an odd thing, and people are often mistaken about exactly what one is. To be totally clear, As of this writing, you cannot be denied coverage for a pre-existing condition ...
Upper_Case's user avatar
  • 1,568
1 vote

Does insurance gap affect pre-existing condition coverage?

Coverage for pre-existing conditions is one of the cornerstones of the Affordable Care Act. And yes, it also ended the practice of charging women more than men. Prior to its passage there were ...
Bob Baerker's user avatar
  • 76.8k
1 vote

Does COBRA make sense anymore with the ACA?

COBRA may not make sense for you in your situation, however, one place it makes a big difference is for someone who has already hit their deductible before the end of the year, switching plans would ...
TTT's user avatar
  • 47.2k
1 vote
Accepted

Deducting self-employed ACA health insurance premiums paid for next year

Stumbled upon the answer a year and a half later, in Pub. 535, Business Expenses: When To Deduct Premiums You can usually deduct insurance premiums in the tax year to which they apply. Cash method. ...
Craig W's user avatar
  • 16k
1 vote

Deducting self-employed ACA health insurance premiums paid for next year

Here's what the instructions for the relevant line on form 1040 say: Enter the total amount paid in 2018 for health insurance coverage established under your business (or the S corporation in which ...
BrenBarn's user avatar
  • 24k

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