How to Qualify for Obamacare Premium Credits

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[dennistyler]

Good information young man. All the best.

[wisgolf]

My wife and I retired 2 years ago at age 59 and luckily have enough in Roth and in regular savings to live off of well beyond my medicare age of 65. Additionally have 2 paid off rental incomes that cash flow quite a bit more than the taxable portion due to depreciation on both properties. In short - our taxable income is less than 26K per year although we are spending much more than that. This gets us a free ACA plan, with no deductable, $5 doctor visit copays and max out of pocket of $3, 600 per year. Also the standard deduction reduces our state and federal taxes to zero. It's an unbelievable deal for us.

[andrewroth]

So if untaxable Social security is added in, is pre-tax retirement added in before or after the standard deduction

[johnd]

Does your Standard deduction lower your MAGI. If so then you have to have income to offset that amount to brink up your income to qualify for ACA..

[rscott]

Great Info. Josh as always. I would add one small point. When you can lower or eliminate your health Ins. premium it provides monies to fund an HSA. Which by the way and very important is a tool to lower your AGI, which will help you big time! Love ROTh IRA's but if needed do the math an see if it might be better to use Traditional IRA in order to lower (also lower your AGI) or remove health ins. premium 100%. We used our simple IRA & HSA to lower AGI and pay zero prem. and now have $50k in HSA. Ain't that America for you me.

[dobiesj]

The prior year’s FPL is used when calculating ACA income limits. Example, in 2022 you use 2021 FPL.

[rootedrotor]

Question - if I retire midyear and have made over the aca income credit limit, but then make hardly anything the rest the year (after I retire), can I still qualify that year? Or do I have to wait to the following calendar year? Thanks Josh!

[toddhallam]

What age is this based on? If married, which spouces age is used?

[johnd]

How do you determine your income and proof your income. I plan to retire next year and live off my bucket (cash and some dividends until I hit FRA and sign up for SS medicare. .

[prettygirlus]

@0:05L "I'm not the biggest fan of obamacare. I don't like how they did it."

Huh? You don't like democracy? obamacare was democratically voted into law by the people's elected representatives in the US Congress.

[flexjay]

I worked 40 years straight, was forced to retire, and am on Federal health market insurance. As a working technician, i was paying 850.00 dollars per month for Blue Cross, now i pay $ 5. 35 per month, + 100 dollars for dental per month. My question is : Why the Hell is my Medicare gonna cost me more when i turn 65, than what i pay now, when essentially i am on " Medicare " now, evidently ?

[chrisforker]

It’s extremely hard to live on what you can take as income. Nothing really comes off MAGI.

I should have kept my old insurance for two more years, so I could pay off my house.

[cutehumor]

Obamacare has been a boon for early retirees who are super savers. Looks like it's another program that is not going away. I'll use it when I am 55. Thanks Obama 🤣

[tgallardo]

JOSH. GREAT VIDEO, I have used the exchange for 4 years now, kaiser, same provider I have always had since birth, major hospital 2 miles away has everything, 65k annual AGI, pay 160 a month, no Brainer, cobra is ridiculous, most common stuff can also be handled online prescriptions e-visits etc, perfect for early retirement as long as you don't need the income to sustain debt, this is key,

[gcburkett]

The ACA certainly makes the Roth conversion strategy harder to figure out. Do you look for private insurance or pay full ACA premiums so you can do full Roth conversion or limit your income to get cheaper ACA premiums. For now I keep working

[sergiosantana]

Thanks Josh,
Just another reason to consider the tax free income from a reverse mortgage.
Especially now that the minimum age limit has been reduced to 55.

[troywilliams]

Im with you on the (because im black thing)that phrase is wore out.Always thinking somebody out to get them so not true, relax my black friends.

[brendaheisner]

Keep in mind that if you or spouse employer offers medical insurance than you do not qualify. The family glitch.

[kburkes]

Question: if I work through November and let's say my income is 70, 000 for a single person, and then I quit my job and want to get on Obamacare, what figure would I use for my income? The 70, 000 (which means I would qualify for no subsidy), or a moving forward income estimate?

[tracygarnet]

You started out with, I don't like Obamacare, then by the end, you're saying it's pretty good. Just because you didn't like Obama, don't throw shade out the gate. I'm going to need this program for retiring next year and damn happy to have it. You have a big family and should be grateful for it. I like a lot of your vids, but then your trump card shows and I have to move on. Just give us the facts, you're a smart guy with good info, please leave the political nuances out of it.