Hi all,
My wife and I are looking good for early retirement in terms of $ but, like a lot of people, we are concerned about insurance.
I would like to retire at 59.5. My wife would be 56. I will have funds from a Roth IRA I can pull, which I understand do not count towards MAGI. I also have taxable funds I can pull to thread the needle for the income requirements between Medicaid and ACA. I am fine drawing down personal investments until pension and SS kick in later.
https://www.healthcare.gov/lower-costs/ has been a useful site for me in trying to figure this all out. Plugging in my (56) and my spouse's (53) gives us an estimated tax credit of $1648 with a $30000 annual MAGI. Looking at the possible plans for our situation, the most expensive is Ambetter from Magnolia Health - Complete Silver with Walgreens + Vision + Adult Dental. Its premium is $132.19/month (including a $1648 tax credit applied to $1780.19).
My questions are:
1. Are people generally tweaking their MAGI to thread the Medicaid/ACA needle?
2. What are the mechanics of the premium payments? Would I pay the $1780.19/month and then get a tax credit equivalent to $1648/month when filing income tax for that year? If my tax credit is in excess of tax owed, do I get that money back in the form of a refund?
3. I plugged in a few of our specialists and they appear to not be in the example plan's network, which means (for this plan, anyway) their care is not covered at all. This could be a problem for us. Would the gold plans (or others) provide better out-of-network coverage (and also be more expensive)?
4. Finally, are there services or organizations to help navigate all this?
Thanks, all.
dr350rex
My wife and I are looking good for early retirement in terms of $ but, like a lot of people, we are concerned about insurance.
I would like to retire at 59.5. My wife would be 56. I will have funds from a Roth IRA I can pull, which I understand do not count towards MAGI. I also have taxable funds I can pull to thread the needle for the income requirements between Medicaid and ACA. I am fine drawing down personal investments until pension and SS kick in later.
https://www.healthcare.gov/lower-costs/ has been a useful site for me in trying to figure this all out. Plugging in my (56) and my spouse's (53) gives us an estimated tax credit of $1648 with a $30000 annual MAGI. Looking at the possible plans for our situation, the most expensive is Ambetter from Magnolia Health - Complete Silver with Walgreens + Vision + Adult Dental. Its premium is $132.19/month (including a $1648 tax credit applied to $1780.19).
My questions are:
1. Are people generally tweaking their MAGI to thread the Medicaid/ACA needle?
2. What are the mechanics of the premium payments? Would I pay the $1780.19/month and then get a tax credit equivalent to $1648/month when filing income tax for that year? If my tax credit is in excess of tax owed, do I get that money back in the form of a refund?
3. I plugged in a few of our specialists and they appear to not be in the example plan's network, which means (for this plan, anyway) their care is not covered at all. This could be a problem for us. Would the gold plans (or others) provide better out-of-network coverage (and also be more expensive)?
4. Finally, are there services or organizations to help navigate all this?
Thanks, all.
dr350rex
Statistics: Posted by dr350rex — Mon Sep 09, 2024 11:28 am — Replies 2 — Views 160