Does anyone have any children and receive ACA subsidies? The DW and I are planning on a couple of children in a few years and I have worked in the costs of health insurance when we are retired at being between 250-400 per month. I thought that I had worked in the subsidies, however, I think I must not have because I found a couple of calculators that give totally different results ranging from $0 to about $100 / month (after subsidies) in various states around the Midwest since this is likely where we'll be.
This one gives a result of ~33/month for a family of 4 with 20K/year in income.
However, if you are below a certain income level it seems as if you are eligible for Medicaid and it seems to imply you 'need' Medicaid as opposed to purchased insurance (something I am not inclined toward). If you are eligible for Medicaid, can you pass on that and instead purchase health insurance?
How much are your premiums and your subsidies?
Health Insurance/Subsidies with Children
Re: Health Insurance/Subsidies with Children
For states that have not expanded Medicaid, I believe you can still purchase health insurance even if your income is below the minimum to qualify. You just will receive no subsidies. You definitely have an incentive to report the minimum required income to maximize subsides. However, it doesn't necessarily have to be earned income -- dividends, interest, capital gains, and IRA conversions also count.
I still have a good amount of capital losses from years ago that are great for writing off gains but make it harder to report minimum income from investments alone. First world problems, I know. I just plan to convert whatever is necessary from my IRA to a Roth to make up the difference.
We have no kids, so I can't speak to that. But the health insurance or the both of us works out to $77/month with a $150 deductible. When comparing options online, be sure to look at the silver plans. The subsidies (that affect premiums) and cost sharing (that affect deductibles and OoP max) are designed to influence these the most, and they will be the best deals.
I still have a good amount of capital losses from years ago that are great for writing off gains but make it harder to report minimum income from investments alone. First world problems, I know. I just plan to convert whatever is necessary from my IRA to a Roth to make up the difference.
We have no kids, so I can't speak to that. But the health insurance or the both of us works out to $77/month with a $150 deductible. When comparing options online, be sure to look at the silver plans. The subsidies (that affect premiums) and cost sharing (that affect deductibles and OoP max) are designed to influence these the most, and they will be the best deals.