The Obamacare premium tax credit depends of course on your income. Is there any adjustment to this calculation in the year you turn 65 and exit Obamacare for Medicare?
On 5/30/21 7:09 PM, Roger Fitzsimmons wrote:
The Obamacare premium tax credit depends of course on your income. Is there any adjustment to this calculation in the year you turn 65 and exit Obamacare for Medicare?
There is no adjustment per se. The calculations compute the annual
amount. That amount then gets spread equally by month. So, assuming you
stop the subsidy (advance premium tax credit) in the last month you have
ACA insurance, the tax return reconciliation to determine your net
premium tax credit (more credit or pay back money) will only use the
months you were on an ACA health plan.
On Tuesday, June 8, 2021 at 4:28:04 PM UTC-4, Alan wrote:wouldn't be taken into account?
On 5/30/21 7:09 PM, Roger Fitzsimmons wrote:
The Obamacare premium tax credit depends of course on your income. Is there any adjustment to this calculation in the year you turn 65 and exit Obamacare for Medicare?There is no adjustment per se. The calculations compute the annual
amount. That amount then gets spread equally by month. So, assuming you
stop the subsidy (advance premium tax credit) in the last month you have
ACA insurance, the tax return reconciliation to determine your net
premium tax credit (more credit or pay back money) will only use the
months you were on an ACA health plan.
So if you are on Obamacare for 6 months, your "Annual Contribution" will be calculated based on your full year's income, but then divided by 2? But if your income is significantly different in the first half of the year versus the second half, that
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