Quote:
Originally Posted by biker1
The obamacare plan I have has a very high out of pocket maximum and a very high deductible and a high premium. You can actually have any out of pocket maximum you want if you are willing to pay a ridiculous premium. I can, however, pretty much go anywhere I want as the network is extensive. One of the biggest flaws in the obamacare plans, IMHO, is the lack of means testing. If you understand the rules, it may be easy to get a big, fat subsidy, which is exactly what I do. I restructured our investments to minimize (until I am on Medicare) capital gains and dividends from our non-qualified investments to keep our MAGI low enough for a subsidy. I would really have been fine with a much lower cost non-obamacare compliant catastrophic plan but will pay less with the obamacare plan with subsidy. They don't look at your net worth when computing the subsidy. You can have a $25M net worth and still receive a subsidy.
I also earned the premium credits. $500 for about 20 minutes of effort.
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We have the exact opposite situation. Neither of us are old enough for medicare. We have a very (very) modest savings account, and enough paid up life insurance to cover burial costs and a nice memorial service with brunch for our friends and family.
Hubby was forced into retirement. I've worked part-time retail (near-minimum wage) for most of the last 40-something years, so our combined income once his department was closed down was minimal.
In Connecticut, that meant we qualified for medicaid, because Connecticut participates in the Medicaid expansion of the ACA. Florida does not.
That meant, I had to go back to work when we moved south, because we are required to earn a MINIMUM income in order to qualify for ACA subsidies. If I didn't return to work, our premium would be $2000 per month. It's currently $50/month, but that $500 for the 20 minutes of work pays for it. And in January we'll hopefully be able to get another $500 credit.
This coming April, we'll have hubby's pension PLUS his social security, and I will actually have to quit my job to continue qualifying for ACA subsidies - because we don't have our money tied up in investments, so we can't write anything off or discount anything against our income.