You pay higher Medicare Part B and Part D premiums if your income exceeds certain thresholds. Here are the IRMAA income brackets for 2022 2023, and 2024.
The Inflation Reduction Act extended the ACA premium subsidy cliff to a slope through 2025. The cliff will return in 2026 unless a new law is enacted.
If you’re self-employed on ACA health insurance, TurboTax and H&R Block software may give wrong numbers for the subsidy. Use this calculator instead.
If you’re self-employed and you buy health insurance from the ACA exchange, here’s how to use H&R Block software to calculate the subsidy and tax deduction.
If you’re self-employed and you buy health insurance from the ACA exchange, here’s how to use TurboTax to calculate the subsidy and tax deduction.
The Federal Poverty Levels (FPL) is used to determine the premium subsidy tax credit under the Affordable Care Act. You must know where the cutoffs are.
If your income is higher than estimated, you need to pay back some of the ACA health insurance subsidy. The repayment cap may help in some cases.
Although you will be required to submit more documentation, you should estimate your income as low as possible and get the highest premium subsidy upfront.
California offers premium assistance for ACA health insurance to some residents who don’t qualify for the federal subsidy.
Surprisingly it can cost more to cover just one person on ACA health insurance than covering two people.
When you receive ACA premium tax credit, the gap in the premium between the benchmark Silver plan and the plan you choose can make a big difference.
Having a very high deductible on health insurance gives you the freedom to choose any provider and pay less than the rate you’d otherwise pay through insurance.