I looked into it but I don’t qualify.
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You need pretty low income to qualify for subsidies (probably varies by state), not usually helpful in working years.
The good thing though (per hearsay…. you’d need to confirm) is that it is based on projected income for the year of coverage, ie not lookback 1+ year earlier like for IRMAA.
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I need to correct you on both counts.
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I believe it was the Inflation Reduction Act that eliminated the subsidy cliff. The cliff is scheduled to return at the end of 2025. As of today, I could report income of more than $220K and still receive a subsidy.
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While enrollment is based on projected income, costs are trued up at tax filing time based on actual income. Subsidies can be clawed back if income was understated or additional subsidy awarded if income was overstated.
So, you are correct in saying that lookback does not apply, but I wanted to ensure that anyone reading understands that actual income determines subsidy.
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Yeah, it is balanced out at tax time. So if you projected your income to be let’s say 50k, and you had 70k, they will claw back subsidies against your taxes for the difference in subsidy level between 50k and 70k.
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We don’t make anywhere near $220k but when I run the calculator it says I don’t qualify for a subsidy.
SO Interesting.
I think you are in Texas, and not Maine, but if you are in Maine let me know and I will pull up their platform.
As a single person in Dallas Texas, a subsidy of $132/mo was still offered at $125K, but was gone by $150K. I didn’t play around with incomes to see exactly where the subsidy disappeared.
By comparison, same person in CT would receive a subsidy of $691/mo at $125K.
I did not realize that subsidies could vary so widely across states. My apologies for the misinformation.
I wonder if this is because Texas is not a Medicaid expansion state? Just speculating–truly do not know.
I’m in Maine. Anything you could find out would be appreciated!
There is something wrong with the CoverME.gov site. I cannot get it to open on Safari or Chrome even though several pages I searched linked me to that site. I even tried Firefox where I do not have an ad blocker turned on. Sorry!
Have you ever used it? Am wondering if it is down temporarily? You can only obtain subsidy info via that site, so short of calling, I am not sure what you can do.
All I can say with Allstate is that if you are in an accident with someone who also has Allstate (and it is their fault) Allstate will not look out for you – that has been my experience years ago in TX. An almost new car had used parts put on it which was not acceptable and caused problems - made us have to get rid of the car (water leaked in to the back floorboard due to the repair on the door, they put in a used car hinge etc. - we didn’t notice until way after the fact). The dealership was in collusion with Allstate.
Wide spread hail damage in area, and other people’s rooves replaced via insurance, but not Allstate - this is in AL and recent. Some other insurance companies also give push-back. One inspector said, replace these damage roof tiles - can’t do - have to do the whole roof. Getting real.
I guess one sees when one has to actually use the car insurance.
They are cheapest by me - and yet neighbors have told me to run away.
Everyone’s experiences are different though, of course.
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I used it last year and ran the calculator. I will try again when I’m home. We have poor reception at our cabin. I’m lucky when I can even post on CC.
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My husband has retiree health benefits through his former employer.
This year they decided to outsource the healthcare to an outside company and give us a stipend.
So we will have to go on the marketplace to find our insurance. My husband goes on Medicare later this year and I’m a year and half behind him.
The experience has been so incredibly frustrating. I have spend hours and hours on the phone to get our accounts, accept the stipend, and then merge our accounts. I call, leave my phone number and they call me back hours later and then I’m on the phone with them for additional hours.
What a mess, hopefully this is a first year issue and we will have a better experience after this one. But this year, oh my!
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Your link doesn’t work, but by googling
Maine ACA health insurance subsidy
And picking “Get Started” button - the websit comes up.
The system is working today, so I plugged in Portland ZIP Code, age 60, $100K income, it says:
Your household can get a Silver plan for as little as $709/month
These individual(s) may be eligible for a Advanced Premium Tax Credit (APTC) that lowers the monthly premium of the plan you select by up to $397/month.
Same demographics, but $125K income:
Your household can get a Silver plan for as little as $886/month.
Financial Assistance
These individual(s) may be eligible for a Advanced Premium Tax Credit (APTC) that lowers the monthly premium of the plan you select by up to $220/month.
When I enter the same demographics into the Connecticut Exchange, I receive the following:
$100K-- $868 subsidy
$125K – $691 subsidy.
For comparison’s sake, a Silver plan after subsidy in CT can be purchased for $846 - $1102/mo compared to the estimate from the Maine Exchange of $886. I wonder if the subsidy is lower in Maine because the cost of care is lower?
You would need to click through and enter your actual age, zip code, income, and your spouse’s info (if applicable). I only entered for one person.
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Oh, I just saw your response now.
Oddly, the link in my comment from last night worked today. I attempted to access it via multiple sources last night, so I think the system was just down.
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We had a few claims with Safeco. They paid quickly - but it usually took work on our part to get a “fair” settlement.
First claim was wind damage due to neighbor’s tree falling on our roof. There were so many homes in our area affected, they literally came out and wrote a decent check on the spot for roof repair. We thought “wow” – and were naive! All our other neighbors waited, and got their entire roofs replaced!
Second was a car accident which totalled our car. The field person noted every tiny little scratch on our car, and set a replacement cost. He failed to note the car was a higher trim line, with more expensive value. Had to argue with the adjuster.
Third was water damage due to a faulty plumbing valve (evidently there was a class-action suit regarding these valves?). Again, they were quick to respond. We wanted the work done correctly of course, and frankly, I didn’t know what subs would be utilized with their “approved” mitigation company. I wasn’t in the state of mind to negotiate again, so I simply hired my own contractors, and paid the difference.
So why do we stay with Safeco? Partially due to inaction, but the last 2x we checked, they were still competitive, albeit not the cheapest.
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Seems kind of expected when you are not their customer.
Did you miss the part where they said they are both Allstate customers?
You missed the point - when we also had Allstate insurance, and the person hitting us had Allstate. Yelled at for not having the rent car back and our vehicle was not ready; handled the repairs on our vehicle badly (putting used parts on it when new parts are warranted like the door hinge).
A few years later, I was hit by a USAA insured driver (their fault) and claims was very nice and responsive.
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