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Does Social Security Income for someone drawing early at 63, count for ACA income projections?
Does Social Security Income count for ACA income projections?
- Thread starter myinsurebiz
- Start date
InsurancePimp_
Super Genius
- 124
4 “Social Security benefits” includes disability payments (SSDI), but does not include Supplemental Security Income (SSI), which should be excluded.
what does this mean ?
- 4,137
SSDI is like a long term insurance plan for Social Security Disability.. it's called a Title 2.
SSI is a resource based social plan that they have to be eligible for, it's called a Title 16.
It's treated differently because people that are approved for SSDI paid taxes into the system at work, they don't have an asset cap. SSI does not pay for eligibility, but have like 1500 in assets and can be cut off due to having too much money or assets.
A person can be approved for SSI, SSDI, and early retirement.
PS: A disability for 24 months is Medicare Eligible, so is ESRD, and if you have ALS.
What that means is your ssdi client on aca will be on Medicare in 24 months . The ssi guy will be on Medicaid and many get a Medicare card at age 65 but some don’t
Let me put it simply, since others can't:
If age 62 and getting regular SS, it is included in income. Some of it is taxable if other income high, but for most, all SS is non taxable. Only include the non taxable portion of SS in MAGI for ACA.
If someone qualifies for SS disability income, SSDI, before age 62, then it is included in Magi for aca.
If income is so low they qualify for SSI, supplental SS income, then it is not included, but is typically a very small amount of monthly income
If age 62 and getting regular SS, it is included in income. Some of it is taxable if other income high, but for most, all SS is non taxable. Only include the non taxable portion of SS in MAGI for ACA.
If someone qualifies for SS disability income, SSDI, before age 62, then it is included in Magi for aca.
If income is so low they qualify for SSI, supplental SS income, then it is not included, but is typically a very small amount of monthly income
I can’t even estimate how many people who don’t work have gotten aca the last 2 years “ estimating “ their 2022 income at $13 k . They put down self employed . Marketplace never asks for income verification as their previous yrs income so low . They’ll show little to no income in the years to come . As long as they file a tax return and show even $500 of income the irs will never say a word .
The marketplace knows if you are taking soc sec, so u can't hide that income from them.
Many legally manipulate their income to benefit from large aptc and CSR plans.
Others fraudulently report some or lower income to meet the income range for free $0 deductible plans
Many legally manipulate their income to benefit from large aptc and CSR plans.
Others fraudulently report some or lower income to meet the income range for free $0 deductible plans
- 4,137
100% true. Average SSI check is around 750$ a month. I couldn't imagine surviving on that.
Correct but I took many calls from help on demand were the people had no jobs and said they were going to get a job . My question “ estimate your 2022 income ? “ $20 k they say . Many will hardy work or might landscape and show $3 k income . The mkt place will continue giving them subsidies as long as they file taxes .
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