Correct. ACA is based on annual income. Medicaid is (approximately) based on monthly income. I think CHIP is monthly income based as well.I fall into the category you describe, but have never been told I can't go on ACA. ACA is based on annual ACA MAGI, not some kind of "regular monthly income" as far as I know. Don't see anything on form 8962 that implies otherwise.
The challenging problems from the governments' point of view are:
1. Estimated income ahead of time is often different from actual income at the time.
2. Monthly income often varies from month to month.
3. Annual income and monthly income can present different income pictures.
As I mentioned in an earlier reply, states vary in how much they want you to "prove" high enough annual income to be on ACA or "prove" low enough monthly income to be on Medicaid or CHIP. My particular state is rather ambivalent and lackadaisical and half-hearted at the whole thing. It generally takes taxpayers at their word. But I know other states have strong opinions on the matter.
Statistics: Posted by secondcor521 — Wed Jul 17, 2024 12:30 pm — Replies 30 — Views 1817