My income exceeds the limit for Essential Plan 1 Plus by 10%- what should I expect?

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I am a 20 year old in NY, most of my income generally came from internships over the year so I didn’t expect it to cross the income limits. But I was offered to extend the summer internship this year since it was virtual and it just ended in November.

The income limit is $24,380 for single household on Essential Plan and my gross for this year is just shy of $27,000, so about 10-11% higher. NYS says they use MAGI (modified adjusted gross income) and I want to be sure what to expect.

Questions:

  1. What should I expect if I don’t terminate my insurance?
  2. How much can I owe? Is it tiered like if you’re 10% higher you owe $20 for each month versus if you’re 20% or 30% higher, or is it that you cross the limit, you owe all the “credits/discounts”?
  3. If I do terminate right away, can I rejoin the Essential Plan next year January since I know my income won’t exceed the limit and I’ll make sure of it?

Another few details-

  1. I have about $3000 in trading losses this year which I will claim against my taxable income (not sure if this affects MAGI, please lmk)
  2. I have maxed out my ROTH IRA contribution this year (not sure if this affects MAGI, please lmk)

I added a link below where you could get more info on the Essential Plan if I didn’t provide certain details. Thanks in advance for the help!

https://www.nyhealthinsurer.com/new-york-essential-plan/

submitted by /u/FunnyBusiness1
[link] [comments]
I am a 20 year old in NY, most of my income generally came from internships over the year so I didn’t expect it to cross the income limits. But I was offered to extend the summer internship this year since it was virtual and it just ended in November. The income limit is $24,380 for single household on Essential Plan and my gross for this year is just shy of $27,000, so about 10-11% higher. NYS says they use MAGI (modified adjusted gross income) and I want to be sure what to expect. Questions:
What should I expect if I don’t terminate my insurance? How much can I owe? Is it tiered like if you’re 10% higher you owe $20 for each month versus if you’re 20% or 30% higher, or is it that you cross the limit, you owe all the “credits/discounts”? If I do terminate right away, can I rejoin the Essential Plan next year January since I know my income won’t exceed the limit and I’ll make sure of it?
Another few details-
I have about $3000 in trading losses this year which I will claim against my taxable income (not sure if this affects MAGI, please lmk) I have maxed out my ROTH IRA contribution this year (not sure if this affects MAGI, please lmk)
I added a link below where you could get more info on the Essential Plan if I didn’t provide certain details. Thanks in advance for the help! https://www.nyhealthinsurer.com/new-york-essential-plan/
submitted by /u/FunnyBusiness1 [link] [comments]Read Morer/HealthInsurance

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