ELI nervously preoccupied w/ the election: estimating AGI for Obamacare

November 5, 2024 7:03 AM

I'm told the figure I should be putting into my Marketplace application here at open enrollment is AGI or MAGI. Once the explanation goes farther than that, it overtaxes my WHAT-IF-MY-COUNTRY-IS-TOTALLY-FUCKED addled brain.

It's my second year in private practice. Complicating factor: I have an S-Corp as of 2/1/24. So there's my salary that the S-Corp pays me and then the S-Corp itself has a bank account that gets income and spends money 1) paying my salary 2) paying business expenses 3) paying the IRS payroll taxes and stuff that my accountant does and I don't try to follow.

Which part of all of this is the Marketplace application asking for when it wants to know...actually it's asking for my November income I think which I assume is asking for an estimated monthly income because November basically just started here on AGGGGH ELECTION DAY. One place I asked this I was told to use my MAGI which sounds all mystical and stuff but I remain befuddled.

Holp?

posted by less-of-course to Work & Money (3 answers total)

It's asking for your income in November because Medicaid eligibility is based on your current monthly income, while eligibility to get the Premium Tax Credit applied in advance of end-of-year tax filing is based on your estimated MAGI for the year. Use your individual income (what the S-Corp or other employers pay you): the Adjusted Gross Income you will report on a 1040.
posted by Theiform at 7:22 AM on November 5

I usually figure this out myself but this year is more complicated so I think I will make an appointment with April, an insurance agent I met through the healthcare.gov site where they ask need some help? and they give you names of local professionals that will help you figure it out. I don't know how they get paid but they don't charge you. I have vetted April by asking her questions now and then over the years I have known her and she is always helpful, always right and she really knows insurance. Maybe you can find an April where you live? I'm going to turn everything over to her this year.
posted by memoryindustries at 8:18 AM on November 5

Literally call the 800 number at the bottom of the page at healthcare.gov. They have a lot of agents and they’re really helpful and knowledgeable. I think I’ve hit maybe one that wasn’t great, out of like 20 that I’ve spoken to
posted by toodleydoodley at 2:42 PM on November 5