Hello,
I have a few questions about health insurance and Medicaid.
I plan to move my family (1 adult + 2 children) to one of the expansion states. I have not decided which state yet. My only income for some time will be interest from approximately $400K invested in stocks (taxable). I anticipate anywhere between 16K and 28K in interest from this account. If we qualify for subsidies, great! If we do not qualify for subsidies, we will probably qualify for Medicaid.
My questions are as follows:
1. Are assets considered to determine eligibility for Medicaid?
2. What happens if I incorrectly estimated my income for the year? Income from stocks can be very unpredictable. What if it turned out either more than allowed by Medicaid or less than required for subsidies?
3. What if I do not buy health insurance for myself for one year? What is the tax penalty for that?
If anybody has experience with this, please share or pm me.
Thanks in advance!