I get this one a lot. For policies on the new Health Insurance Exchanges, there won’t be any asset test. The federal credit you may be entitled to, is going to be based off of “MAGI”: modified adjusted gross income.
The asterisk is up there to say, that in some states, if you are 55 or older, there may be an asset clawback if you take MEDICAID. I’m not in a position to say what states and where, or why. It’s just something you should know about.
Some states have expanded Medicaid for 2014, others have not. Pennsylvania is still screwing around with whether Governor Corbett and his Tea Party House buddies in the General Assembly want to leave that multi-billion, fully-paid-for check in Washington, or whether they want to claim that money for our struggling and tight-budget hospitals. Especially in Appalachia, which makes up a lot of the map of Pennsylvania.
Where the less nutty Pennsylvania state legislators HAVE spoken about taking the Medicaid Expansion, they’ve also spoken about tying a bunch of bells and whistles to it. But on the Health Insurance Exchange, the states won’t have control over whether you get the federal credit. So don’t think there’s any asset questions for that—there won’t be.
(After all, what is an asset? It’s income that, for the most part, had already been subject to tax some time ago, right?)