Many early retirees find they must utilize Affordable Care Act (ACA or Obamacare) policies to bridge the gap from employer-provided health insurance to Medicare at age 65. ACA policies are expensive but even affluent families may be able to obtain significant tax credits -- often more than $10,000 yearly -- to offset premiums.
Hear Kevin discuss Premium Tax Credits and how to plan to obtain them. With a recent law change, these credits are even more sizable and accessible at higher income levels for 2021 and 2022 and maybe longer with pending tax legislation.
Read more and get additional financial resources here: https://www.truewealthdesign.com/ep-87-how-pre-65-retirees-can-get-a-huge-healthcare-tax-credit/
What we discuss in this episode:
1:30 - The article that inspired this conversation
3:49 - Background on healthcare and tax credits
5:41 - Insurance costs and a real-life example
13:58 - Summarizing the numbers
15:07 - Planning strategies to take advantage of the credit
18:58 - Changes for 2022
22:56 - Final thoughts
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