My husband receives SSDI. I am unemployed and we purchased insurance thru the marketplace. My husband will be receiving a inheritance from his parent passing. Will this exclude us from receiving the monthly assistance for our healthcare? We only pay about 158.00 for our healthcare.
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I like this answer but it seems to conflict with that below. Need numbers to fully understand.
Question: My wife and I both retired one month ago. I have Medicare, she has Obamacare based on 2021 estimated earnings. She is soon to receive about $40K in inheritance. I am getting conflicting stories on whether this IS or IS NOT income affecting her Obamacare subsidy. It is not taxable.
If it DOES affect her subsidy, can we shelter it before accepting a check?
The short answer is this:
1. Most inheritance income is not taxable.
2. Non-taxable inheritance income does not impact ObamaCare assistance.
3. Taxable inheritance income does impact ObamaCare assistance. So in a situation where an inheritance resulted in taxable income (for example, earnings on inheritance in a large enough amount), then it could impact tax credits.
So it boils down to whether or not the inheritance is taxable and then knowing that it most likely isn’t. I don’t think your $40k on inheritance is going to impact you, but you can always ask an accountant or call the marketplace for a second take. Of course, the accountant may be best as they will know your exact situation and can help advise you from that standpoint.