Hi! I figured I'd throw this out of my head and into yours to see if any thoughts. I'm in a last minute unhinged rabbit hole and need to make a decision by tomorrow, so fully understand if no one even sees this before then, haha. NYS is eliminating Essential Plan 200-250 as of 7/1, and I have to reapply for heath insurance by tomorrow night 🫠. Im still at zero W-2 income for this year, so it's a great roth conversion year so thats where this is stemming from.
I have 3 options.
Option 1- reduce my projected yearly income to $31k which will keep me in the essential plan tier with no premium and regular copay etc (not high deductible). But it would limit roth conversion to around $15k for the year bc of additonal div/interest/cap gains.
Option 2- ACA bronze plan with high deductible and monthly premium of around $100-200 after subsidy (depending on how much I want to state my income will be); could potentially convert up to $35k to roth. Would also allow for HSA contribution of prob around $2200 which I think could offset some of the taxes on the conversion and/or reduce MAGI slightly, BUT I will likely also have some deductible costs depending on some results in the next couple weeks.
Option 3- Ride out the rest of the year with no insurance again lol, save the premium cost just pay cash price for what I need, and have no limit to worry about for conversion (unless it's surgery and then just take me out back and put me down lol)
Ideally I'd LOVE to reduce to the projected $31k right now but then closer to then end of the year update with the state to the $40k/50k... but it's unclear if there would there be a retroactive impact on prior months and if Id be charged back or penalized. Might not be the worst case if that happened anyway bc 50/50 chance? Nothing online addresses this of course, not sure if anyone has experience with this.
I'm having analysis paralysis so any feedback or insights would be greatly helpful and appreciated!
