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Deductions & credits
How will an AGI that has been reduced by the UCE to a level that would not have qualified for the ACA before the American Rescue Plan be treated? Take a deep breath ... she already qualified for the ACA insurance using the projected 2021 income you both expected. The reduced 2020 income is immaterial for the 2021 tax year.
Will my wife be kicked off of Obamacare and forced to enroll in Medicaid? No she will not for 2021 and it is immaterial for 2022 since she will turn 65.
Are we going to end up owing the IRS repayment of the Premium Tax Credits we have already received? No you will not again since the 2021 ACA credit is based on 2021 income.
Any suggestions about how we should handle this? Yes ... stop panicking and just relax.