I don’t understand how to figure out the SLCSP?

[TomK]

https://ttlc.intuit.com/replies/5286421

[Questionasker]

How can someone determine their SLCSP (Second Lowest Cost Silver Plan) for 2019 (before the end of 2019, for year end tax planning purposes) if they won't receive their 1095-A until after the first of the year?   On Healthcare.gov there is a tool but the latest year someone can select is 2018.

[Critter]

You cannot until the ACA makes their site available. 

[Critter]

If you had a 1095-A from 2018 then you could plug in the figures from last year just to have something in the ballpark for estimating purposes. 

[Questionasker]

Since this is the first time we have ever done this, maybe the healthcare.gov site calculator could be used to provide a rough estimate for 2019 by selecting 2018 from the drop down before end of year for 2019, until receiving the 1095-A in the new year, although I thought that SLCSP number should be available somewhere else already if someone plugged in the correct parameters of age, state, county, household size, etc. just like when shopping for the plan that was selected.  

[taxestimator]

Why is the SLCSP number kept a secret until February following the tax year?  It seems to me that it is a critical number in figuring the premium tax credit adjustment and therefore one's tax liability.  As I'm doing year-end tax planning, it is the one wildcard that I'm hoping doesn't negatively affect my tax liability too much. 

[Anonymous]

try contacting them to see if the rate has been determined 

https://www.healthcare.gov/contact-us/

[taxestimator]

I tried calling the ACA and got a rep that didn't know what a SLCSP was.  I explained to her what it was and how it impacts the premium tax credit and all she was able to do was look up the website information that says it won't be available until form 1095-A comes out next year.  She didn't know why it is kept secret during the tax year.

[ghost]

@taxestimator    You can get a good estimate by filling out Form 8962 with the exact AGI you used on the Healthcare.gov website. Then, adjust the SLCSP amount until you get the Advance Premium Tax Credit shown on Healthcare.gov. Once you get this agreement, then you may modify your income if necessary to see how that will affect your tax. Caution that TT may still be using 2018 values in Form 8962 as of this date which will introduce error in this method.

Updated: As of 12/26/2019, the TT program is using the correct values and tables in 2019 Form 8962.

[Anonymous]

can't tell you why.  i went to the ACA website where it said you could determine it.   but all it had was for 2016-2018.   This could be because it varies from zip code to zip code.  maybe the ACA must compile some info that is not available until after year end.  do as suggested use 2018.      

[ghost]

Plans costs can vary considerably from year to year. Using prior year value of SLCSP may be highly inaccurate. Use my method, it has worked very well for me.

[dr davey]

You should receive a "EligibilityResultsNotice.pdf" when you sign up for an ACA plan. You can find this in your Messages in your healthcare.gov account. This should list both your max credit and the MAGI used to calculate  the max credit. Use the MAGI in IRS form f8962 to calculate your monthly contribution. Add your monthly contribution to the max credit from the notice. This should be the approximate SLCSP value.

Caveats:

1. Form f8962 uses a table to calculate your monthly contribution factor. This table may change slightly from year to year or change largely if tax laws change. Small changes are generally insignificant. The 2021 tax law change was significant and resulted in a new EligibilityResultsNotice and change to SLCSP. If doing this in December of year X, form f8962 for year X should be available by then.

2. The EligibilityResultsNotice is a healthcare.gov thing. Not sure what you get from state ACA exchanges.