Long story short, I moved to Illinois at the beginning of September for law school and applied for Medicaid but was initially denied. So, I was able to get a plan through Healthcare.Gov that is a silver plan. I pay $40 a month and the government pays $220 (based on my income last year). In mid-November, the Illinois Medicaid people finally contacted me saying that I was actually accepted for Medicaid. I was in the middle of finals then and I'm ashamed to say I just kept both insurances till now and I really need to get things figured out.
My wife and my income is somewhat difficult to estimate. During the summer I should make about $20,000. My wife has a 4 month teaching contract starting in February that will probably pay her about $17,000. But right now we are making $0 and living off of savings. It is hard to know if she will make more money later this year as she may be starting grad school. Another important note is that my wife isn't yet 26 and gets insurance through her parents' plan.
So, my question is: should I cancel Medicaid or the Healthcare Marketplace? I don't want to get stuck paying a ton for insurance if I keep the Marketplace plan and our income exceeds the tax credit we were quoted. I worry that it would be bad to keep the Medicaid if we at some point begin to have income once our jobs start. I also don't know if Medicaid is really bad coverage in comparison to a silver plan with really good coverage.
If anyone has any advice, it would be much appreciated.
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