Not if the owner is over 59 and a half, I think. And the OP is 64, if she's that close to Medicare age. I do not know what impact it has on ACA subsidy eligibility.
I assume the OP has some kind of high deductible insurance with a high OOP limit, which would explain such a high balance owed.
To be honest, I'd suggest considering bankruptcy rather than taking money from the 401(k). 401(k) and IRA money is largely protected from bankruptcy and lawsuits.
wrong. you can ALWAYS (not that every facility will). negotiate for the patient responsibility part of the bill. that’s between the facility and the individual. you cannot negotiate an in-network contractual adjustment and insurance reimbursement amount.
Didn’t know that about network contracts.
As for my 401k I’ve had to dip into to help pay for ACA premiums for the last 5 years and they have taxed me on it as well as raised my income level to the pint I make $5000 above what financial aid will pay.
Assuming it's a traditional 401k, that's how they work. You don't pay taxes now; you pay taxes when you withdraw the funds. (OP, I'm just explaining for other people here, not implying that you didn't know that).
Too late for OP but for everyone else: THIS IS WHY HSAs EXIST. If OP put $10,000 in an HSA over the course of their career, they can withdraw the money to cover copays, deductibles, etc both before and after Medicare eligible without a tax penalty.
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u/Cultural-Ad1121 12d ago
I believe your 401k does not affect ACA requirements. That is not earned income.
And the hospital cannot negotiate with you if they have an in network contract. It would violate their contract with the insurance.