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When to surrender my GC?

When to surrender my GC?

Old Jul 10th 2016, 9:50 am
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Default When to surrender my GC?

Now in our twilight years, medical cover is becoming financially silly, I do not qualify for Medicare/aid.
We have decided to leave the US and surrender our GCs.

My question:
When to go? I thought that by leaving just before the end of the year would absolve us from future medical cover and no need to file a 1040 for 2017, or is it not a simple as that?

Obviously, if our home is unsold when we leave, I will probably return for the necessary, hopefully re-entry on an ESTA won’t be an issue.
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Old Jul 10th 2016, 11:42 am
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Default Re: When to surrender my GC?

If you have held a green card for eight years, or part years (even 1 day counts), you will need to complete IRS form 8854, and potentially subject to an "exit tax", though if you consider the costs of medical insurance to be burdensome, I doubt you meet the threshold to have to pay any tax.

I am intrigued to know why you aren't Medicare eligible as I thought people became eligible after five years of permanent residency.
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Old Jul 10th 2016, 12:21 pm
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Default Re: When to surrender my GC?

They are eligible after five years, but they still have to "buy in" if they haven't worked the necessary amount. Maybe that's what they are referring to.
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Old Jul 10th 2016, 3:26 pm
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Default Re: When to surrender my GC?

Originally Posted by Pulaski View Post
If you have held a green card for eight years, or part years (even 1 day counts), you will need to complete IRS form 8854, and potentially subject to an "exit tax", though if you consider the costs of medical insurance to be burdensome, I doubt you meet the threshold to have to pay any tax.

I am intrigued to know why you aren't Medicare eligible as I thought people became eligible after five years of permanent residency.
Thanks for your reply.
Although in the past, I have been a very frequent visitor of the US, I have not to date been a permanent resident for 5 years. I have never worked in the USA.
Our initial medical insurance premiums were manageable but are now trending outrageous.
Our annual cost is presently a shade under $29k which includes the deductible to insure Mrs A and me. We have a basic bronze policy and no existing medical conditions.
For 2017, our present insurer (UHC) will no longer cover Florida and therefore gives a free rein to just one other insurer for our ages I think. I estimate the annual cost will be at least $40k.
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Old Jul 10th 2016, 5:04 pm
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Default Re: When to surrender my GC?

I am intrigued, Colorado Ocare for someone say 65 is about $500 for Bronze pm per person, so 12k premiums plus deductibles and out of pocket which of course only come into play if you need treatment.
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Old Jul 10th 2016, 5:22 pm
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Default Re: When to surrender my GC?

Originally Posted by Boiler View Post
I am intrigued, Colorado Ocare for someone say 65 is about $500 for Bronze pm per person, so 12k premiums plus deductibles and out of pocket which of course only come into play if you need treatment.
That premium is with tax credits I would expect.

!2k premium, not sure where that came from, our premium for 2 is $1,424/month and deductable is $12,800 for 2016.
BTW I am over 65.
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Old Jul 10th 2016, 5:24 pm
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Default Re: When to surrender my GC?

$500pm gross per person, would with tax credits be close to zero.

$712pm per person is within touching range.
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Old Jul 10th 2016, 5:57 pm
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Default Re: When to surrender my GC?

Originally Posted by Boiler View Post
$500pm gross per person, would with tax credits be close to zero.

$712pm per person is within touching range.
That maybe but......

My original question was:

When to go? I thought that by leaving just before the end of the year would absolve us from future medical cover and no need to file a 1040 for 2017, or is it not a simple as that?
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Old Jul 14th 2016, 6:28 pm
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Default Re: When to surrender my GC?

Originally Posted by audio View Post
That maybe but......

My original question was:

When to go? I thought that by leaving just before the end of the year would absolve us from future medical cover and no need to file a 1040 for 2017, or is it not a simple as that?
Aside from having to possible pay a substantial amount of expatriation tax, the $250,000/$500,000 home sale exclusion is not available to NRAs.
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Old Jul 14th 2016, 7:16 pm
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Default Re: When to surrender my GC?

Originally Posted by Cook_County View Post
Aside from having to possible pay a substantial amount of expatriation tax, the $250,000/$500,000 home sale exclusion is not available to NRAs.
Thanks but N/A to me.
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Old Jul 15th 2016, 2:31 am
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Default Re: When to surrender my GC?

Originally Posted by Cook_County View Post
Aside from having to possible pay a substantial amount of expatriation tax, the $250,000/$500,000 home sale exclusion is not available to NRAs.
Wait, what...that sounds really scary! So if we sell our US house and move back to the UK We would have to pay capital gains on our US house value increase?

..I hope not
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Old Jul 15th 2016, 2:37 am
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Default Re: When to surrender my GC?

Originally Posted by FatFrank View Post
Wait, what...that sounds really scary! So if we sell our US house and move back to the UK We would have to pay capital gains on our US house value increase? ....
No, only if you "move back to the UK and sell your US house" ..... the difference is in the "N" in NRA.
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