Receiving Help When Paying For Health Insurance
A subsidy is an “Advanced Premium Tax Credit” that is available on the Individual Exchange but NOT the SHOP Exchange for small businesses. A Subsidy means that you get a reduced premium payment to pay for your health insurance. The factors that affect the premium you pay (the subsidy you receive), would be your household income and the number of family members on your tax return.
The only way to get a “Subsidy” is to get a health insurance plan through the Governments “Exchange” and only if your income is between 138% to 400% of the federal poverty level.
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To find out if you qualify for a Government Subsidy and to Begin Enrollment, click the blue button below.
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Your income will be checked with the IRS records or a Federal Database, so if you claim a certain income, the Exchange will check with the IRS of your past years’ income tax records – before you get approved for a subsidy.
Individuals and families will state their income based on their “MAGI” (Modified Adjusted Gross Income). That information will then be verified through the IRS against your previous tax returns. If the stated income on the application is more than 10% lower than what the IRS shows, the State will require the individual to prove their income within 90 days, but you’ll still get enrolled. Your financial information is run through a Data Services Hub (a tool the government is using to verify applicant information and income for the “Advanced Premium Tax Credits”) to see if you qualify for a subsidy.
BE CAREFUL HERE!!! You do not want to understate your income or you could end up owing money to the IRS. For example, if your premiums are $1,000/month and you get an Advanced Premium Tax Credit of $800/month and you only have to pay $200/month. When you do your taxes and file your tax return each year, the Government will check your income. IF you were only supposed to have received an Advanced Tax Credit of $700/month instead of $800/month, you’ll owe the IRS an extra $100/month X 12 months equals $1,200 or a portion of the overage, depending on your Federal Poverty Level.
Related Articles:
♦ What Is an Advance Premium Tax Credit?
♦ Health Insurance in Las Vegas, Nevada WITH a Subsidy
♦ Do you make less than 250% of the Federal Poverty Level?
♦ Be Careful Stating Your Income For Health Insurance Subsidy
Read More: Health Insurance in Las Vegas, Nevada
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