Great Info on Health Insurance Premiums!

Updated on 4/22/20
Re-posted on 4/22/20

So simple, but so few people know that your premium is determined by your family size and income.

When you are trying to determine your portion of the premium you pay when buying a health insurance plan from the Government Website, it is determined by your family size and income. The subsidy you get from the government will fluctuate based on age and the number of people in your household.

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RePost - Health Insurance Premium Determined by Family Size & Income

The older you are, the more subsidy you’ll get if you compare the subsidy to someone younger making the same amount of money with the same number of people in the household.  But the premium paid for the younger person compared to the older person will be the same no matter what the age is, as long as the number of members in the household are the same and the income is the same.

2020 Health Insurance Federal Poverty Level - chart

It is VERY IMPORTANT to stay on top of your account when you get a subsidy from the Government.

If your “Household” changes (including your income), you’ll need to update your account by contacting us.

Changes in Your Household

If your “Household” changes (family members on your tax return) like having a baby, getting a divorce, getting married, adoption, etc or changes to your “Income” like getting a job with benefits, lose your job with benefits, have an increase or decrease in your income, changing from Part Time to Full Time or Full Time to Part Time, any changes to your income, these kind of changes you’ll need to update your account by contacting your health insurance agent.

The reason for this is because when you file your taxes next year for this year, the IRS will look back at your overall household income and family members and if you received TOO MUCH subsidy, you’ll have to pay back the overage, and if you didn’t get all the subsidy you were entitled to, you’ll get a credit for having too little.  It is very important to be honest and accurate when filling out your application for a subsidy.

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Enrolling into a qualified health plan can be confusing, with many steps in the process it’s easy to get lost in the chaos. Let an experienced local health insurance agent guide you through enrollment.

Related Articles:

Health Insurance and your Taxes – Important! Must Read.

How Are Health Insurance Premium Rates Determined?

Household Income When Applying For Health Insurance Subsidy

Do you make less than 250% of the Federal Poverty Level?

Read More: Health Insurance in Las Vegas, Nevada

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