Be Careful Not To Get Too Much Subsidy
Re-posted on 7/3/20
If your income goes up or goes down, it’s very important to contact your health insurance agent to update your new income. This way you can have your Health Insurance Subsidy adjusted to either get less “Subsidy” or get more “Subsidy” based on your new income, or ANY changes in your family status. You don’t want to owe the IRS money at the end of the year because you received too much Subsidy, and if your income went down, you’ll probably be eligible for more subsidy.
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You’ll Have To Pay The Extra Back!
For example: If your health insurance premiums are $1,000/month and you get a Government Subsidy of $800/month you’ll only have to pay $200/month. At the end of the year when you do your taxes, the Government will check your income. IF you were only supposed to have received an Advanced Premium Tax Credit (Subsidy) of $700/month instead of $800/month, you’ll owe the Government an extra $100/month X 12 months which equals $1,200.