A “Subsidy” is an Advanced Premium Tax Credit from the IRS
More Nevadan’s may now be eligible for health insurance tax credits! For existing members, you may be entitled to a higher tax credit.
This means that you may get a reduced Health Insurance premium payment due to your income, the number of family members you are insuring, where in Nevada you live and your age. The only way to get an Advanced Premium Tax Credit or “Subsidy” is to get a health insurance plan on the Public “Exchange” (Nevada Health Link). Your income will be checked with the IRS records and/or a Federal Database so if you claim a certain income, the Public “Exchange” will check your past years income tax records before you get approved for a subsidy.
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UPDATED: 3/30/21
President Biden Opens Up Health Insurance Subsidy To More Individuals
Now more individuals qualify to receive a Government subsidy to help pay for their health insurance premium. Before, if your income was over $51,040 for a single person for tax year 2021 or $104,800 for a family of 4, you were not eligible for a tax subsidy. Had you went over the income guidelines, and you did accept the subsidy, you’d have to pay back the entire amount received.
For instance, if you are a 60-year old married couple, and your income was projected to be over $68,960 in 2021 you would not have qualified for a tax credit. Now, since these changes, that same couple making $80k per year, would qualify for $1007 per month! This is HUGE!
The subsidy amount gradually slopes off to be no more than 8.5% of your household income (modified adjusted gross – for most people, it’s their “Adjusted Gross Income”). Now there is no more cliff!
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Be Very Careful Not To Get TOO MUCH Subsidy
Why? Because you’d have to pay the extra subsidy back to the IRS. For example: If your health insurance premiums are $1,000/month and you get a Subsidy of $800/month and you 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 Tax Credit (subsidy) of $700/month instead of $800/month, you’ll owe the Government an extra $100/month X 12 months is $1,200.
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How do you avoid this? If your income goes up or goes down, it’s very important to contact our licensed health insurance agents so that we can update your new income. This way you can have your 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 back 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.
Related Articles:
♦ Income Changes While Receiving a Health Insurance Subsidy
♦ Be Careful Stating Your Income for Health Insurance Subsidy
♦ Health Insurance “Subsidy” aka Advanced Premium Tax Credit
♦ Household Income When Applying For Health Insurance Subsidy
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