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View Diary: ACA Advice Needed- Falling through the cracks? (42 comments)

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  •  What happens if my income changes? (1+ / 0-)
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    Lady Libertine

    What happens if my income changes?

    Do I have to pay back subsidies?

    Most consumers receiving premium subsidies will receive it in the form of an advanced tax credit, with the subsidy applied directly to the cost of their insurance. Since these amounts will be based upon your projected income for the year, the actual amount of subsidies you are eligible will in many cases differ. If you end qualifying for more subsidies than any amount will be received in the form of a tax credit when income taxes are filed. What happens if you actually make more money and therefore qualify for less subsidies than you received?

    In cases where households received higher amounts than they were ultimately eligible for, they are responsible for repayment of some or all of the tax credits they received. How much they have to pay back will depend upon their final household income. Households with a final income over 400% of FPL will be required to pay back the entire premium subsidy amnount. For those households with incomesunder 400% of FPL, repayments will be capped at the following amounts
    Income Range     Repayment Cap
    < 200% FPL     $600 ($300 individual)
    200% to 300% FPL     $1,500 ($750 individual)
    300% to 400% FPL     $2,500 ($1,250 individual)
    - See more at: http://www.valuepenguin.com/...

    We are the principled ones, remember? We don't get to use the black hats' tricks even when it would benefit us. Political Compass: -6.88, -6.41

    by bmcphail on Mon Mar 31, 2014 at 01:10:57 PM PDT

    [ Parent ]

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