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Maybe I haven't looked hard enough but didn't find an absolutely clear cut answer to this but figure maybe one of you know.
If someone is eligible for a subsidy, in what form is it?
Will it reduce monthly premiums or only reduce tax owed (or be refunded) once filed?
Maybe I haven't looked hard enough but didn't find an absolutely clear cut answer to this but figure maybe one of you know.
If someone is eligible for a subsidy, in what form is it?
Will it reduce monthly premiums or only reduce tax owed (or be refunded) once filed?
Someone I know mentioned that the subsidies will be in the form of a tax refund. That about scared the sh** out of me. Im glad it reduces the premiums.
Someone I know mentioned that the subsidies will be in the form of a tax refund. That about scared the sh** out of me. Im glad it reduces the premiums.
I believe it applies to a tax refund if you acquire insurance outside of the exchange.
If you buy outside of the exchange you aren't eligible for a subsidy.
eta: I went to a seminar by BCBS in September and they just mentioned the subsidy getting paid directly to the insurer in January for the whole year. But from what I read today you can take part of the subidy if eligible and the rest on the 2014 refund. But if you take too much subsidy then it must be repaid. So from the new information, if you wanted you could likely get it all back in a 2014 tax refund.
Last edited by ncbeckster; 10-06-2013 at 05:00 PM..
Reason: adding more details
Someone I know mentioned that the subsidies will be in the form of a tax refund. That about scared the sh** out of me. Im glad it reduces the premiums.
Why did that thought scare you? It's just a matter of getting the benefit of the subsidy right away in the form of reduced premiums or waiting a period of time to get it through a tax refund. At the end of the day it is the same number of dollars in our pockets.
Well, if they do what they are supposed to do and inform the exchange of any income changes their premiums will be adjusted accordingly and they won't have to worry about it....
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