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My family had some bad luck with employment this year 2016. Our household income is 18k due to mostly temp jobs. I will have to pay the fine for 8 months of no insurance
My question, do I use this 18k figure to purchase my 2017 healthcare.gov plan? One of the plans is very resonable with the healthcare credit subsidy. My issue is that let's say I get the job I'm applying for and am able to get health insurance through my employer, do I have to pay back all the money for the subsidy I received while unemployed in 2017? If I do pay back the premium subsidy, will I be required to pay for any additional costs such as coverage used? Also can I just quit my ACA plan soon as I get an employer plan or is it some kind of contract?
IF you get a job that provides health insurance while you are on an ACA plan, you will/should know that and know when it will kick in, you then cancel the ACA plan when your insurance thru an employer takes effect. Not sure what you are asking or not understanding.
You use the income you expect to receive in 2017 to figure 2017 premium. When your life changes, income loss/gain, birth/death of household member, etc. you revise your application to account for the changes in your life.
Are you certain you'll have to pay the penalty for not having coverage in 2016? Under certain conditions you can receive an exemption and not have to pay that penalty.
You use the income you expect to receive in 2017 to figure 2017 premium. When your life changes, income loss/gain, birth/death of household member, etc. you revise your application to account for the changes in your life.
Are you certain you'll have to pay the penalty for not having coverage in 2016? Under certain conditions you can receive an exemption and not have to pay that penalty.
My research shows no exemption for low income. I heard there was some sort of "catch all" exemption, but that information is not easily found on the net.
IF you get a job that provides health insurance while you are on an ACA plan, you will/should know that and know when it will kick in, you then cancel the ACA plan when your insurance thru an employer takes effect. Not sure what you are asking or not understanding.
Am I responsible to pay for the subsidy I received while unemployed?
My research shows no exemption for low income. I heard there was some sort of "catch all" exemption, but that information is not easily found on the net.
My family had some bad luck with employment this year 2016. Our household income is 18k due to mostly temp jobs. I will have to pay the fine for 8 months of no insurance
My question, do I use this 18k figure to purchase my 2017 healthcare.gov plan? One of the plans is very resonable with the healthcare credit subsidy. My issue is that let's say I get the job I'm applying for and am able to get health insurance through my employer, do I have to pay back all the money for the subsidy I received while unemployed in 2017? If I do pay back the premium subsidy, will I be required to pay for any additional costs such as coverage used? Also can I just quit my ACA plan soon as I get an employer plan or is it some kind of contract?
Yes, you use your projected income to apply. They may ask for documentation, tax returns, but you can also supply your unemployment information too. Then, say in May you get a full-time job that doesn't offer benefits and your income goes up, you notify the exchange that you have an income change and they will adjust your premiums going forward. If your new job has benefits, you will simply just cancel your ACA plan when your employer plan becomes effective.
Then, say in May you get a full-time job that doesn't offer benefits and your income goes up, you notify the exchange that you have an income change and they will adjust your premiums going forward.
Reporting a significant income increase to the exchange mid-year when the person has a Silver Plan with Cost Sharing Reductions (CSR) can cause the CSR to be reduced or eliminated for the remainder of the year. This increases the deductible and OOP and is the only way to lose CSR. A person cannot lose CSR when they wait until tax filing to reconcile.
Because of this, some people choose to increase their W-2 withholding or make quarterly federal income tax payments instead of notifying the exchange. This offsets the Premium Tax Credits (PTC) that are now too high for the income level.
Reporting a significant income increase to the exchange mid-year when the person has a Silver Plan with Cost Sharing Reductions (CSR) can cause the CSR to be reduced or eliminated for the remainder of the year. This increases the deductible and OOP and is the only way to lose CSR. A person cannot lose CSR when they wait until tax filing to reconcile.
Because of this, some people choose to increase their W-2 withholding or make quarterly federal income tax payments instead of notifying the exchange. This offsets the Premium Tax Credits (PTC) that are now too high for the income level.
Yes, this is the point???
I'm not sure what you are saying here. If you are getting subsidies because your income is low and you have an increase in your income that disqualifies you from subsidies, why would someone think they should still get them? Not to mention, chances are, with that income increase comes employer sponsored benefits. I'm not sure what the difference is between paying the higher premium or having more taxes taken out of your check makes, it works out to be the same in the end.
Not to mention, chances are, with that income increase comes employer sponsored benefits.
This scenario said the job offered no benefits. "Then, say in May you get a full-time job that doesn't offer benefits and your income goes up..."
Quote:
Originally Posted by Qwerty
I'm not sure what the difference is between paying the higher premium or having more taxes taken out of your check makes, it works out to be the same in the end.
The tax liability works out to be the same but the person keeps the low deductible, low OOP Silver Plan with CSR the entire year.
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