Health Insurance Guide For The Self-Employed
By Rebecca Yates
Chapter 10: If your income changes and you are getting a subsidy, MAKE SURE you update your agent and/or healthcare.gov
If you got one of those subsidies we talked about earlier, remember, it is an estimate of a tax credit. That means if you suddenly win the lottery tomorrow, you are no longer eligible for that tax credit because your tax bracket just skyrocketed. You would have to pay back any of those funds when your taxes come due. If you lost your job and your income suddenly dropped so that your estimate was too high, the federal government may actually give you a refund if you should have gotten a higher subsidy. Just remember, it gets reconciled at tax time both ways and be sure to update your application with any changes!
Navigating the complex world of health insurance can be daunting. The Ark Insurance Solutions team has the skill and experience to guide you. We’ll help you compare health plans to make the best decision based on your unique circumstances and budget. Give us a call at 801-901-7800 or click here to schedule an appointment with us.