Newly Self-Employed with no income from May-November 2020 (FL)

news

I live in Florida and don’t qualify for Medicaid. I was working as a 1099 from Jan-May. When the pandemic hit, the person I was working for changed my tax/employment status to W-2 to obtain federal loans. I made less than $10 during that time.

I have made a total of $200 since May. I have no idea how much I might make in 2021. The market place choices for someone in Florida with $0 income are awful and expensive. Doesn’t look like I was given a subsidy…

My question:

What happens if I underestimate my income and choose a plan based on the wrong amount, then make more than I reported on the application? I understand that I must update an income change. If I make too much, would I have to choose a new plan (and possibly start my out of pocket accumulations again)?

Flip side what if I overestimate my income, get a subsidy, but my income doesn’t come close to what I reported on my application?

submitted by /u/MarmyCakes1467
[link] [comments]
I live in Florida and don’t qualify for Medicaid. I was working as a 1099 from Jan-May. When the pandemic hit, the person I was working for changed my tax/employment status to W-2 to obtain federal loans. I made less than $10 during that time. I have made a total of $200 since May. I have no idea how much I might make in 2021. The market place choices for someone in Florida with $0 income are awful and expensive. Doesn’t look like I was given a subsidy… My question: What happens if I underestimate my income and choose a plan based on the wrong amount, then make more than I reported on the application? I understand that I must update an income change. If I make too much, would I have to choose a new plan (and possibly start my out of pocket accumulations again)? Flip side what if I overestimate my income, get a subsidy, but my income doesn’t come close to what I reported on my application?
submitted by /u/MarmyCakes1467 [link] [comments]Read Morer/HealthInsurance

Leave a Reply

Your email address will not be published. Required fields are marked *