I’m looking into applying for healthcare again, but I’m worried about my potential income dropping me from around $14,000 to anywhere below the federal poverty line. Is there any penalty if my income projection ends up short, and my income puts me below the poverty line? I know there’s a cliff for folk who make too much above it, but I’m not sure about those of us straddling the lower cliff.
For some backstory and details, I’m 27 and live in Georgia, I looked for healthcare on healthcare.gov last December, only to be confused as to why I wasn’t getting a subsidy. (I estimated my 2021 income as around $11,500, which was lowballing myself significantly in hindsight.) I was too overwhelmed with my life to bother figuring things out, and so forgot about it.
After hearing about the, I decided to check again, to see if things have changed, and I finally figured out why I wasn’t getting a subsidy. I wasn’t aware that they only kicked in above the poverty line, and since Georgia refuses to expand Medicaid to cover me, so I fell into a sort of coverage gap. More importantly, I also realized something else that I’m on pace to exceed to poverty line by a fair bit this year. I’m working more this year, and I anticipate that with my new working hours, I am on pace to be making 14,000 or so, which I believe qualify me for subsidies after all. I’m just concerned about an emergency happening, I don’t want to get stuck with a big tax bill if my hours are cut, or I lose my job.
submitted by /u/TheRegan
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I’m looking into applying for healthcare again, but I’m worried about my potential income dropping me from around $14,000 to anywhere below the federal poverty line. Is there any penalty if my income projection ends up short, and my income puts me below the poverty line? I know there’s a cliff for folk who make too much above it, but I’m not sure about those of us straddling the lower cliff. For some backstory and details, I’m 27 and live in Georgia, I looked for healthcare on healthcare.gov last December, only to be confused as to why I wasn’t getting a subsidy. (I estimated my 2021 income as around $11,500, which was lowballing myself significantly in hindsight.) I was too overwhelmed with my life to bother figuring things out, and so forgot about it. After hearing about the, I decided to check again, to see if things have changed, and I finally figured out why I wasn’t getting a subsidy. I wasn’t aware that they only kicked in above the poverty line, and since Georgia refuses to expand Medicaid to cover me, so I fell into a sort of coverage gap. More importantly, I also realized something else that I’m on pace to exceed to poverty line by a fair bit this year. I’m working more this year, and I anticipate that with my new working hours, I am on pace to be making 14,000 or so, which I believe qualify me for subsidies after all. I’m just concerned about an emergency happening, I don’t want to get stuck with a big tax bill if my hours are cut, or I lose my job.
submitted by /u/TheRegan [link] [comments]Read Morer/HealthInsurance