Hi! So I (22f) was terminated from my job and lost health insurance with them sometime in March. On March 29th 2021 I went on Healthcare.gov and submitted my application for Health/Dental insurance in GA-30064. My expected annual income was around $14k with a serving job (tipped employee). I was eligible to buy a plan through Marketplace and I was also give $322 in premium tax credit to help pay for my Market Place plan being that $14k annually isn’t that much money at all. On my application I had that I was making $300 weekly. So I was able to get insurance and I used HALF of my tax credit to assist with the insurance just to ensure I wouldn’t have to owe anything back at the end of the year. Since then I became a full time student, couldn’t work full time serving and and had to reduce my hours by like 50%.
Fast forward to July, I get a letter in the mail from Health Insurance Marketplace saying (Your financial help may be increasing soon. Act now to choose how much tax credit you want to use, or choose a new plan for this year)… So the letter basically tells me to update my application on Marketplace, re-submit and see why my new “savings” are. I updated the application with my new expected annual income (since my hours have been cut in half), resubmit & the took away my tax credit completely. Now I have absolutely no assistance, expected the pay the monthly premium in full, with a significantly lower income. I am so confused, they say I didn’t qualify based on how my yearly income ($7k) compared to the federal poverty level.
Please someone explain how the hell that works! Thank you
Summary: Had more tax credit when I was making more, updated my application on Marketplace since I’m making half of what I was before, and now I have ZERO premium tax credit
submitted by /u/throwaway06606
[link] [comments]
Hi! So I (22f) was terminated from my job and lost health insurance with them sometime in March. On March 29th 2021 I went on Healthcare.gov and submitted my application for Health/Dental insurance in GA-30064. My expected annual income was around $14k with a serving job (tipped employee). I was eligible to buy a plan through Marketplace and I was also give $322 in premium tax credit to help pay for my Market Place plan being that $14k annually isn’t that much money at all. On my application I had that I was making $300 weekly. So I was able to get insurance and I used HALF of my tax credit to assist with the insurance just to ensure I wouldn’t have to owe anything back at the end of the year. Since then I became a full time student, couldn’t work full time serving and and had to reduce my hours by like 50%. Fast forward to July, I get a letter in the mail from Health Insurance Marketplace saying (Your financial help may be increasing soon. Act now to choose how much tax credit you want to use, or choose a new plan for this year)… So the letter basically tells me to update my application on Marketplace, re-submit and see why my new “savings” are. I updated the application with my new expected annual income (since my hours have been cut in half), resubmit & the took away my tax credit completely. Now I have absolutely no assistance, expected the pay the monthly premium in full, with a significantly lower income. I am so confused, they say I didn’t qualify based on how my yearly income ($7k) compared to the federal poverty level. Please someone explain how the hell that works! Thank you Summary: Had more tax credit when I was making more, updated my application on Marketplace since I’m making half of what I was before, and now I have ZERO premium tax credit
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