My parents 2021 two person family income will exceed the $69,890 income cap for their Marketplace coverage. I’m not quite wrapping my head around some information I see online: For instance, there is a mention of the government allowing 2021 income to exceed the 400% FPL amount this year. I’m also seeing a reference that the cost of insurance shall not exceed 8.5% of a family’s 2021 income.
The final income numbers are not in but can someone explain the calculation and current rules for repayment of the subsidy? It appears their income will overshoot the income cap by 5K to 6K. The annual subsidy they received was around 15K. Does this mean they will have to repay $6,375 and not the full 15K? And how are these monies repaid? I’m guessing the repayment is after their taxes are completed so the AGI is an accurate number?
submitted by /u/3rdIQ
[link] [comments]My parents 2021 two person family income will exceed the $69,890 income cap for their Marketplace coverage. I’m not quite wrapping my head around some information I see online: For instance, there is a mention of the government allowing 2021 income to exceed the 400% FPL amount this year. I’m also seeing a reference that the cost of insurance shall not exceed 8.5% of a family’s 2021 income. The final income numbers are not in but can someone explain the calculation and current rules for repayment of the subsidy? It appears their income will overshoot the income cap by 5K to 6K. The annual subsidy they received was around 15K. Does this mean they will have to repay $6,375 and not the full 15K? And how are these monies repaid? I’m guessing the repayment is after their taxes are completed so the AGI is an accurate number? submitted by /u/3rdIQ [link] [comments]Read Morer/HealthInsurance