I think I accidentally overestimated my income for health insurance. Could someone help with the consequences? I read this and am confused ”””If you overestimated your income for the year, then the subsidy the government paid in advance to your insurer was smaller than it should have been. No harm; no foul. The difference will be added to your tax refund or will decrease the amount of taxes you owe.
Note that if you overestimated your income and then your actual income ends up so low that you wouldn’t have been eligible for a subsidy at all (i.e., your income is either under the poverty level in a state that hasn’t expanded Medicaid, or under 139 percent of the poverty level in a state that has expanded Medicaid), the IRS will not make you repay your subsidy, but you also won’t get any additional subsidy when you file your taxes.2
And if that happens, you will also have to prove your projected income when you renew your coverage for the coming year; if you let your plan auto-renew and the most recent tax return on file shows your income as being under the subsidy-eligible level, your plan will be auto-renewed but without a premium subsidy.3
(As is always the case, you’ll be able to claim the premium tax credit when you file your next tax return, assuming you do end up with a subsidy-eligible income that year.)”””
submitted by /u/AyyeDirtyHippie
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I think I accidentally overestimated my income for health insurance. Could someone help with the consequences? I read this and am confused ”””If you overestimated your income for the year, then the subsidy the government paid in advance to your insurer was smaller than it should have been. No harm; no foul. The difference will be added to your tax refund or will decrease the amount of taxes you owe. Note that if you overestimated your income and then your actual income ends up so low that you wouldn’t have been eligible for a subsidy at all (i.e., your income is either under the poverty level in a state that hasn’t expanded Medicaid, or under 139 percent of the poverty level in a state that has expanded Medicaid), the IRS will not make you repay your subsidy, but you also won’t get any additional subsidy when you file your taxes.2 And if that happens, you will also have to prove your projected income when you renew your coverage for the coming year; if you let your plan auto-renew and the most recent tax return on file shows your income as being under the subsidy-eligible level, your plan will be auto-renewed but without a premium subsidy.3 (As is always the case, you’ll be able to claim the premium tax credit when you file your next tax return, assuming you do end up with a subsidy-eligible income that year.)”””
submitted by /u/AyyeDirtyHippie [link] [comments]Read Morer/HealthInsurance