I believe this question has been asked on this subreddit but I am still confused and would like a personalized answer for my mother’s situation. She is applying for health insurance through healthcare.gov, and in the application it says that she qualifies for a premium tax credit of $779 per month. I looked at the prices for health insurance with and without the tax credit, and it’s essentially affordable vs not affordable (the lowest-priced bronze insurance is $580+ and there’s no way she can afford that; she is not working and is raising my 15 yo brother, both don’t have insurance).
I guess my questions are:
– if we use her eligible tax credit to essentially pay for all of her insurance monthly premiums, will next year’s tax refund be lower?
– after filing 2020 taxes, she got a tax refund and stimulus checks. Does the premium tax credit affect/have anything to do with her getting the other payments?
– through the healthcare.gov application, it seems that my little brother may qualify for Medicaid but it doesn’t look like my mom qualifies (even though her annual income is < the minimum threshold for a household of 2 people). I don’t want to use her premium tax credit and get her marketplace insurance if she later somehow qualifies for Medicaid. Does anyone know the dynamics between Marketplace insurance and Medicaid (for ex, premium tax credit applied to marketplace insurance, we pay several months of health insurance premium, then she qualifies for Medicaid; what happens to the premium tax credit?).
Edit: My mom is 54, she lives in Florida, income is <20k a year (from rent, she hasn’t been employed in more than a decade).
Thank you!
submitted by /u/iseraphic
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I believe this question has been asked on this subreddit but I am still confused and would like a personalized answer for my mother’s situation. She is applying for health insurance through healthcare.gov, and in the application it says that she qualifies for a premium tax credit of $779 per month. I looked at the prices for health insurance with and without the tax credit, and it’s essentially affordable vs not affordable (the lowest-priced bronze insurance is $580+ and there’s no way she can afford that; she is not working and is raising my 15 yo brother, both don’t have insurance). I guess my questions are: – if we use her eligible tax credit to essentially pay for all of her insurance monthly premiums, will next year’s tax refund be lower? – after filing 2020 taxes, she got a tax refund and stimulus checks. Does the premium tax credit affect/have anything to do with her getting the other payments? – through the healthcare.gov application, it seems that my little brother may qualify for Medicaid but it doesn’t look like my mom qualifies (even though her annual income is < the minimum threshold for a household of 2 people). I don’t want to use her premium tax credit and get her marketplace insurance if she later somehow qualifies for Medicaid. Does anyone know the dynamics between Marketplace insurance and Medicaid (for ex, premium tax credit applied to marketplace insurance, we pay several months of health insurance premium, then she qualifies for Medicaid; what happens to the premium tax credit?). Edit: My mom is 54, she lives in Florida, income is <20k a year (from rent, she hasn’t been employed in more than a decade). Thank you!
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