I am moving to Vermont in October and going from an 80k/year job to a 25k (ish)/year job. Don’t need to be told I’m crazy for doing so – already a thoroughly evaluated decision.
What I do need help with is figuring out what my premium subsidy might look like. I called Vermont’s Green Mountain Care today and tried to get my questions answered but got a lot of “we can’t help you until you have a VT address”. Hoping reddit can help.
The “premium subsidy estimators” ask for my 2021 income to determine my subsidy. From January-October I will have made about 60k. From October-December I will make 6k(ish). If I put that I make 65k, my subsidy is $200ish/month which means my premium is looking like $500-700/month (which I can’t afford on 2k a month). But if I put that my income is 20k, my subsidy jumps to $600 and my premiums are much more affordable.
My question is do they base my subsidy off my CURRENT income or my yearly gross income? When I move, my current income upon applying will be very low. But If I report my yearly income, it’ll be very high.
Does my question make sense? Am I gonna have to pay expensive premiums october-december 2021? Or even until April 2022 when taxes are turned in? Or is it based on current income?
Thanks for the help, Reddit.
submitted by /u/purple_shine20
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I am moving to Vermont in October and going from an 80k/year job to a 25k (ish)/year job. Don’t need to be told I’m crazy for doing so – already a thoroughly evaluated decision. What I do need help with is figuring out what my premium subsidy might look like. I called Vermont’s Green Mountain Care today and tried to get my questions answered but got a lot of “we can’t help you until you have a VT address”. Hoping reddit can help. The “premium subsidy estimators” ask for my 2021 income to determine my subsidy. From January-October I will have made about 60k. From October-December I will make 6k(ish). If I put that I make 65k, my subsidy is $200ish/month which means my premium is looking like $500-700/month (which I can’t afford on 2k a month). But if I put that my income is 20k, my subsidy jumps to $600 and my premiums are much more affordable. My question is do they base my subsidy off my CURRENT income or my yearly gross income? When I move, my current income upon applying will be very low. But If I report my yearly income, it’ll be very high. Does my question make sense? Am I gonna have to pay expensive premiums october-december 2021? Or even until April 2022 when taxes are turned in? Or is it based on current income? Thanks for the help, Reddit.
submitted by /u/purple_shine20 [link] [comments]Read Morer/HealthInsurance