When signing up for 2021 medical insurance last year, I estimated my 2021 income as $25,000 (100% of this from realized gains in a stock portfolio), which gave my a fairly generous premium tax credit as well as access to a plan with a very low deductible and out of pocket max.
Well, my 2021 realized gains actually ended up being around -$20,000 which means that I basically had negative income for the year. I know that, if your income is less than 100% FPL, you get no premium tax credit or reduced deductible/out-of-pocket maximums which makes me worry that I will be required to pay back 100% of the amount I received from premium tax credits throughout the year + any other penalty from that arises from having used a plan with a very low deductible/out-of-pocket maximum (I’m also in a state that has not expanded Medicaid so, in my state, my income “change” wouldn’t put me in an income bracket that’s covered by Medicaid as I’m not pregnant, disabled, a child, etc.).
Does anyone know how something like this would play out? Will I be required to pay a big fat penalty because my yearly income ended up being far too low to warrant me getting a premium tax credit and reduced deductible/out-of-pocket maximums?
Thanks
submitted by /u/Questioner6767
[link] [comments]When signing up for 2021 medical insurance last year, I estimated my 2021 income as $25,000 (100% of this from realized gains in a stock portfolio), which gave my a fairly generous premium tax credit as well as access to a plan with a very low deductible and out of pocket max. Well, my 2021 realized gains actually ended up being around -$20,000 which means that I basically had negative income for the year. I know that, if your income is less than 100% FPL, you get no premium tax credit or reduced deductible/out-of-pocket maximums which makes me worry that I will be required to pay back 100% of the amount I received from premium tax credits throughout the year + any other penalty from that arises from having used a plan with a very low deductible/out-of-pocket maximum (I’m also in a state that has not expanded Medicaid so, in my state, my income “change” wouldn’t put me in an income bracket that’s covered by Medicaid as I’m not pregnant, disabled, a child, etc.). Does anyone know how something like this would play out? Will I be required to pay a big fat penalty because my yearly income ended up being far too low to warrant me getting a premium tax credit and reduced deductible/out-of-pocket maximums? Thanks submitted by /u/Questioner6767 [link] [comments]Read Morer/HealthInsurance