I have the NY essential health plan (zip code 10016/NYC) which is a lower income plan through the exchange. When I re-enrolled in Jan 2020, I met the income limits. Now that I have all of my tax forms for 2020, I see I have gone over the income limit by a few thousand dollars. Between collecting UI benefits (which kept fluctuating throughout the year) and 2 part time temp jobs I picked up, it was hard to guess what I’d end up making for the year.
How will I be penalized? I’m not sure how the essential plan works since it’s not a straightforward subsidy rather a dedicated lower income plan so paying back some kind of subsidy isn’t clear.
And how can I determine if I will qualify in 2021? I’m still collecting UI benefits but those are slated to end in March 2021.
Thank you.
submitted by /u/photochic1124
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I have the NY essential health plan (zip code 10016/NYC) which is a lower income plan through the exchange. When I re-enrolled in Jan 2020, I met the income limits. Now that I have all of my tax forms for 2020, I see I have gone over the income limit by a few thousand dollars. Between collecting UI benefits (which kept fluctuating throughout the year) and 2 part time temp jobs I picked up, it was hard to guess what I’d end up making for the year. How will I be penalized? I’m not sure how the essential plan works since it’s not a straightforward subsidy rather a dedicated lower income plan so paying back some kind of subsidy isn’t clear. And how can I determine if I will qualify in 2021? I’m still collecting UI benefits but those are slated to end in March 2021. Thank you.
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