What happens if I buy insurance but end up making less than the FPL?

I’m in the process of buying marketplace insurance, but I’m currently unemployed and don’t know what the next year will bring. The software asked me to estimate my income, so I wrote down $17K and my tax credit is based on that. I’m in Georgia, which doesn’t have the medicaid expansion, so if I made under $12,500, I just wouldn’t be eligible for any of the plans. I’m assuming I’ll make over 12K, but there is definitely a chance that I won’t.

What would happen if the end of the year/tax time rolls around and I made, say, 10K? Would I be penalized for having purchased a healthcare plan I wasn’t eligible for and what would that penalty look like?

submitted by /u/phytolacca17
[link] [comments]
I’m in the process of buying marketplace insurance, but I’m currently unemployed and don’t know what the next year will bring. The software asked me to estimate my income, so I wrote down $17K and my tax credit is based on that. I’m in Georgia, which doesn’t have the medicaid expansion, so if I made under $12,500, I just wouldn’t be eligible for any of the plans. I’m assuming I’ll make over 12K, but there is definitely a chance that I won’t. ​ What would happen if the end of the year/tax time rolls around and I made, say, 10K? Would I be penalized for having purchased a healthcare plan I wasn’t eligible for and what would that penalty look like?
submitted by /u/phytolacca17 [link] [comments]Read Morer/HealthInsurance

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