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ACA health insurance and income changes
Mar. 17th, 2020 09:36 pmDunno about you, but my 2020 income predictions for my small business (massage therapy and bodywork) have suddenly changed drastically. Based on my income estimate from last year, I wasn't getting any help with my premiums from the ACA, but I still bought the insurance through Healthcare.gov.
I went back in today to put in my new estimate, and it says I can get $418 in premium credit every month. Surprisingly, I also have the option to change my plan, and I need to call my broker tomorrow and get his thoughts on that. I will need to submit a document showing evidence for my new income estimate. A little bit of fuss and bother for a whole lot of money I wouldn't see otherwise. (Well, I would get it back at tax time in April 2021, but that's a long ways out.)
Mentioning this in case there are any other folks reading this who have ACA insurance and a lot less coming in than previously expected.
I read somewhere recently that Oregon and Washington had declared the pandemic to be a Qualifying Event to let people purchase insurance, which I thought was a remarkably good idea. Income changes due to COVID-19 are a Qualifying Event.
I went back in today to put in my new estimate, and it says I can get $418 in premium credit every month. Surprisingly, I also have the option to change my plan, and I need to call my broker tomorrow and get his thoughts on that. I will need to submit a document showing evidence for my new income estimate. A little bit of fuss and bother for a whole lot of money I wouldn't see otherwise. (Well, I would get it back at tax time in April 2021, but that's a long ways out.)
Mentioning this in case there are any other folks reading this who have ACA insurance and a lot less coming in than previously expected.
I read somewhere recently that Oregon and Washington had declared the pandemic to be a Qualifying Event to let people purchase insurance, which I thought was a remarkably good idea. Income changes due to COVID-19 are a Qualifying Event.
