ACA health insurance and income changes
Dunno 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.