Obamacare Subsidies: Underestimated Income? What You Owe Back
When you applied for Obamacare premium subsidies for a 2014 plan you estimated what your income would be, but what happens if you underestimated and actually made more than you claimed?
Underestimated Income for ACA Subsidies
The Affordable Care Act, commonly known as Obamacare, offers premium subsidies if your income falls within a certain range, but if you underestimated your income you will owe some or all of your subsidies back. Good news is you may not have to pay it all back because if your income falls below $45,960 the government puts a cap on what you would owe back even if you owe more. The chart below explains what you will owe back if you underestimated your income:
|Actual Income for Individual||Individual Subsidy Payback||Actual Income for Family of Four||Family Subsidy Payback|
|Under $22,980||capped at $300||Under $47,100||capped at $600|
|$22,980 – $34,470||capped at $750||$47,100 - $70,650||capped at $1,500|
|$34,470-$45,960||capped at $1,250||$70,650 – $94,200||capped at $2,500|
|Over $45,961||Entire amount of subsidy||Over $94,201||Entire amount of subsidy|
For help learning if you qualify for premium subsidies and cost-sharing subsidies call the number above. For any other questions about the Bronze, Silver, Gold, and Platinum exchange plans contact Medicoverage or click here to get an exchange quote.