Tip for Healthcare Subsidy: BE AGGRESSIVE!
There is very little down side to estimating your income in 2015 to gain maximum subsidy. No penalties, no interest, in fact, you won’t even have to pay it all back.
You can estimate your subsidy here:
If the subsidy credit was an overpayment, the taxpayer will be required to repay all or part of the overage depending on the taxpayer’s final income for the tax year. Repayments are capped on a sliding scale for families whose annual income is under 400 percent of the Federal Poverty Level (FPL):
- If annual family income is under 200% FPL, repayment is capped at $600 ($300 for individuals).
- If annual family income is at least 200% FPL but less than 300% FPL, repayment is capped at $1,500 ($750 for individuals).
- If annual income is at least 300% but less than 400% FPL, repayment is capped at $2,500 ($1,250 for individuals).
- If the final annual family income is 400% FPL or greater, the subsidy must be repaid in full.
Matthew Byrne has made a career helping people find affordable health insurance in Ohio. He is the founder of MyHealthQuoter.com, a Dublin-based brokerage providing Ohio health insurance quotes and services for individuals, families and corporations. Mr. Byrne is a subject matter expert speaking frequently about Health Care Reform, Defined Contribution Programs, COBRA, and Medicare. He can be reached at (614) 336-3636, and online at www.MyHealthQuoter.com.
Need a Health Reform Speaker? Find Matt on COPEC! http://copeceducation.org/speaker/Matthew.Byrne