Marketplace Health Insurance mid year changes affect on tax filing
Hey there, I currently don't have group health coverage as I am in between nursing jobs. I expect to find a position in April and have access to the hospital's group coverage around July. If I enroll in marketplace now, I receive a subsidy, and it would allow me to have health insurance until I start my new job.
If I leave the marketplace plan mid year, but update my application to reflect the life change, will I just receive the subsidy for the months I was uninsured, or will I have to pay that back based on my income increasing after I start the new job?
Thanks!
Answers
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Hello, mtniblett!
That is a great question!
When you file your return, your yearly income is taken into consideration when determining if you need to pay back all or some of the subsidy. Thus, you may need to pay back the subsidy if your income increases mid-year.
