How do ObamaCare Premiums Affect Your Tax Filing?

pcdcstaff Health PCDC News March 8, 2017 | 0

You MUST use the same marriage status in your
ObamaCare application as your tax filing form. If you DO NOT, it could cost you thousands of dollars in EAPTR (Excess Advance Premium Tax Repayment).
If your income when you applied for ObamaCare is much less than what you are currently reporting on tax return, it could cost you in EAPTR

How does it work?

Example:

Health insurance rates are set between $185 and $1206 for Keystone HMO Silver Proactive Plan. The government subsidizes part of this premium based on your estimated income.
When you file your taxes, the government will compare what you reported to qualify for Obamacare against your actual income
If you estimated too little when you applied for Obamacare, then the government will require you to pay back some subsidy
If you estimated too much when you applied for Obamacare, then the government may pay you additional subsidy during tax filing

How do I update changes in income?

You can update your income information online in your healthcare.gov account at https://www.healthcare.gov/login or by phone by calling the Marketplace Call Center 1-800-318-2596 year-round.