Maybe you thought your work was done once you bought health insurance for the year on one of the government-run exchanges.
Not quite. The IRS and other tax experts say now is a good time to revisit that purchase to make sure you’re getting the federal premium assistance you’re entitled to. Whether you’re getting too little - or too much and have to repay it later - there’s still time to contact the exchange and correct any errors for this year.
If your subsidy seems to be incorrect, contact the exchange via your online account or by phone at 800-318-2596.
A change in income isn’t the only reason to contact the exchange to re-evaluate your subsidy midyear, says Sacha Adam, product line manager at TurboTax. Notify the exchange if you have any major life changes, such as having a baby, getting married or moving to another locale, because the size of the subsidy is influenced by the number of family members and zip code, he says.
Also of Interest
- 3 Sneaky Schemes That Scammers ‘Bank’ On
- What’s the Maximum Social Security Benefit?
- Fight fraud and ID theft with the AARP Fraud Watch Network.
- Join AARP: savings, resources and news for your well-being
See the AARP home page for deals, savings tips, trivia and more.