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Do a Midyear Checkup on Your Health Care Subsidy
Posted By Eileen Ambrose On August 22, 2014 @ 2:42 pm In Money Talk | No Comments
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.
Photo: DNY59/iStockphoto 
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Article printed from AARP: http://blog.aarp.org
URL to article: http://blog.aarp.org/2014/08/22/take-a-mid-year-check-up-on-your-health-care-subsidy/
URLs in this post:
 health insurance: http://www.aarp.org/health/health-insurance/?intcmp=AE-BLIL-DOTORG
 Image: http://blog.aarp.org/wp-content/uploads/2014/08/iStock_000008188602Small.jpg
 IRS: http://www.irs.gov/uac/Newsroom/IRS-Now-is-the-Time-for-a-Mid-Year-Premium-Tax-Credit-Checkup
 >> Birthday Freebies and Discounts: http://www.aarp.org/money/budgeting-saving/info-2014/birthday-freebies-and-discounts-photo.html#slide1?intcmp=AE-BLIL-DOTORG
 Affordable Care Act,: http://www.aarp.org/health/affordable-care-act/?intcmp=AE-BLIL-DOTORG
 federal poverty level: http://familiesusa.org/product/federal-poverty-guidelines
 a calculator: https://turbotax.intuit.com/health-care
 health website: https://www.healthcare.gov
 >> Get discounts on financial services with your AARP Member Advantages.: http://www.aarpfinancial.com/content/aarpfinancial/home.html?intcmp=AE-BL-MON-DISC
 DNY59/iStockphoto: http://www.istockphoto.com/profile/dny59
 3 Sneaky Schemes That Scammers ‘Bank’ On: http://blog.aarp.org/2014/08/22/3-sneaky-schemes-that-scammers-bank-on/?intcmp=AE-ENDART1-BL-REL
 What’s the Maximum Social Security Benefit?: http://www.aarp.org/work/social-security/info-07-2010/maximum_monthly_social_security_benefit.html?intcmp=AE-ENDART2-BL-BOS
 Fight fraud and ID theft with the AARP Fraud Watch Network.: http://www.aarp.org/money/scams-fraud/fraud-watch-network/?intcmp=AE-BL-ENDART-ADV-FWN
 Join AARP: https://appsec.aarp.org/MSS/join/application?keycode=U9ZTPH9&intcmp=AE-ENDART3-BL-MEM
 AARP home page: http://www.aarp.org/?intcmp=AE-ENDART3-BL-HP
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