Dear AFA.... What happens if I...?
I decided to call up the www.healthcare.gov help line to ask a specific question:
"What happens if I estimate my income at $12,000, and I end up making less, say only $11,000 or $10,000?"
The rep sounded more than a little confused by this question, which tells me they didn't really train them to answer it. But...
Her recommendation was that I fill out a change of circumstances form, once I realize my $12,000 estimate will fall short. But she couldn't tell me the result of filling out such a declaration.
But she also assured me that I would not be expected to repay the subsidy if my income dipped below the poverty line.
This is in contrast to the answer I got from an trained agent who said that I would have to pay the subsidy back in this situation.
Why this question is important on a practical level is that business earnings estimates are almost never accurate, at best you can hope to get in the right ball park, and many business are dependent on Nov./Dec. (holiday season) sales at the end of the year. It's fairly predictable that sales will spike, but how much they spike may not be.
Moving away from small businesses, let's say you're a temp work who may change jobs every couple weeks or months due to the needs of your temp agency. Are you supposed to file a change of circumstance form every time your pay rate or hours vary?
"What happens if I estimate my income at $12,000, and I end up making less, say only $11,000 or $10,000?"
The rep sounded more than a little confused by this question, which tells me they didn't really train them to answer it. But...
Her recommendation was that I fill out a change of circumstances form, once I realize my $12,000 estimate will fall short. But she couldn't tell me the result of filling out such a declaration.
But she also assured me that I would not be expected to repay the subsidy if my income dipped below the poverty line.
This is in contrast to the answer I got from an trained agent who said that I would have to pay the subsidy back in this situation.
Why this question is important on a practical level is that business earnings estimates are almost never accurate, at best you can hope to get in the right ball park, and many business are dependent on Nov./Dec. (holiday season) sales at the end of the year. It's fairly predictable that sales will spike, but how much they spike may not be.
Moving away from small businesses, let's say you're a temp work who may change jobs every couple weeks or months due to the needs of your temp agency. Are you supposed to file a change of circumstance form every time your pay rate or hours vary?