Even though the Covered California programs indicated one subsidy amount, a higher amount was actually applied to the first family member’s health insurance premium. It is clear from the displays that Covered California is applying too much APTC. In the first illustration, John was eligible for $272.12 per month, but Covered California applied $377.12.
Built into the Affordable Care Act is the loss of the health insurance subsidy when the household income exceeds 400% of the federal poverty line. For older adults whose income might be greater than 400% of the federal poverty line they face losing the Advance Premium Tax Credits that makes their health insurance premiums affordable. In some instances the health insurance premiums can shoot up to over 20% of their income.
After an individual or family has been approved for a tax credit subsidy to lower their monthly health insurance premium Covered California gives them ninety days to verify their income. If the consumer doesn’t submit proof of income that Covered California accepts the applicant will either be reduced to Medi-Cal or have their tax credit […]
If you purchased health insurance through Covered California brace yourself for a bevy of letters and notices arriving in your mail box this summer and fall. Covered California will be sending out marketing material, renewal notices, letters asking you to create an online account, reminders to verify your income, and requests for immigration documents. Create […]