According to an eye-opening report from the U.S. Department of Education, only one in ten people has a proficient level of health literacy. It is shocking for anyone because disease or health issues never come judging the class or rate of literacy.
However, the income level plays an essential role in Covered California. We have brought this blog to inform people what happens if one does not report their income changes. Here you go!
What to Face If You Do Not Report Income Change to Covered California
If you think enrolling in this health plan and paying all premiums is enough, you still do not know the truth. According to the rules, you also should keep track of your household income if it changes during the year. It matters because your health plan got chosen depending on your financial status, and it also determined if you were eligible for this facility or not. So, reporting your income changes is a must.
Well! When you do not report it timely, be ready to face a few phases. So, learn from them!
In the Case of Increasing Income
You will have to pay your advanced premium tax credit (APTC) back if your income becomes higher than you reported. According to the rules of Covered California, one gets APTC according to their lower income level. And getting this facility when you have a high-income range means you received too much assistance, and you will have to pay it back. However, the returned amount will get capped at a specific level, depending on your annual household income. For more details, you must visit our Facebook page now!
In the Case of Lower Income
You will be glad to know that you will receive a refund if your income is lower than you thought it would be. All you have to do is to file your taxes for any premium assistance you were eligible for but did not receive yet! Ensure you file your taxes timely to have any due tax credits. Also, if your income decreases below 138% of the Federal Poverty Level, you will not have to pay back your APTC.
If you still have any queries regarding Covered California, look no further and contact us to get help from our certified health insurance agents. You may also visit our Twitter page to get the latest updates and become an efficient candidate for health insurance.