Should I have switched to Medicaid or will I just receive more credits?
July 15, 2014 8:42 PM Subscribe
My income has changed but I don't want to switch to Medicaid. Will I just receive health tax credits on next year's tax return?
posted by 1001 questions to Work & Money (9 answers total)
At the start of the year I was receiving unemployment insurance benefits. I signed up for health insurance through the local state exchange. Based on my monthly UI income, I was eligible for a tax credit of about $100/month off the monthly premium price.
I picked a bronze plan that was attached to my provider and although the monthly premiums aren't super cheaper, they've been do-able.
When my UI ended I never reported a change in income to the health exchange. I believe if I told them that my income was now zero, I'd by forced to switch to the Medicaid system. I didn't want to necessarily go through the trouble of that switching (especially since I thought I was going to be getting a job sooner rather than later) and I was happy with current plan and provider. Am I being stupid? Will I be eligible for more tax credits at the end of the year as my monthly average income for the entire year will be way less than what it was during the first months of the year? What is the max credit?