What Happens to ACA Subsidies if You Lose Your Job?
Losing a job is always a stressful event, and it can be even more stressful if you’re uninsured. If you lose your job and you’re receiving ACA subsidies, you may be wondering what’s going to happen to your health insurance.
Here are some important things to know:
1. You may not lose your subsidies if you lose your job: If you lose your job and your income drops, you may still be eligible for ACA subsidies. The amount of your subsidy will be based on your current income, and you may be able to qualify for a larger subsidy than you were receiving before you lost your job.
2. You will have to report your income changes to the Marketplace: If you lose your job, you will need to report your income changes to the Marketplace as soon as possible. You can do this by logging into your Marketplace account or by calling the Marketplace call center.
3. You may have to pay back some of your subsidies if your income increases: If your income increases after you lose your job, you may have to pay back some of the subsidies you received while you were unemployed. The amount you will have to repay will be based on your current income and the amount of subsidies you received.
4. You can apply for a special enrollment period if you lose your job: If you lose your job and you don’t have other health insurance, you may be able to apply for a special enrollment period. This will allow you to enroll in a Marketplace plan outside of the Open Enrollment Period.
Losing your job is a stressful event, and it’s important to know what your options are for health insurance. If you’re receiving ACA subsidies, it’s important to report your income changes to the Marketplace as soon as possible. You may still be eligible for subsidies, and you may be able to avoid having to pay back any of the subsidies you received.
If you’re not sure what your options are, you should reach out to a licensed agent for help. They can help you understand your options and enroll in a plan that meets your needs.
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