Where Nevadans go to Enroll
April 1, 2013
New Health Care Terms…..SUBSIDY – A subsidy is an “Advanced Tax Credit.” What this means is that you may get a reduced premium payment due to your income, the number of family members you are insuring, where in Nevada you live, your age, and if you smoke. The only way to get a “Subsidy” is to get a health insurance plan on the Nevada “Exchange” (an Exchange is an online website where you can buy health insurance.) If your income is in between 138% to 400% of the federal poverty level, you may qualify for a subsidy. Your income will be checked with the IRS records or a Federal Database, so if you claim a certain income, the “Exchange” will check with the IRS of your past years’ income tax records – before you get approved for a subsidy.
BE VERY CAREFUL NOT TO GET TOO MUCH SUBSIDY. The reason being would be you’d have to pay the extra subsidy back to the IRS. For example: If your health insurance premiums are $1,000/month and you get a Subsidy of $800/month and you only have to pay $200/month. At the end of the year when you have to settle up your taxes on April 15th of each year, the Government will check your income, and IF you were only supposed to have received an Advanced Tax Credit (subsidy) of $700/month instead of $800/month, you’ll owe the Government an extra $100/month X 12 months is $1,200. How do you avoid this? Read the “Redetermination” definition.
As always, if you have questions, we are here to help. You can call us at (702) 898-0554 or visit us online: http://nevadainsuranceenrollment.com/
Thank you for considering Nevada Insurance Enrollment Marketplace for your health insurance needs.
Sincerely,
Shelly Rogers
Nevada Insurance Enrollment MarketplaceLicensed Agent #560016
Phone: (702) 898-0554
E-mail: Shelly@NevadaInsuranceEnrollment.com
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