Benefits Buzz

Individuals Required to Project 2014 Income

Posted on October 31st, 2013

Individuals are required to project their income for 2014 to determine the maximum subsidy that may be available to them through a public exchange to help reduce their insurance premiums

If it turns out that an individual projected their income incorrectly, and the premium subsidy they received was too much, then the individual will have to pay back a portion or the entire subsidy amount when they file their federal income tax return. 

Repayment Schedules

  • If your income is less than 200 percent of the Federal Poverty Level, the maximum repayment is $600 for families and $300 for individuals.
     
  • If your income is between 200 and 300 percent of the Federal Poverty Level, the maximum repayment amount is $1,500 for families or $750 for individuals.
     
  • If your income is between 300 percent and 400 percent of the Federal Poverty Level, the maximum repayment is $2,500 for families or $1,250 for individuals.
     
  • If your income is more than 400 percent of the Federal Poverty Level, the entire subsidy must be repaid.

 

Join our mailing list or click here to stay updated on the latest healthcare reform news with Flexible Benefit Service Corporation (Flex).

 

Note: The materials contained within this communication are provided for informational purposes only and do not constitute legal or tax advice.   

 

Tag Cloud

Archives

Enter Your Email