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Unless you have experienced a change in circumstances in your life, chances are good that you are still eligible for ACA or “Obamacare” subsidies for 2015. Open enrollment this year begins on November 1, 2015, and runs through January 31, 2016. During this time, you should review your information for subsidies to determine how much you will qualify for in 2016.


Reasons for a Change in Obamacare Subsidies

While the majority of people who qualified for a subsidy in 2015 will still qualify for a subsidy in the coming year, some people may qualify for a reduced subsidy or may not qualify for a subsidy at all if they have experienced changes in their lives. Inversely, some people may qualify for a larger subsidy and those who didn't qualify for a subsidy may now qualify. Changes that can affect your subsidy allotment include:

  • A change in the cost of the plan used to calculate subsidies
  • Reduction or increase in income
  • Getting married or divorced
  • Having a baby or adopting a child

These are the main four changes that can determine the amount of a subsidy you may be eligible for. Keep in mind that if you receive a larger subsidy than you're entitled to, you will have to repay the government when you file your personal income taxes.

If you get a smaller subsidy than you qualify for, you will get a refundable tax credit for the difference. Getting an accurate subsidy makes things less complicated when it's time to file your taxes, and ensures that you're getting the assistance you need during the year when it comes to paying for health insurance.

Discuss your situation with HealthMarkets Insurance Agency to determine what type of subsidy you will qualify in 2016. HealthMarkets' more than 3,000 knowledgeable, licensed agents can help you navigate the health insurance marketplace easily and efficiently to find the best deal for your health care dollars. Our service comes at no cost to you.


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