Can you retroactively claim tax credits on your insurance for the previous year?
I’ll try and explain my situation as best I can, but a lot of this stuff is confusing, so apologies if there’s any confusion
So last year I went through the healthcare.gov application and it told me that I would be eligible for Medicaid, but decided not to because of several reasons having to do with financially separating myself from my abusive parents (I was worried that since they financially supported me the year prior -and for the two months of this year- that something legal would blow up in my face if I tried to get on medicaid -I was raised in a military household so I’ve developed a healthy(?) fear of government systems, as I’ve seen them blow up in people’s faces many times)
Anyhow, I canceled my original healthcare.gov application and refilled it out, but when I filled it out I clicked on the “don’t consider me for savings options” because I was worried it would just send me back into a loop toward medicaid. The end result was that I paid full price for private insurance, which amounted to a couple thousand dollars over the course of the year, which, while it is something I can financially bear, is still a lot of money
Flash forward to this week when I filled out my new application, and this time tried to get on Medicaid for the following year. I was found not eligible, but clicked on the “yes, consider me for savings options” this time and found my health plan I was on for this year for only like thirty bucks a month as opposed to the nearly three hundred I was paying this year. Apparently that comes from a tax credit/subsidy that I’m still trying to understand, but it looks like I’ll be paying a lot less next year
Which raises the question, is there any way I can claim that tax credit on the premiums that I paid this year? Specifically, is there any way I can get any money back when I do my taxes next year? If so, how would I go about doing that? It’s not the end of the world if I don’t get anything back, but if I could get even a fraction of what I paid in premiums back in a tax refund, that would be HUGE for the program
Anyhow, if any of this is unclear, I’m happy to clarify!
