Nervous about potentially falling under the poverty threshold/projected annual income for my marketplace insurance?
On my marketplace insurance plan I qualified for a $400 tax credit, bringing my monthly payments down to $75 when I applied in February, and at the time I projected my annual income to be approx. $14-15,000, but since then I had to switch jobs (hours were becoming more inconsistent) and I managed to find another job where I would make a little more, but then after working there a month I find that they didn’t schedule as they promised they would and I was in fact making less because of that, so now I’m trying to find ANOTHER job where I can make enough to hit that threshold, but now I’m 2 and half months out of my initial job that I was at when I initially applied for my insurance, and I have to try to make all that up (my estimated income thus far is around $8,000 this year).
So now I have til the end of the year to make approx. $5-6,000 to hit that, and I’m not having too much luck finding a job elsewhere where I can feel confident that I’ll get the hours I need (I live in a pretty rural area so options are limited).
What happens if I come under that? Will I have to pay back everything my tax credit covered? I’m sure I’m just being paranoid, but I don’t have any experience with this and everyone I know who has health insurance gets it through their job.
