Question about premium tax credit and insurance options
A family member recently underwent a job change and is making significantly less and the job also doesn't offer health insurance so we have a few questions about health insurance options. We're currently looking through the options on CoveredCalifornia and are not sure whether he actually qualifies for the premium tax credit and not be penalized when he files his taxes for next year
His new job pays about $2400/month (28,800 in 12 month period), and would qualify him for the premium tax credit with significant reduction in the monthly premiums. Our concern is that his previous job paid about $60,000 in 2024 before the job switch. Is the qualification for the premium tax credit based off of his current $2400/month income? Or will he not qualify for it because his total income in 2024 will end up being around $70,000? We just want to make sure he does not end up having to pay back the tax credit advances on his health insurance once tax season comes around
submitted by /u/xPooh45
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