If you are receiving a health insurance subsidy to reduce your monthly premiums, you may soon be receiving a call or a letter from the Obama administration to verify your eligibility for a subsidy. It was reported by federal officials that approximately 2 million people out of the 8 million who signed up for private health insurance through the exchanges reported personal information that was different than the information in government records.
You may be asked to provide documentation verifying your income, social security number, identification information, and whether you have group coverage available through an employer. The purpose of verifying group coverage availability is employees with access to group coverage are generally ineligible to receive subsidies. If you can’t provide the requested input, you may be at risk of losing your coverage or you may be asked to pay back the subsidy (all or a portion) next year.
Some documents that may be able to help you verify your eligibility are birth certificates, social security cards, driver’s licenses, pay stubs, tax returns, etc.
The value of your subsidy depends on your household income and the number of people in a family seeking assistance.
If you are asked to pay back your subsidy, you may want to review your coverage to see if an alternative health plan may be better suited to meet your needs. Give us a call today at 1-888-972-0024 to speak with a live agent and find out which plan will best serve your needs! You can also send us an e-mail by CLICKING HERE.