I signed up for a Medical Payment Plan at work and then my Affordable Healthcare plan rolled over from last year. The plan at work says: "The Medical Payment Plan is supplement to Health Insurance and is not a substitute for Major Medical Coverage*. The benefit payments are not intended to cover the full cost of medical care." So I did not cancel my Marketplace plan. Now I am worried that I am going to have to repay all the premiums for the Marketplace. I only make 16,000 a year and those premiums add up to 12,000 for the whole year. Since my work plan is supplimental I thought it was OK. Whats going to happen when I file taxes? and is there a cap on the payback?
Thanks in advance.
Worred user
It is based on if your employer's health plan provides "minimum value" or not. Minimum Value basically means if the plan covers at least 60% of all anticipated costs for all of its participants.
I don't know anything about your employer's health plan, so I can't give you a definitive answer if it has "Minimum Value" or not. But if it is covers some general medical expenses but not major medical expenses, I suspect it would NOT provide Minimum Value. *IF* that is the case, you would still qualify for the full Premium Tax Credit.
If you do not qualify because your employer's health plan is considered to have "Minimum Value", a Single person at your income would only need to repay $350 for 2023.