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mcknney
New Member

I signed up for 2017 ACA and underestimated my income and funds was paid to insurance company. I never used the insurance. Do I owe that money paid on my behalf?

I never used the insurance or paid a monthly premium to the exchange. I contacted the exchange and told them income was higher than projected..they have me an monthly amount that I could not afford due to work expense. 

1 Reply
HelenaC
New Member

I signed up for 2017 ACA and underestimated my income and funds was paid to insurance company. I never used the insurance. Do I owe that money paid on my behalf?

Yes, you have to pay for the health insurance plan, that you signed up for, even if you did not use it. Your Market place (Obamacare) policy was paid with your Advanced Premium Tax Credit. For additional information, click on Advance Premium Tax Credit - HealthCare.gov Glossary | HealthCare ...

Taking the Premium Tax Credit as a monthly subsidy acts like a discount and reduces what you pay monthly for coverage.

However, if your family’s situation changes during the year, the premium tax credit you qualify for also changes. If you forget to update your original estimates, you may need to pay back some or all of your credit on your tax return.

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