What to do if your income drops

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We received the following question from Florida:

Question: I got ACA health insurance based on my last year’s income that was $11,500. Shortly after I got sick and will not make that much money this year. I am a single person and do not qualify for Medicaid in Florida. Will I be able to keep my ACA insurance and get the subsidy?

Here was our response:

When you signed up for health insurance under the ACA you certified that you would inform Healthcare.gov of any changes in income so that your insurance coverage could be adjusted accordingly.  I encourage you to contact ACA and tell them of your change in income. Otherwise, you do run the risk of the government trying to recoup the premium assistance you received under your original application. Having said this, it is not clear if and how the government will go about recouping their premium assistance particularly for low income individuals.

It is a shame that Florida did not expand the Medicaid program under which you qualify for health coverage. I urge you to vote for candidates who endorse this expansion.

Here’s a link you may find useful.

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