Answer 5: C
Premium tax credits are based on your expected household income for the whole calendar year, not just your current paycheck. Add up what you already earned this year, plus unemployment benefits, severance and any other income you expect. A job loss often lowers your yearly income enough to increase the help you get.
Be realistic. The credit is reconciled on your tax return, so if your income ends up higher than estimated, you may have to repay some of it. If you find a new job, update your application right away.
Tip: if your income changes during the year, update your Marketplace application within 30 days so your help stays accurate.
Question 6 of 8: The option people forget
Your income has dropped to almost nothing for now. When can you apply for Medicaid?
- A. Only during open enrollment in November and December
- B. Any time of year; eligibility is usually based on current monthly income
- C. Only after you have been unemployed for a full year
- D. Only if you have children