Hello Insurance Professionals.

Apr 6, 2016

  1. newuser9
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    newuser9 New Member

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    Hello all,

    It was really difficult finding any info on my issue on the internet. I stumbled on this forum and was hoping someone could help me or point me in the right direction (not sure if this was the right thread?)

    I had to submit income verification (which I did) to the obamacare marketplace. A $1000+ premium was withdrawn when it is normally $100+. Marketplace rep said there must have been something wrong with the income proof.

    Am I out of luck in getting my money back? Losing $1000 really hurts =(

    Thank you in advance for your help!
     
  2. Ann H
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    Ann H Guru

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    Hi Newuser9. Welcome to the Forum. We feel your pain. We have seen this happen to others.

    You should actively pursue making sure the marketplace receives your documentation. Keep uploading it until it shows as being received. Make sure you give them plenty of data to prove your income. Your letter tells you what type of data they are looking for.

    This will stop the bleeding, because once your income verification is received and accepted, the subsidy will begin again, and your premium will go back to $100 or so, like it was before.

    As for the $1,000 that has already been charged, you can get it back..... later. When you file your tax return, you "reconcile" the subsidy. So, if you are owed subsidy for that month, you will get it as a refund on your tax return. Beware, though. If you actually received too much subsidy, the IRS will clawback. The ACA giveth and the ACA taketh away.
     
    Ann H, Apr 7, 2016
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  3. Yagents
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    Yagents Guru

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    If they took your tax credits away, then your deadline has passed, and either:

    1. They never got or recorded your income documents (happens all the time)
    2. Or, The morons received the documents, but didn't concur with the income projection and docs you sent in.

    The only way to get your tax credits back for May 1st effective date is to call them or do online by April 15th, a "life change" and report your expected income again, and do a new application with healthcare.gov.

    Sending more documents will NOT get this changed, you must do a "life change"

    New documents may or may not be required this next go round.

    Like Ann said, You will get the money back for April when you reconcile your taxes
     
    Yagents, Apr 7, 2016
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  4. newuser9
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    newuser9 New Member

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    Thank you very much for your replies, Ann and Yagents. This clears up a lot of the confusion and your explanations were very clear! I will do as you mentioned. Thanks again.
     
  5. Ann H
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    Ann H Guru

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    You're welcome. But go with Yagents' suggestion that you call the Marketplace or do a "life change" online, instead of my suggestion that you just continue sending the documents. He has done more of these income verification cases than I have!
     
    Ann H, Apr 8, 2016
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