Marketplace doesn’t require proof of reduced income [Kokomo Tribune, Ind.]
|By Ken de la Bastide, Kokomo Tribune, Ind.|
|McClatchy-Tribune Information Services|
Q: If I retire
A: The Affordable Care Act doesn't require an individual to prove their income has decreased when purchasing health insurance through the Marketplace exchanges.
"The Marketplace may ask for additional documentation for the claim of reduced income, including pay stubs, unemployment benefits and pension plan substantiation," she said.
Open enrollment for the Marketplace began Tuesday and runs through
"If you retire on
When applying for lower costs in the Marketplace, a person needs to provide household income now and an estimate for 2014, Young said.
"You won't have to prove your income will be reduced before purchasing coverage in the
Young added a cautionary note, stating if you qualify, you may choose how much advance credit payments to apply to your premiums each month, up to a maximum amount. If the amount of advance credit you get for the year is less than the tax credit you're due, you'll get the difference as a refundable credit when you file your federal income tax return for 2014. If your advance payments for the year are more than the amount of your credit, you must repay the excess advance payments with your tax return for 2014.
If you retire after you're 65 and have
Readers can submit their questions on the Affordable Care Act to Enterprise Editor
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