How to Get a Subsidy to Pay for Your Health Insurance Through Obamacare

Qualifying and accepting your health insurance subsidy should be fairly simple provided you meet the income guidelines.  Those between 100% and 400% of the Federal Poverty Level will qualify for a subsidy on a sliding scale.  When open enrollment begins on October 1st, to apply for a subsidy, there is no need to provide documentation as long as your income is within 10% of your 2012 Modified Adjusted Gross Income.  When you contact an agent to get health insurance quotes, you'll tell the agent your estimated income.  Then, when you decide on a plan you'll be linked to the NC Health Insurance Marketplace where your income will be verified with the IRS by your tax ID number.  Once your income is verified you will decide how much of the subsidy to accept.  If you accept to much, then you will owe it back to the government when you file your 2014 taxes.  If you accept to little, then you can accept the balance of your subsidy also when you file taxes.  For this reason it is advised to accurately estimate your current income so that you don't accept to much subsidy.  If your income is less than 90% of your 2012 income and you want to accept your full subsidy, then Equifax will be used to verify your income.  If that is not adequate, then you may have to provide pay stubs or other proof of your current income.

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