How can I get help paying for my health insurance? #subsidy #aptc


Hi everyone! My name is Diana and i am a
Covered California certified insurance agent and today I would like to talk and
explain how the subsidy or the APTC works .The APTC stands for the advanced
premium tax credits. I would like to answer a few of the most asked questions regarding this
like what is the APTC? how can I get help paying for my health insurance?
what is the income limit to get help? what if my income changes during the
year or what can I do to avoid owing money when I file my taxes and so on.
The APTC or the advanced premium tax credits are still available for
year 2019 and it’s very important to play by the rules in order to avoid any
issues at the tax time if you never heard of APTC I will explain again what
it is basically if your income is below a certain threshold you can get
financial help to pay for your health insurance in other words the APTC lowers
your monthly health insurance premium I recently posted two videos on my youtube
channel where I look at two scenarios in one video I explore how much a PTC or
subsidy is available to a single person living in San Francisco and making
40,000 a year in my other video I talk about a family of four living in San
Jose California and making 100k per year please watch the videos to get a
practical view on how the subsidies work via real examples please watch this
video until the end this one as I will post other income limits and you can
estimate and get an idea if you qualify for premium assistance and of course if
you haven’t subscribed to my channel please feel free to subscribe and
support it okay so now that you know what a ptc is let’s talk about specifics
and before we proceed I want to mention that getting the white financial help is
very very important from the start again premium assist
can lower the cost of health care premiums for individuals and families
and in California it’s only available to those who enroll in a coverage
California health plan and meet certain income requirements the amount of
premium assistance you receive is based on how much money you make your tax
household size and where you leave your zip code right because the amount of
premium assistance you receive is based on information that can change during
the year it’s important to keep covered California updated about this changes so
that your premium assistance assistance can be can be adjusted if needed during
the year so what do I do if I have a change in my income or application
information at renewal or during the year well during renewal you can update
your information at any time as much as you can as many times as you want during
again during the renewal time outside of renewal you must report the change to
coverage California within 30 days if you have an agent the agent can help
with making those changes if you don’t have an agent please feel free to reach
out to me I can assist by law there is no key or chargeable so you can get
professional help of no extra cost to you if you don’t have an agent
and if covered California asks you to provide documents that verify your
income you must do so by the date listed only you’ll notice it is very very
important to respond as soon as you can to this notice in order to avoid later
issues with your account now remember if you’re self-employed or have income that
fluctuates during the year you don’t know exactly what your income will be
one year from now you can estimate and it’s totally fine it’s possible that you
will qualify for more premium assistance that you received because at the end of
the year your income will be what you know I will be lower or or your tax
household files was larger than that what you reported to cover
California in the beginning if this happens you may get money back when you
file your taxes it is also possible that you qualify for less premium assistance
that you received because at the end of the year your income was higher or your
tax household size was smaller than what you reported to cover California
if this happens when you file taxes you will have to repay the extra amount you
receive that’s again very important to make sure it right at the beginning you
make it right and you don’t make mistakes in order to avoid this issues
later on okay now here’s a very important question what can I do to
avoid owing money when I file my taxes if you’re worried about owing money at
tax time you can choose to take less of the premium assistance each month your
monthly premiums will still be lower but not as much by taking less premium
assistance during the year there is less chance you will owe back money at tax
time so in other words take a more conservative approach if you don’t know
how to do it please reach out to your agent or to us and we’ll be glad to help
you with that as well you can also choose to pay the full premium amount
each month of course you can afford and if you choose this option the tax credit
would be applied toward any tax as you owe or you would get a bigger refund
when you file the taxes so let’s see if you qualify for premium assistance by
looking at this table you can easily see if you qualify for a health insurance
subsidy look at the household size and the income you need so for example an
individual living in California can get a subsidy and premium assistance as long
as his or her income is below forty eight thousand five hundred and sixty
per year now if the income for this person is below sixteen thousand seven
hundred and fifty four dollars a year then he or she can get medi-cal which is
provided at no cost via the county where that person resides
so county of residence this figures are for year 2019 he
is a more detailed table that also shows if you can get enhanced silver plants
depending on income the enhancements come in the form of lower co-pays and
deductibles on top of lower premiums I will post a side-by-side comparison of
enhance plans shortly so you can see the difference if you have any questions
about this information or anything is confusing so please feel free to comment
under the video I am pretty good at responding to all the comments if you
have a specific question or issue feel free to reach out to me directly and I
will do my best to help at no extra cost remember insurance agents working with
covered California are required to help consumers at no extra cost
again please share our video and subscribe to our channel by doing so you
will help us keep this channel alive and spread the word and perhaps you will get
a few extra karma points as well now as I mentioned here’s a side-by-side plan
comparison of in health plans thank you for watching and please stay with us you

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