/ Ask Terry Questions / Payback of advance subsidy for Obamacare

Payback of advance subsidy for Obamacare

By Terry Savage on February 26, 2021 | Insurance & Annuities

We signed up for market place last yr and picked a policy we could afford. Had no idea about subsidy. Come Jan renewal the cost tripled. I called marketplace they said my income dropped by 6,000 and the difference in subsidy was the upcharge to me per month. Obviously i cancelled the policy.
I got a letter saying I owed $10 000 to pay back the monthly advance payment of premium tax credit…
The monthly enrollment premiums for yr was $12,061.20
My silver plan for yr was 14,084.40
Monthly advance payment premium tax credit was $10,716.50. This the amount they say we have to pay back. If I knew the policy was $1 000 a month or I could take subsidy and pay it back I would never have taken policy. On top of not being able to even get the major test I needed to have done due to covid, We basically paid for nothing…
We are devastated 😢.
What can we do to get this reduced.

Terry Says

This is a bit out of my territory, but I know you can get a straight answer from eHealth.com — they are specialists in these policies. Call them at 844-866-3754, and if you don’t get the help and answers you need, please write back and I will get in touch with them. You might start out by saying you need a new policy — and then telling them the story! And if the person you talk to can’t help, feel free to ask for a supervisor.

money

ASK TERRY

a personal
finance question