If you currently get a tax credit, next year the government will determine the amount of your 2021 “advance premium tax credit,” and you’ll renew into your Health plan on Jan. 1, 2021.
If you have taken the steps the government requires, you will be automatically enrolled in your next year's health plan and, if you are still eligible, your tax credit will start automatically Jan. 1.
Read more about the steps you should take and the things you should check for to make sure nothing disrupts your coverage.
Your 2019 tax return affects your 2021 financial help
If you received financial help in 2020, but didn’t file your 2019 taxes, it’s very important that you act now and get them filed. Otherwise, you will lose your financial help starting Jan. 1, 2021—and you'll have to pay the entire cost of your new 2021 health plan out of your pocket. Timing is also important. Depending on when you file your 2019 taxes, a tax credit may or may not be automatically available to you when your new health plan starts on Jan. 1, 2021.
The government Marketplace needs permission to look at your tax return
As part of its automated renewal process, the government needs to be able to see your tax information to decide if you qualify for a 2021 tax credit and for how much.
There could be an inconsistency in your enrollment information
If this happens, you will receive a letter from the government asking you to provide more information about things like your income or your citizenship status. There is a risk of losing your financial help or possibly your health plan if you ignore their request.
Other reasons your financial help may change
Each year the amount you qualify for can change. The amount of your financial help is based on the combination of several things: your most recent household income available to the Marketplace, the cost of plans available to you in your area, and the government’s Federal Poverty Level (FPL) income tables.
The Marketplace uses your verified household income from the most recent of your:
- Most recent Marketplace application
- 2019 tax return information, or
- 2020 Marketplace application
If one of the things listed above could affect your financial help, we strongly encourage you to let us help you renew your Marketplace application to make sure you have done everything you need to do to get all the financial help you deserve. We have experts waiting to help and our service is at no cost to you.
Whether you qualify for financial help or not, if you want to talk about other health plan options, we’re here for you. Call your local insurance agent, contact a Florida Blue Center or call us at (855) 714-8894.