Health Insurance Subsidy aka Advanced Premium Tax Credit

LAS VEGAS - Sept. 8, 2023 - PRLog -- In Nevada, a subsidy is an "Advanced Premium Tax Credit" that is available at Nevada Health Link. A Subsidy means that you get a reduced premium payment for your health insurance. The factors that affect the premium you pay (after you've had your subsidy calculated and applied), would be your household income, and the number of family members on your tax return.

The only way to get a "Subsidy" is to get a health insurance plan through the Governments "Exchange" and only if your income is 138% or above 138% of the Federal Poverty Level. If your income is below 138%, you may be eligible for Medicaid. You could apply for Medicaid through the DWSS – Department of Social Services.

Your income will be checked with the IRS records or a Federal Database, so if you claim a certain income, the Exchange will check with the IRS of your past years' income tax records – before you get approved for a subsidy. Don't rely on past years' income tax return, however. You'll really want to make sure the income you state is very close to what it will actually be.

Individuals and families will state their income based on their "MAGI" (Modified Adjusted Gross Income). That information will then be verified through several Government entities including the IRS. If the stated income on the application is more than 10% lower than what the IRS shows, the State will require the individual to prove their income within 90 days, but you'll still get enrolled. Your financial information is run through a Data Services Hub (a tool the government is using to verify applicant information and income for the "Advanced Premium Tax Credits") to see if you qualify for a subsidy.

Read the full article: https://www.nevadainsuranceenrollment.com/health-insuranc...

Learn more: https://www.nevadainsuranceenrollment.com/individual-fami...

Nevada Insurance Enrollment
4260 W. Craig Road suite #150-A
North Las Vegas, NV 89032
(702) 898-0554
Website: NevadaInsuranceEnrollment.com