That depends. Subsidies are provided by the federal government to help you pay for your insurance. Remember that your subsidy depends on how much money you make. (See “Who gets a subsidy?”) So if your income went up since last year, your subsidy will probably be less. You might even have to give back part of it to the government if you started making more money after you first signed up in 2014.
Also remember that you had to provide some specific information about your income when you first applied. (See “How do I apply for a subsidy?”) If you gave the marketplace permission to automatically recheck your income and tax returns, the marketplace can automatically renew the amount of financial assistance you received in 2014. If you did not give the marketplace permission to do this, you’ll have to reapply. And keep in mind that if your income has changed, you should update your application to make sure you are getting the correct subsidy and you don’t have to refund anything later if you receive too much.
The marketplace and your insurer should each send you a notice around the time of open enrollment explaining how to renew your subsidy.
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Last Updated On
November 24, 2014