Federal subsidies help millions of people afford the cost of health insurance. But spikes in income can force you to repay these so-called premium tax credits.
"Last year, I did good, and this year was a train wreck," McClellan said. "The income is what it is, and we'll just have to deal with it."
This so-called recapture of the subsidies at tax time puts many households in a bind. They need health insurance and may not be able to afford it without the premium tax credits."What's frustrating to me is that there's a reason why people go to the insurance exchanges in the first place: Health care is so unaffordable," said Dan Herron, CPA and principal of Elemental Wealth Advisors, also in San Luis Obispo.
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