Health Insurance Blog

Question # 38 Why do I have to verify my income?

Posted by:
Tim Jackson
on
November 4, 2015
Why Do I Have to Verify My Income?
When you submit your application on healthcare.gov, it will ask you to submit documents to verify your income. This

Why Do I Have to Verify My Income?

When you submit your application on healthcare.gov, it will ask you to submit documents to verify your income. This might seem a little weird or seem to be a hassle, but verifying your income can actually benefit you! Nobody knows for sure how much money they will make in the coming year, so you have to give it your best guess. Based on that guess you might qualify for a tax credit which will go toward paying for your monthly premiums. But what if the guess that you gave was incorrect? Two things could happen. Either you overstated and missed out on a tax credit, or you understated and will owe money when you file your taxes. So, to save you the trouble and keep any help you might get cost wise you will be asked to send in a copy of your income. Totally worth it in the long run!!

Stephanie

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