Question: I underestimated my daughters income thinking her college tuition would be deducted. Now, thinking it will not be which makes her income closer to 200% (around $22,000) which would put her in a bronze plan as opposed to the 94% shared plan she has had. Looks like her monthly payment would be similar for both. Should I contact Covered CA now to ask and potentially correct or just wait until next year when taxes are done? Will there be any charges if she no longer qualifies for the 94% plan she has had?
Answer: Your daughter can choose a Silver plan or any other "metal" level of coverage regardless of her income. Her income still qualifies her for cost-sharing reductions (lower deductible and lower copayments) which are only available with Silver plan. If she is no longer eligible for the Silver 94, then she will qualify for the Silver 87 plan. In any case her share of the premium will be around $110 per month. If she was advanced too much tax credit as a result of underestimating her income, she'll give some back when she pays her taxes for 2014, but it should not exceed $600 if her income is 200% FPL or less.