In this video, you will learn about how to sign up for insurance. When you are electing for health insurance when you are unemployed, it can be really complicated. You might qualify for a subsidy. This could turn a high premium into a low fee. This can be an incredibly helpful thing.
One issue with this that the marketplace does not make clear is that you might have to pay the subsidy back. Last year, she got laid off from her job. She was trying to deal with all of these things. She did not notice that she might have to pay the subsidy back. That could be thousands of dollars you might have to pay back. What ends up happening, if you get another job the same year and you make above the poverty level, you will have to pay the subsidy back. $12,760 was the poverty level in 2020. If you end up earning four times that amount, you will have to pay your subsidy back. In a way, it could be better to just pay the higher rates on your insurance copay. You will find out this information eventually, but maybe not right away.