When you fill out a health insurance application, you’ll need to estimate your expected income. Two important things to know:
- Nevada Health Link savings are based on your expected household income for the year you want coverage, not last year’s income
- Income is counted for you, your spouse, and everyone you’ll claim as a tax dependent on your federal tax return (if the dependents are required to file). Include their income even if they don’t need health coverage
Step 1. Start with your household’s adjusted gross income (AGI) from your most recent federal income tax return. You’ll find your AGI on line 7 of your last year’s IRS Form 1040.
Step 2. Add the following kinds of income, if you have any, to your AGI:
- Tax-exempt foreign income
- Tax-exempt Social Security benefits (including tier 1 railroad retirement benefits)
- Tax-exempt interest
Don’t include Supplemental Security Income (SSI).
Step 3. Adjust your estimate for any changes you expect.
Consider things like these for all members of your household:
- Expected raises
- New jobs or other employment changes, including changes to work schedule or self-employment income
- Changes to income from other sources, like Social Security or investments
- Changes in your household, like gaining or losing dependents. Gaining or losing a dependent can have a big impact on your savings.
Update your Nevada Health Link application as soon as possible when your income or household members change during the year.
Posted in: Individuals, Partners
