I have a question about jersey care. I got different information from lrrc and a rep on the phone. Anyone here know if I submit a profit/loss statement to them Will a monthly profit that puts me over the threshold make me ineligible even if I am still good for the year
I can't talk about Jersey Care specifically, but I get these kinds of questions all the time regarding the NY exchange (which I believe operates similarly in regards to income verification).
The truth of the matter is that none of these income based eligibility programs are adequately equipped to handle business income. So if you go with income that qualifies you for an ATPC on the exchange, there's recourse in the form of reconciliation of ATPC with actual Tax Credit that you're eligible for based on filed tax returns.
However, when talking about Medicaid, CHIP or Essential Plan in NY (and IINM also CSR on exchanges) there's very little that could be done. Officially one is required to report every change in income. But as any business owner knows, that's 100% ridiculous, as one often doesn't really know what the actual income is until many months later.
After the above preface, in my experience (on the NY exchange) they ask for either the prior year tax return, or most recent 3 month Profit and Loss statement, broken down month by month (they actually also give an option to submit business records such as bank statements, invoices, etc. but I have no idea what they might do with those. My best guess is that they would look at credits minus debits). They will then average out the 3 months, and count that as your monthly income. IMHO there's absolutely no-way in the world that this could be verified (unless they use costly forensic accounting), and just to be on the safe side, I always recommend that while people submit what they believe to be correct, they should also write on the P&L submitted:
UNAUDITED.