I am an American college student. For 2016, I've made around $8,000 working. My parents, who are not American, and thus live and work overseas have been paying my rent which when I add the money they've given me to the $8,000 comes in at around $22,000. Trying to be prudent, I enrolled early for a marketplace plan. The application said to estimate my income, use my AGI (which is negative), and then add any untaxed income. Thus in the marketplace application I added the money my parents gave me and the estimate came out to around 16,000. This qualified me for a subsidy.
Now I'm wondering if I followed procedure correctly, and whether or not I should cancel my insurance to avoid having to pay thousands of dollars at the end of the year if it is true that I didn't follow procedure correctly (Not sure if that's even how it works). I could very well be overthinking thinks, but I would input from someone more experienced. So what do you guys here think?
A. Cancel My Insurance
B. Stop Overthinking. It's not that complicated.