Change of Income? When and How to Notify the Marketplace.

by

One of the benefits of getting your Health Insurance through the Marketplace is the tax credit applied to your premium, which makes your costs much more affordable. However, when determining how much your tax credit will be, you use an estimate on your income for the following year. Life is always changing, so if your income changes, if your Family size changes or even being offered Healthcare in some other way it is IMPORTANT to alert the Marketplace of these changes or you may end up owing money back to the Government when you file your taxes at the end of the year. Here we will talk about which types of income changes are important to report and also how to report those changes. Once a change happens, it is in your best interest to report those changes as soon as possible! Please note that certain changes may qualify you for a Special Enrollment Period, allowing you to change plans outside Open Enrollment. And as stated, the changes may affect the savings and coverage options you qualify for. See how your changes may change your savings.

What Changes Should You Report?

  • Changes to your expected income for the year
  • Changes in health coverage:
    • Someone in your household getting an offer of job-based insurance, even if they don’t enroll in it
    • Someone in your household getting coverage from a public program like Medicaid, the Children’s Health Insurance Program (CHIP), or Medicare
    • Someone in your household losing coverage, like job-based coverage or Medicaid
  • Changes to your household or individual members:
    • Birth or adoption
    • Placing a child for adoption or foster care
    • Becoming pregnant
    • Marriage or divorce
    • A child on your plan turning 26
    • Death
    • Gaining or losing a dependent some other way
    • Moving to a permanent address in your state
  • Corrections to name, date of birth, or Social Security number
  • Changes in status:
    • Change in disability status
    • Change in tax filing status
    • Change in citizenship or immigration status
    • Change in status as an American Indian/Alaska Native or tribal member
    • Incarceration or release from incarceration

How to Report Changes to the Marketplace

You report changes to the Marketplace by updating your application. You can update your application online, by phone, or in person — but not by mail. Do to the importance of this information and to save our Clients time and frustration, we suggest contacting us about your application so we can work with you to update the necessary information.the experts here at Total Benefit Solutions, Inc can help you through the process.

Additional Information For If You Move

If you move within the same state: Your coverage options and savings probably won’t change based only on your new address. Please contact us here at Total Benefit Solutions, Inc to update your address on file.

If you move to a different state: IMPORTANT: When you move to a new state, you can’t keep your plan It’s very important to report moves out of state as soon as possible so you can enroll in a new plan without a break in coverage — and avoid paying for coverage that doesn’t apply in your new state. If this applies to you, please be sure to give us a call at 215-355-2121 so we can get you enrolled onto a new policy asap.

%d bloggers like this:
PageLines