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