The ACA: Reporting Life and Income Changes
Lots of things can happen over the course of an entire year. For instance, you could have a baby or switch jobs. That’s why it’s important to remember to make any necessary adjustments to your health insurance policy to reflect changes in your family or employment. Changes in your personal circumstances can affect your premiums and tax credits under the Affordable Care Act.
According to the federal government, people purchasing individual health insurance policies on public exchanges must report these changes:
- Marriage or divorce
- Have a child, adopt a child or place a child for adoption
- Change in income
- Obtaining health coverage through a job or a program like Medicare or Medicaid
- Change in your place of residence
- Change in disability status
- Gain or lose a dependent
- Become pregnant
- Experience other changes that may affect your income and household size
You should also report any changes in tax filing status; change of citizenship or immigration status; incarceration or release from incarceration; change in status as an American Indian/Alaska Native or tribal status; and corrections to your name, date of birth or Social Security number.
You can report any changes by calling your HealthMarkets agent and they can assist you in reporting your changes.
Some of these life changes mean you can also make adjustments to your health insurance plan. After reporting a change, you will receive a new eligibility notice that will let you know if you qualify for a special enrollment period (usually lasting 60 days).
Don’t forget to report changes that don’t affect your coverage or savings, such as a change of address, email address or phone number. Report this information to your HealthMarkets agent, the health marketplace exchange and to your specific insurance company.
Healthcare.gov – https://www.healthcare.gov/how-do-i-report-life-changes-to-the-marketplace/