Did you enroll for insurance coverage through the Health Insurance Marketplace? If so, you need to report changes to the Marketplace when they happen. For example, there could be changes to your family size or income that may affect your eligibility to receive advance payments of the premium tax credits.
Changes that you should report to the Marketplace include, but are not limited to:
- Changes in your household income, whether an increase or a decrease- this includes lump sum payments (example: Social Security benefits)
- Marriage or dissolution of marriage
- Having a baby or adopting a child
- Getting a job that provides health insurance
- Receiving or losing eligibility with any other health care coverage
- Change of address
To see the full list of changes requiring notice provided, visit HealthCare.gov.
Reporting changes can help you avoid receiving too much or not enough of the advance payment of the premium tax credit. Receiving too much assistance means you might owe more tax or receive a smaller refund when your returns are filed. Not enough listed could mean not receiving premium assistance to lower your monthly premiums. Hence, it is paramount that you report life changes since you signed up for your insurance plan. When you report a change, you might be eligible for a Special Enrollment Period. For more info, go to HealthCare.gov.
