How To Report Income & Household Changes Under Obamacare | HealthTN.com

How To Report Income & Household Changes Under Obamacare

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Happy New Year! Are you already enrolled in a 2016 plan? Or maybe you’re in the process of enrolling before January 31st. Either way – 2016 is a year full of possibilities and changes. Some of those changes may be in your household or with your income. So, what do you do if those things change?

If you enrolled in or renewed a plan for 2016 and your income or household changes, you should update your application as soon as possible.

When you update your information, the amount of premium tax credit you can take in advance may change. Your savings on out-of-pocket costs and coverage options could change too.

Why should I report changes immediately?

  • If your income goes up or you lose a member of your household: You may qualify for less savings than you’re getting now. If you don’t report the changes, you could wind up having to pay money back when you file your federal tax return for the year.
  • If your income goes down or you gain a household member: You could qualify for more savings than you’re getting now. This could lower the amount you pay in monthly premiums. You could also qualify for Medicaid or CHIP coverage.

Which changes should I report?

  • Changes to income
  • Changes in health coverage:
    • Someone in your household getting an offer of job-based coverage, even if they don’t enroll in it.
    • Someone in your household getting coverage from a public program like Medicaid, 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
  • Correction to name, date of birth, or Social Security number
  • Changes in status:
    • Change in disability status
    • Change of tax filing status
    • Change of citizenship or immigration status
    • Change in status as an American Indian/Alaska Native or tribal member
    • Incarceration or release from incarceration

How do I report those changes?

There are a couple ways to go about reporting your household or income changes.

  1. You can update your application by logging into the Marketplace or by calling the Marketplace hotline.
  2. OR You could take the easiest approach and call your local HealthTN.com agent. Our expert agents can look up your application and make the necessary changes to your policy.

 

 

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