If your income or household size changes during the year, you should update your HealthCare.gov account as soon as possible. Changes in income affect your subsidy amount, and not reporting them can lead to an underpayment or overpayment of your Premium Tax Credit that gets reconciled at tax time.
Here's why this matters: your premium tax credit is calculated based on your estimated annual income at the time of enrollment. If your income goes up and you don't report it, you may have been receiving a larger subsidy than you're entitled to, and you'll owe the difference when you file your taxes. If your income goes down, reporting it right away means your monthly premium drops immediately, so you're not paying more than you need to.
Life changes that should trigger an update include:
- A raise, new job, or job loss
- Starting or ending self-employment income
- Getting married or divorced
- Having a baby or a child leaving your household
- A family member gaining or losing other coverage
To update your information, log in to HealthCare.gov and select "Report a life change" on your application. If you'd rather talk through it with someone, call HealthCare.gov support at 1-800-318-2596.
Some of these changes, particularly a new baby or losing other coverage, may also open a Special Enrollment Period to change your plan. If you're not sure whether your change qualifies, that's a great reason to call us.
Call us at (305) 330-1277 or Check your coverage options if you're unsure how a change in your household affects your coverage or your subsidy.
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