Published on June 9, 2016
If you have a Marketplace health plan and your income or household has recently changed, you should report the major life change as soon as possible.
Major life changes — like higher or lower income, adding or losing household members, or getting other health coverage — may affect the health insurance or savings you’re eligible for.
If you don’t report changes, you could wind up owing more — or less — when you file your next federal tax return. Avoid surprises by keeping your information up-to-date.
Why you should report changes to the Marketplace
- You may qualify for more savings than you’re getting now if your income goes down or you gain a household member. This could lower what you pay in monthly premiums. You also could qualify for Medicaid or CHIP coverage and could continue to pay more than you need to for a Marketplace plan by not reporting the change.
- You may qualify for less savings than you’re getting now if your income goes up or you lose a member of your household. If you don’t report the income change, you could wind up having to pay money back when you file your federal tax return for the year.
Want a better idea of how your savings may change? Use this tool from the IRS to estimate how your premium tax credit will change if your income or family size change.
How to report income changes or other major life changes