Taxpayers who obtain health insurance through the Affordable Care Act Health Insurance Marketplace must advise the Marketplace of changes in certain circumstances.
Any life event may impact an individual eligibility for the Premium Assistance Credit, or effect the amount of the credit.
Individuals who obtain coverage through the Marketplace may qualify for a credit to be applied to reduce their premium cost of insurance coverage.
When an individual applies for insurance in the marketplace, the marketplace estimates the amount of credit to be applied to the premium cost. Eligibility for the credit is determined, among other criteria, relationship of the taxpayers’ household income to the Federal poverty level (FPL). The credit may be paid in advanced to the insurance provider therefore reducing the cost of insurance to the insured in advance of premium payments.
Changes in circumstances that an individual should report to the Marketplace include; changes in income, marriage or divorce, birth or adoption of a child, moving out of the area served by the current Marketplace plan, starting a job with health insurance, and gaining or losing your eligibility for other health care coverage. Notifying the Marketplace about changes in circumstances allows the Marketplace to update the information used to determine an individual’s expected amount of credit.
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Contact me, Sal Schibell, CPA, to answer all your questions when it comes to your money and paying taxes. Email [email protected] or call 732-531-8000 ext 225.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]