Healthcare.gov policy maintenance

Generally your health insurance policy doesn’t require any maintenance throughout the year.  As long as premiums are paid, claims are processed and the only changes happen at renewal.  With healthcare.gov, that may not be the case. Before we move on to the information below, we need to stress:  THIS IS NOT TAX ADVICE.  This is advice on how to use healthcare.gov – tax advice comes from a tax professional, we are not tax professionals.

If you purchased your coverage through healthcare.gov the Advanced Premium Tax Credit (APTC) needs to be taken into consideration.  So, if you purchased your coverage through healthcare.gov and have a change in income, you may need to let them know.  Here are 2 scenarios to consider.

1. I signed up for coverage and didn’t qualify for help paying for coverage.  My income has gone down and I think I will qualify now.  If that’s the case, healthcare.gov can take your new income information to generate a new ‘Eligibility Notice’ and determine whether or not the APTC is now available to reduce monthly premiums.
2. I signed up for coverage and received the tax credit.  My income has changed and I’m not sure that my tax credit is still the right amount.  If that’s the case, healthcare.gov can take your new income information to generate a new ‘Eligibility Notice’ and determine whether or not your APTC needs to be changed to reflect your new income information.

Bottom line, if you signed up for coverage through Healthcare.gov, it’s a good idea to let them know if your income has changed because that may affect your eligibility for the APTC.  There are several ways to contact them – we recommend working with an agent throughout the process.  800.303.6329 if you’d like to talk with one of our agents about your specific situation.