Reporting Life changes under health care coverage is important as it may affect the coverage or make you eligible for household and income information. Reporting these changes as soon as possible is an important thing to do.
Losing a household member or experiencing an increase in income reduces the savings you are currently receiving. If you don’t report these changes, you may need to pay the difference when you file your federal tax returns. On the other hand, adding a household member or having a decrease in income increases your eligibility for further savings. You could see a reduction in monthly premiums and even qualify for coverage under Medicaid or CHIP.
Who’s included in your household
Under the ObamaCare ,the tax filers and their dependents are generally included in the household so even if someone who comes under tax dependent is not applying for insurance make sure you include him/her in your application. Some exceptions include people you live with and are not necessarily part of your household.
While filling out the application include yourself, your spouse, children living with you, a person under the age of 21 living with you other than your children, unmarried partner if they are your dependent or they are the parent of your child.
What’s included as income
When you fill out the application, it asks for your expected income and expenses for 2015 to determine your savings. The Affordable Care Act/ObamaCare considers various income sources, including your wages and salaries reported on the W-2 form, tips, net income from self-employment or any business, unemployment compensation, disability payments, pension income, alimony, income from investments, rental income, and earnings from prizes, awards, and gambling winnings.
Reporting deduction while you fill out the application will reduce you income for the health coverage under ObamaCare.
Entering your permanent address
When filling out the application make sure you enter your permanent home address where everyone mentioned in your application lives. This will determine that state where you are seeking healthcare coverage. In case of a divorce the child’s address that should be mentioned should be the one where the child spends most of his or her time.
How to update the information?
You can update your information or report a change by logging into your account on the healthcare website. Select your current application and then choose “Report a life change.” Click on it and upload your documents to report the change. Alternatively, you can contact the ObamaCare contact center by phone.
After reporting the change
Once you’ve reported changes in your life including changes in your income or household and income information, you may be eligible for a special enrollment period or become eligible for savings.
Updating or reporting detailed information about any changes in your life, such as household size or income, makes you eligible for certain programs and savings. Make sure you complete this process to take advantage of these opportunities.
