Reporting life & income changes in the Marketplace

 Life changes to report

You must report a change if you have any of the following

• Get married or divorced
• Have a child, adopt a child, or place a child for adoption
• Have a change in income
• Get health coverage through a job or a program like Medicare or Medicaid
• Change your place of residence
• Have a change in disability status
• Gain or lose a dependent
• Become pregnant
• Experience other changes that may affect your income and household size
• Other changes to report: change in tax filing status; change of citizenship or immigration status; incarceration or release from incarceration; change in status as an American Indian/Alaska Native or tribal status; correction to name, date of birth, or Social Security number.

You should report these type of changes to the Marketplace as soon as you possibly can. The reason why is because it could affect your subsidy levels for the current year and next year. For example let’s you say you make $25,000 in the current year and you receive $4,000 in subsidy to apply for one of the health plans what happens if you end up making $50,000 for the current year. More than likely you will end up owning on your taxes at when you fill them out for the next year, so if you have any type of major income change or any of the changes above get into your account and tell them what it is.

If these life changes qualify you for a special enrollment period to change plans, in most cases you have 60 days from the life event to enroll in new coverage. If the changes qualify you for more or less savings, it’s very  important to make adjustments as soon as possible we cannot stress this enough. If you like this information support your local Utah health insurance agent.  Contact a local a Utah health insurance agent to guide you in the right direction. Put your zip code in below.