You must notify the Marketplace as quickly as possible if your household income has changed. Your new income may have an impact on your health insurance or savings options.
- If your taxable income decreases, you may be eligible for more significant savings than you are currently receiving. It’s possible that your monthly premiums will be reduced as a result of this. You may also be eligible for discounts on out-of-pocket expenses, including deductibles and copayments. Instead of a Marketplace insurance plan, you may qualify for free or low-cost coverage through Medicaid or CHIP.
- If your taxable income rises, you may be eligible for less savings than you are today. If you don’t disclose the changes in your household income right away, you might have to pay the money back when you file your 2022 taxes.
We’ve now made it easier than ever to amend your annual household income on your Marketplace application.
Simply follow the steps below:
- Log in to your Marketplace account and pick your 2022 application
- From the left-hand menu, click “Report a life change.”
- Click the “Report a life change” button and update your income
- Complete the procedures to verify your application information and confirm your plan selection.
Important health insurance tip: In order for your changes to take effect, you must click through to the last screen.
Are you ready to update your earnings? Please log in now.