Updating your Household and Income Information to Stay Covered

Reporting life changes under the health care coverage is important as it may affect the coverage or make you eligible for savings. Reporting these changes as soon as possible is an important thing to do.

Losing a household member or an increase in income will make you eligible for fewer saving than you are getting now. When you file your federal tax returns you may end up having to pay the difference if you don’t report these changes. On the other hand an addition to the household size or a decrease in income could make you eligible for further savings, a reduction in monthly premiums is possible and also qualification 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 uses the detailed information to determine your savings by asking you about your expected income and expenses for 2015.The income sources that comes under the Affordable Care act/ObamaCare are your wages and salaries reported on the W-2 form, tips, net income from self employment or any business, compensation payments from unemployment, disability payments, pension income, alimony, income from investment, rental income and income such 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 health care website. Select you current application and then choose “Report a life change”. Click on it and upload your documents to report the change or you can simply contact the ObamaCare contact center by calling them.

After reporting the change

Once you’ve reported changes in your life including changes in your income or household you may be eligible for a special enrollment period or become eligible for savings.

Updating or reporting detailed information of any changes that may have occurred in your life from household size to your income and beyond will make you eligible for certain programs as well as savings so make sure you do that.

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The Jordan Insurance Agency is a local & independent, multiple-line insurance agent in Charlotte that is focused on providing the best value for our client’s insurance needs. As expert insurance advisors, we are dedicated to thoroughly evaluating your risks and insurance needs, providing the best coverage plans that help protect your financial future.
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