ACA Health Insurance: What Happens if Your Income Changes?
When you apply for ACA health insurance, you need to estimate your income for the year. If your actual income ends up being higher or lower than your estimate, it can affect your eligibility for subsidies and the amount of premium you pay.
If your income is higher than your estimate
If your actual income is higher than your estimate, you may need to pay back some of the subsidies you received. The amount you have to pay back will depend on various factors, including:
– The amount of your income that is over your estimate
– The number of months you received subsidies
– The amount of your monthly premium
– The number of people covered by your plan
You can avoid having to pay back subsidies by updating your ACA plan when your income changes. You can do this by logging into your account on the Health Insurance Marketplace or by calling the Marketplace at 1-800-318-2596.
If your income is lower than your estimate
If your actual income is lower than your estimate, you may be eligible for a larger subsidy. You can also get a refund of any subsidies you paid back if you overestimated your income.
How to update your ACA plan
Updating your ACA plan is important if your income changes. Keeping your information up-to-date will maintain your subsidy eligibility and the amount of your monthly premium. To update your ACA plan:
1. Log in to your account on the Health Insurance Marketplace
2. Click on “My plans & coverage”
3. Click on “Update my income”
4. Enter your new income information
5. Click on “Save”
You can also update your ACA plan by calling the Marketplace at 1-800-318-2596.
Seeking Professional Help
ACA health insurance can be complex. If you are unsure how to update your plan or if you have any questions about your eligibility for subsidies, it is important to seek help from a licensed agent. A licensed agent can assist you through the process, answer your questions, and ensure that you have the right coverage for your needs.
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