Renewing Your ACA Health Insurance When Your Income Changes

When you apply for health insurance through the Affordable Care Act (ACA), your income is a key factor in determining your eligibility for subsidies and the plans you qualify for. If your income changes significantly, it’s important to know how that will affect your coverage.

In this blog post, we’ll discuss what to do if you need to renew your ACA health insurance but your income has changed. We’ll also provide some tips for finding affordable health insurance if you no longer qualify for subsidies.

What to Do If Your Income Changes

If your income changes, you should update your information on the Health Insurance Marketplace as soon as possible. You can do this by logging into your account or by calling the Marketplace call center.

Once you’ve updated your income information, the Marketplace will recalculate your eligibility for subsidies and the plans you qualify for. If you no longer qualify for subsidies, you may still be able to purchase a health insurance plan through the Marketplace. However, your premiums will be higher.

Tips for Finding Affordable Health Insurance

If you no longer qualify for subsidies, there are still ways to find affordable health insurance. Here are a few tips:

Shop around. Compare plans from different insurance companies to find the best deal.
Consider a high-deductible health plan (HDHP). HDHPs have lower premiums than traditional health insurance plans, but they also have higher deductibles. If you’re healthy and don’t expect to use your health insurance often, an HDHP could be a good option for you.
Get a catastrophic health plan. Catastrophic health plans are designed for people who are under 30 or who have a hardship exemption. These plans have very low premiums, but they also have very high deductibles. Catastrophic health plans are only available during the open enrollment period.
Consider Medicaid. If your income is low, you may be eligible for Medicaid. Medicaid is a government health insurance program for low-income individuals and families.

Conclusion

If you need to renew your ACA health insurance but your income has changed, it’s important to update your information on the Health Insurance Marketplace as soon as possible. The Marketplace will recalculate your eligibility for subsidies and the plans you qualify for. If you no longer qualify for subsidies, there are still ways to find affordable health insurance. By following the tips above, you can find a plan that meets your needs and budget.

Don’t hesitate to contact one of our licensed agents to help you find the best health insurance plan for your needs. We can help you understand your options and make the right choice for you and your family.

Call us today at XXX-XXX-XXXX.