What to Do if You Make a Mistake on Your ACA Application?

When it comes to health insurance, it’s important to be accurate when filling out applications. After all, the information you provide can affect your eligibility for coverage and subsidies. But what happens if you make a mistake on your application?

Let’s say you accidentally check the wrong box and indicate that you don’t have other health insurance, when in fact you do. This could lead to you receiving a tax credit that you’re not entitled to. If the error is caught, you may have to pay back the tax credit when you file your taxes.

In some cases, you may also be penalized for providing false information on your application. The penalty can be as high as $2,500. However, the IRS is usually willing to work with you if you make a mistake. If you come forward and correct the error, you may be able to avoid the penalty.

What to Do if You Make a Mistake

If you realize that you’ve made a mistake on your ACA application, it’s important to take action as soon as possible. The sooner you correct the error, the less likely you are to face penalties.

Here are the steps you should take:

Contact the Marketplace. The Marketplace can help you correct the error on your application. They can also help you determine if you’re eligible for a tax credit.
Call your health insurance company. If you’re already enrolled in a Marketplace plan, you should contact your health insurance company to let them know about the error. They can help you cancel your coverage or change your plan.
File an amended tax return. If you’ve already filed your taxes, you may need to file an amended tax return to correct the error.

Avoiding Mistakes on Your ACA Application

The best way to avoid mistakes on your ACA application is to be careful when filling it out. Make sure you understand all of the questions and provide accurate information. If you’re not sure about something, don’t hesitate to contact the Marketplace for help.

Here are some tips for avoiding mistakes on your ACA application:

Read the application carefully. Don’t skip any questions and make sure you understand what each question is asking.
Be honest and accurate. Don’t provide false information on your application. If you’re not sure about something, don’t guess. Contact the Marketplace for help.
Keep a copy of your application. Once you’ve completed your application, make sure to keep a copy for your records. This will come in handy if you need to make changes or correct an error.

By following these tips, you can avoid mistakes on your ACA application and ensure that you get the coverage and subsidies you’re entitled to.