Will I Owe Money If I Switch to ACA When I Marry?

When you get married, you need to think about how it will affect your ACA health insurance coverage. If you are currently receiving a premium tax credit to help you pay for your ACA health insurance, you will need to report your marriage to the Marketplace. This is because your income and family size will change, which could affect the amount of premium tax credit you receive.

What is a Premium Tax Credit?

The premium tax credit (PTC) is a subsidy that helps you pay for your health insurance premiums. The amount of the PTC you receive is based on your income and family size. You can use the PTC to purchase health insurance from the Marketplace, which includes health insurance plans offered by private insurance companies and Medicaid and CHIP plans offered by state and local governments.

How Does Marriage Affect My PTC?

When you get married, your income and family size will change. This could affect the amount of PTC you receive. If your income increases, you could receive a lower PTC or no PTC at all. If your family size increases, you could receive a higher PTC.

What Should I Do If I Get Married and My Income Changes?

If you get married and your income changes, you should report the change to the Marketplace. You can do this by logging into your Marketplace account or by calling the Marketplace Call Center. The Marketplace will recalculate your PTC and send you a new Marketplace letter.

What Happens If I Don’t Report My Marriage to the Marketplace?

If you don’t report your marriage to the Marketplace, you could receive a lower PTC or no PTC at all. You could also have to pay back the PTC you received if you are not eligible for it.

How Can I Avoid Owing Money?

There are a few things you can do to avoid owing money if you get married and your income changes.

Report your marriage to the Marketplace as soon as possible. This will give the Marketplace time to recalculate your PTC and send you a new Marketplace letter.
If your income increases, you may be able to lower your PTC by choosing a health insurance plan with a lower premium.
If your income decreases, you may be able to increase your PTC by choosing a health insurance plan with a higher premium.

Conclusion

Getting married can affect your ACA health insurance coverage. It is important to report your marriage to the Marketplace as soon as possible so that they can recalculate your premium tax credit. If you do not report your marriage, you could receive a lower PTC or no PTC at all, and you could also have to pay back the PTC you received if you were not eligible for it.