The season is a changin’. Is your household?

October 3, 2016


We’re one fallen leaf closer to open enrollment.  Starting November 1, you can update your 2017 application with the federal exchange with any income or household changes you expect for the year ahead and enroll in a 2017 plan.

If you’re enrolled in a Marketplace plan for 2016 and your income or household change, you should report the changes as soon as possible.

These changes — like higher or lower income, adding or losing household members, or getting offers of other health coverage — may affect the coverage or savings you’re eligible for.

  • If your income goes up or you lose a member of your household: You may qualify for less savings than you’re getting now. If you don’t report the change, you could wind up having to pay money back when you file your federal tax return for the year.
  • If your income goes down or you gain a household member:
    • You could qualify for more savings than you’re getting now. This could lower what you pay in monthly premiums.

In addition, it’s good to check in with us because insurance companies sometimes decide to change which health plans they offer. Your health insurance company may have decided not to offer your particular plan in 2017.  If so, you’ll be enrolled in a 2017 plan with similar pricing and coverage to your 2016 plan. You can accept the enrollment in the similar plan or compare your options and change plans.  It’s a good time (and basically the only time) to review your options and choose what will work best for you in the coming year.

It’s very important to open all correspondence (email and postal mail) from both your health insurance company and the exchange.  Sometimes they will request additional information.  If that information isn’t received it can affect your subsidy.

Contact us with any questions.  We can guide you through the process.