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You can still Report Changes in Circumstances that May Affect Your Premium Tax Credit

Posted by: Zaher Fallahi
Posted On: Nov 08, 2014

If you enrolled in insurance coverage through the Market Place, you are required to report changes to the Marketplace when they happen, like changes to your income or family situation, because they may affect your eligibility for the advance payments of the health insurance premium tax credits.

Changes that you should report to the Marketplace may include, but are not limited to:

·         an increase or decrease in your income; obtaining new employment, loss of job, etc
·         marriage or divorce
·         the new birth or adoption of a child
·         starting a job with health insurance, or losing one with insurance coverage
·         gaining or losing your eligibility for other health care coverage
·         changing your residence; move to another state, etc

For the full list of changes you should report, visit HealthCare.gov/how-do-i-report-life-changes-to-the-marketplace.

Changes may avoid you getting too much or too little advance payment of the premium tax credit. Getting too much means you may owe additional money or get a smaller refund when you file your 2014 tax returns. Getting too little means missing premium assistance to reduce your monthly health insurance premiums.  When you report a change, you may be eligible for a Special Enrollment Period. For more information, visit HealthCare.gov.

Zaher Fallahi, Attorney At Law, CPA is a California Tax Attorney, and practices as Los Angeles Tax Attorney and Orange County Tax Attorney. Telephones: LA (310) 719-1040 and Orange County (714) 546-4272, e-mail: taxattorney@zfcpa.com