Moving, Income Changes & More: How to Keep Your Health Insurance Up-to-Date
Why Updating Your Marketplace Insurance Matters
Enrolling in a Marketplace health insurance plan is just the beginning! Life is full of changes, and some of those changes require updating your application to ensure you’re getting the right coverage and financial assistance. Many people don’t realize that failing to update their details could result in higher costs, lost subsidies, or even coverage gaps.
Here are the three most common reasons you may need to update your health insurance:
New Household Members 👶🏡
If you’ve recently had a baby, adopted a child, or added a dependent, you have 30 days to report it. Adding family members can impact your plan’s coverage options and subsidy eligibility
Moving to a New Address 📍🏠
Did you know health insurance plans vary by zip code? If you move, your current plan may no longer be available, or your costs might change. It’s essential to update your address within 30 days to avoid unexpected changes in coverage or pricing.
Changes in Income 💰📊
Your income directly affects your eligibility for Marketplace subsidies. If your income increases or decreases by $5,000 or more, you should update your application to avoid owing money at tax time or missing out on savings.
- If you’re self-employed, it’s a good idea to review your income mid-year and adjust projections as needed.
- If your income drops too low, you may lose your tax subsidy and face complications, especially in states like Texas that haven’t expanded Medicaid.
Why Updating is Critical
Failing to update your Marketplace application could lead to:
❌ Higher premiums than necessary
❌ Unexpected tax bills
❌ Coverage lapses if your plan becomes unavailable
By keeping your information up to date, you can maximize your savings and ensure the best possible coverage for your needs.
Need Help? Let’s Review Your Plan!
If you’ve experienced any of these changes, let’s chat! I can help you update your application, ensure you’re getting the best plan for your situation, and prevent any surprises down the road.
📅 Schedule your appointment today at 👉 jkappconsulting.com
