There’s a lot to remember to do when you move. But one thing you won’t want to forget, if you receive the premium tax credit, is to notify the Health Insurance Marketplace of your move.
As the IRS recently announced, The Marketplace uses a series of information to determine eligibility and the amount of advance payments sent to your health insurer. If your move affects either your eligibility or the amount of those payments and you don’t alert them of the change, you may end up having to pay money back retroactively. On the other hand, if your move makes you eligible for more credit, you want to make sure you’re receiving it.
Other changes in circumstances that you should report to the Marketplace include:
- an increase or decrease in your income, including lump sum payments like a lump sum payment of Social Security benefits
- marriage or divorce
- the birth or adoption of a child
- starting a job with health insurance
- gaining or losing your eligibility for other health care coverage
Many of these changes in circumstances will qualify you for a special enrollment period to change or get insurance through the Marketplace. (In most cases, if you qualify, you’ll have sixty days to enroll following the change in circumstances.)
The Premium Tax Credit Change Estimator can help you estimate how your premium tax credit will change if your circumstances change during the year.