A Change in Income could Qualify You for a Special Enrollment Period
Certain changes to your income can be qualifying life events. That would mean you enter a Special Enrollment Period, during which you can enroll in a different health plan if you choose.
Not all changes to your income qualify you for a Special Enrollment period though. You will want to double-check.
The following are changes that DO qualify you for a Special Enrollment Period:
- Your income is more than what your estimated on your enrollment application, and you received a tax credit;
- Your income is less than what you estimated on your enrollment application, and you did not receive a tax credit;
- Receiving a significant pay cut;
- Losing your job;
It is important to report changes as soon as you know about them. If you don’t and your income is more than what you expected, you may be held accountable for paying some or all of the tax credits you were awarded to purchase health insurance. If applicable, you would pay the tax credits back through your taxes the following year.
If you made less than expected, and did not receive the tax credits to purchase health insurance, you may be able to get those tax credits. You would also receive those tax credits through your tax return the following year.
Remember: In order to qualify for a Special Enrollment Period, you will need the supporting documentation. In the case of a change of income, you may need documents used to file taxes, or paperwork that verifies the change in income.
If you know you qualify and are ready to enroll, you can get a quote here!
Still confused? Still wondering if you’re in a Special Enrollment Period?
That’s ok! We are the experts. If you have any questions, need help, or just prefer to speak with someone, feel free to call us at 877-279-7959.