If you are receiving advance payments of the premium tax credit, it is particularly important that you report changes in circumstances, such as moving to a new address, to the Marketplace. There’s a simple reason. Reporting your move lets the Marketplace update the information used to determine your eligibility for a Marketplace plan, which may in turn affect the appropriate amount of advance payments of the premium tax credit that the government sends to your health insurer.
Reporting the changes promptly will help you get the proper type and amount of financial assistance. Getting too much premium assistance means you may owe additional money or get a smaller refund when you file your taxes. On the other hand, getting too little could mean missing out on monthly premium assistance that you deserve.
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 or other changes affecting the composition of your tax family
- starting a job with health insurance
- gaining or losing your eligibility for other health care coverage
The Premium Tax Credit Change Estimator can help you estimate how your premium tax credit will change if you experience a change in circumstance during the year.