Why It’s Important to Report Income Changes to the Marketplace

If you receive financial assistance through the ACA Marketplace, keeping your income information up to date is very important.

Premium tax credits are based on your estimated household income for the year. If your income changes significantly during the year, such as starting a new job, changing hours, or adding another income source, it’s a good idea to report that change to the Marketplace.

Updating your income can help prevent surprises when it’s time to file your taxes. If your income ends up being higher than originally estimated, you may need to repay some of the subsidy you received. On the other hand, if your income decreases, you may qualify for additional assistance that could lower your monthly premium.

Reporting changes is simple and can usually be done directly through your Marketplace account.

If you’re unsure whether a change should be reported, the MyCarePro team can help you review your situation and guide you through the process so your coverage and subsidies remain accurate.