Thinking about moving soon? One of the hassles about moving besides packing is notifying everyone about your new address. Major organizations you should notify about your move are the IRS, U.S. Postal Service and utility companies. Another important organization to notify is your Health Insurance Marketplace.
You must report to the Marketplace changes such as moving, if you are getting advance payments of the premium tax credit. If you report these changes, then the Marketplace can see if you are eligible for a Marketplace plan, which can impact the amount of advance payments of the premium tax credit that your health insurance obtains from the government.
Disclosing these changes in a timely manner can help you receive the appropriate type and amount of financial aid. Receiving too much premium help may result in you owing more money or obtaining a smaller tax refund when filing your taxes. However, obtaining too little can result in losing out on monthly premium aid you are supposed to get.
Notify the Marketplace if these circumstances are occurring to you:
- If your income changes, including lump sum payments
- Marriage or divorce
- Changes impacting the makeup of your family such as having or adopting a child
- Beginning a new job with health insurance
- Obtaining or losing eligibility for health care coverage
Most of these circumstances changes allow you to be eligible for a special enrollment period to obtain insurance through the Marketplace. You will have 60 days to enroll if qualified. Find more information about these enrollment periods here.
Receive an estimate on how much your premium tax credit will change if you happen to experience a change in circumstance with the Premium Tax Credit Change Estimator.