A change in your circumstance can affect your Premium Tax Credit.
Do you have an increased or decreased income? Including lump sum payments.
Have you had a Change in your marital Status? Married or Divorced?
Have you moved and your primary residential address changed?
Have you had a legal increase or decrease in dependents?
Have you had a change of eligibility for any sponsored Healthcare Coverage?
If any of the above apply to you or will apply to, it is imperative that you report these changes.
Reporting changes prior to the event or when the event occurs will save money. You could qualify for a reduction on your monthly payments or you could avoid retroactive penalties.
To report changes you will need to contact your Healthcare Insurance Market.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.