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Take Advantage of the Advanced Premium Tax Credit

Any changes in your life circumstances should be reported as quickly as possible to the Health Insurance Marketplace. Certain changes may qualify you for a Special Enrollment Period, which allows you to make changes within 60 days of the event to alter or update your coverage.

Otherwise any changes to your policy or changing insurance providers must wait until the open enrollment period, which is­ usually during November and December. The 2017 open enrollment dates are November 1, 2016 to January 31, 2017.

Some events that may qualify you for the Special Enrollment Period include:

  • Losing health insurance coverage through work, including COBR A.
  • Losing individual health coverage you bought for yourself.
  • Losing eligibility for Medicaid, CHIP or Medicare.
  • Losing coverage through a family member.
  • Changes in your household size due to marriage, divorce, a child (whether through birth, adoption, or foster care), death of a family member.
  • Change in residence.

Changes that should be reported on an ongoing basis, particularly if you qualify for the advanced premium tax credit, include:

  • Changes in income (either higher or lower).
  • Changes in health coverage.
  • Changes to the size of your household.
  • Any corrections to previously provided information, such as date of birth or social security number.
  • Changes in status, such as tax filing status, incarceration, disability or immigration.

Contact McManamon & Co. to help you determine if these changes may result in an additional federal tax liability. Adjustments can be made now to your payroll withholding or estimated tax payments to plan for this additional tax.

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