Yes - you may change your health plan, but only during open enrollment or if you qualify for a life event. Open enrollment for 2016 health coverage is November 1, 2015 through January 31, 2016. You can log into your Marketplace account and report your changes to your health insurance plan during that time, or you can report your changes by phone. Life events such as marriage, having a baby or moving to a new location will allow you to qualify for a special enrollment period. To see if you qualify, visit www.healthcare.gov/.
Why is it important to keep your Marketplace health plan updated?
- The prices of the plans may have changed for 2015.
- You are no longer eligible for your health plan. It’s important for you to update your Marketplace information.
- Every year, your income changes. So, if you are expecting a PTC or other discounts, you cannot have outdated information.
- You may end up paying more back to the IRS if you do not update any life event.
As the New Year rolls around, there are new health care plans available that may better suit you and your family’s needs. Availability in each state varies, so make sure to enter your correct zip code to see which plans are in your area. Your household income is reliant on whether you qualify for subsidies or discounts to help with your premium costs. This is why it’s important to make sure your income information is updated.
You can cancel your policy at any time, but you may have to pay a penalty for the months you are not covered. Also, if you do not have health coverage, there are health and financial risks that could cost you even more.
Before the end of open enrollment, be sure to understand the details of your health plan. Be certain that you’re choosing the right coverage that meets your needs – you don’t want to be stuck with a plan that you’re unhappy with.
To find a Liberty Tax ACA Advisor at your local Liberty Tax office, call 800-673-8600 or visit www.healthcaretaxinfo.com.