Did you find wedded bliss this year? Congratulations! Now get back to that to-do list. Along with all the other things newlyweds must do, comes this addition – a health insurance review.
This is especially important if you enrolled in a health insurance plan through a state or federal Marketplace and received an advance premium tax credit.
Family size matters
These health care tax credits are given to you to help you pay your insurance premiums. They are calculated based on your projected household income and family size. Marriage can affect both of those factors and your premium tax credit.
If you receive too large a credit under Obamacare, you could end up with a smaller tax refund, or worse you could owe the government when you do your 2015 tax return.
You don’t want either, so it’s essential that you report your new status to Facebook – just joking – and the Health Insurance Marketplace – seriously. Not doing so could cause you problems, and it could affect your health insurance coverage.
Are you special?
Although open enrollment in the Marketplace has ended, Special Enrollment Periods exist for occasions just like this. Special Enrollment Periods last up to 60 days after the life event. They are also available for:
- Birth or adoption
- Marriage or divorce
- Moving to another address
- Changes in household income
To report changes, contact your Health Insurance Marketplace.
Then you can get back to enjoying the honeymoon.
Disclaimer: Tax Lounge is an informational source for industry news and related topics. We take every effort to provide honest and accurate tax information, but this information should not be a substitute for professional tax advice. Use our office locator to find your local tax office or subscribe to our free newsletter.