If you are having an Affordable Care Act-compliant health plan, and you experience a life-changing event like moving to a new place, got married, or have additional income, then you are supposed to report these changes to the Health Insurance Marketplace. Reporting changes is essential because these changes affect your coverage. For instance, if you have moved to a new place, you may need to choose a different health plan, and if there is a drop in your income, then you may be eligible for financial aid that will help you to lower the premium cost.
How to Report Changes in Obamacare Health Plans?
To make changes in your Obamacare plan, you will have to update your information related to account in the marketplace through HealthCare.gov. To update your application online, you need to log into your HealthCare.gov account and choose the application you want to update. There is a menu list on the left-hand side, you need to click on “Report a Life Change”. Go through the list of changes, and click on “Report a Life Change” to get started, then select the kind of change you wish to report. While navigating through your application, you can report about your income changes, change in household members, or address, along with other information. After reporting changes, you will find new eligibility results, and you will get your options to change plans. If you are reporting changes during the Open Enrollment Period, then you are immediately eligible to enroll in a new plan with your updated information. Open Enrollment Period runs from November 1 to December 15 every year in most of the states.
Enrollment in a New Plan Beyond OEP
If you have reported changes after the end of the open enrollment period, then you can enroll in a new plan only in case you qualify for a Special Enrollment Period. You are eligible to enroll in a plan during SEP if you have a qualifying life event like getting marries, moving to a new place, or you have lost your health insurance coverage.
Renew your ACA-Plan during the Open Enrollment Period
To continue receiving the coverage you are required to renew your health plan during the OEP. The first thing you will need to renew your plan is your re-enrollment letters. By November 1st, you will receive letters from your insurance company and the Marketplace. Both of these letters will provide you with the key information that you will need to make changes to your ACA plan in the coming year. Your health insurance company’s letter will first notify you whether your existing plan will be available in the next year or not. If your current plan will not be available, then you will likely be suggested of a similar, or alternate plan. If your plan will be available in the coming year, and if there are any changes made in the plan, then you will be made aware of the changes. The change might be in the copays, prescription drug coverage, or provider networks. You will also be notified about your monthly premiums of the next year after applying for your premium tax credit if applicable.
The letter sent by the marketplace will aware of the information which you need to provide to obtain a premium tax credit. You may be asked to submit documents like tax or household income information. You will also be instructed on updating your existing application to ensure that you receive correct savings and subsidies. You will need to keep these letters because you will need these letters at the time of re-enrolling during the OEP.
Switching Plans during the Open Enrollment Period
You need to keep in mind that if you don’t make changes in your Marketplace account, then you will be automatically enrolled in your old plan. So, you will need to again log into your account to update and make changes and you will be allowed to update and make changes from November 1. To switch plans during the open enrollment, you will first need to log in to your account and then you can update information about your income and household. After this, you will be able to see various plans that can be obtained by you along with its premiums. If you qualify for any subsidy, then the premium amount after the subsidy will also be available. In case of help and assistance, you can visit health insurance portals to seek guidance from health insurance experts.