Advance Premium Tax Credit: Report Changes

Advance Premium Tax CreditIf you purchased 2016 health care coverage through the Health Insurance Marketplace, you may have chosen to have advance payments of the premium tax credit paid to your insurance company to lower the monthly premiums. If this is the case, it’s important to let the Marketplace know about significant life events, also known as changes in circumstance.

These changes may affect the premium tax credit. Reporting the changes will help you avoid getting too much or too little advance payment of the premium tax credit.

Changes in circumstance that should be reported to the Marketplace include:

  • An increase or decrease in income
  • Marriage or divorce
  • The birth or adoption of a child
  • Starting a job with an employer that offers health insurance
  • Gaining or losing eligibility for other health care coverage
  • Change of residence

If you have questions regarding the premium tax credit, please call our office to make an appointment.