When you apply for healthcare coverage through Access Health CT, we will ask about your household income – more specifically, your Modified Adjusted Gross Income (MAGI).
We need this information to complete your application, and to see if you qualify for programs like Medicaid (HUSKY Health/Children’s Health Insurance Program) or for financial help in the form of tax credits or cost-sharing reductions for a Qualified Health Plan (QHP).
Your Current Monthly Income vs. Yearly MAGI Income
When you apply for healthcare coverage through Access Health CT, we may ask you to provide your current monthly and yearly income.
Current month’s income is used to determine eligibility for Medicaid (known as Husky A and Husky D) and the Children's Health Insurance Program (known as CHIP or Husky B).
Yearly income is used to determine eligibility for financial help (Premium Tax Credits and Cost-Sharing Reductions) for a Qualified Health Plan. This means that many people applying through Access Health CT during the Open Enrollment Period will need to estimate their household income for the following calendar year.
Some people will find it difficult to estimate future income, especially those who are self-employed or work seasonally. If you need help estimating your income for the year, seek advice from a Tax Accountant or Tax Advisor.
How to Determine Your Modified Adjusted Gross Income (MAGI)
MAGI may be similar to your adjusted gross income (AGI), however, it includes untaxed foreign income, non-taxable Social Security benefits, and tax-exempt interest. Click here to view common types of income
MAGI does not include Supplemental Security Income (SSI).
MAGI does not appear as a line on your tax return.
Income is counted for you, your spouse, and everyone you'll claim as a tax dependent on your federal tax return, even if you or any of your tax dependents don’t need health coverage.
How to Count Income Related To COVID Related Stimulus Payments and Benefits table
Changes to Household (MAGI) Income During the Year
Make sure to report changes to your household information within 30 days. Why? If you are receiving financial help to pay for your plan (Premium Tax Credits and Cost-Sharing Reductions), changes in household income or home address could change the amount of financial help you receive. If you fail to report changes within 30 days, it could cause you to owe money to the IRS when you file your taxes for the year.