If any of your personal information changes during the year, changes should be reported within 30 days or as quickly as possible. If we don't have the most up-to-date information it can make it harder for us to get in touch with you about your account and it can affect the amount of financial help you can receive or result in owing the IRS.
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Know The Type of Change Reported:
If you are reporting an application change that impacts the amount of financial help you receive (like reporting more income than estimated previously), you may receive a notice canceling your current plan and a separate notice alerting you about the new plan you are now enrolled in with the updated amount of financial help reflecting the change you reported. This can impact plan benefits like your yearly deductible and out-of-pocket maximums.
Know Your Household:
Understanding who is included in your household will help determine what changes need to be reported. When you estimate your income to receive financial help you should count income for everyone in your tax household. Therefore, if anyone’s income changes during the year, the total income amount listed in your application should be adjusted accordingly and reported immediately to ensure you receive the proper amount of financial help. Other household changes should also be reported (Ex: Your dependent changes their intended filing status). Unreported changes to income can lead to owing the IRS so it is important to keep your account details updated.