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Feeling the pain of rising health insurance premiums? Based on the record highs we're seeing in 2024 insurance costs, you're not alone. If you're navigating Marketplace insurance this year, don't forget this quick but critical tip for keeping your monthly expenses in check.
Health Insurance Costs Saving Tip: Report Reductions in Your Monthly Income
We'll get right to the point: times are tough. If you lost a job, took a pay cut while switching to self-employment, or experienced a reduction in your monthly income, don't forget to report it to healthcare.gov by amending your Marketplace application. By updating your Marketplace application to reflect a reduction in your income, you may be eligible for an increased tax credit to offset your monthly premium expense.
How To Update Your Monthly Income in the Marketplace Portal, Step-by-Step
To update your monthly income on healthcare.gov:
Log into your healthcare.gov account.
Select your current healthcare application from the “Existing Applications” section.
Select “Report a Life Change” from the menu.
Select “Report a change in my household's income, size, address, or other information.”
From there, follow the prompt" to report a change to your income. When your eligibility is updated by healthcare.gov., you will be given the option of whether to apply all, some, or none of any additional healthcare credits to your current monthly premium.
Be sure to complete the entire process so your individual health insurance carrier will be notified of any changes to your monthly premium. It may take about two weeks for your insurance carrier to update your premium amount due, so don’t be alarmed if you don’t see the change reflected right away.
Don’t Skip Out on Your Health Insurance
While consumers across the country are considering throwing in the towel on health insurance amid rising costs, experts warn against dropping it completely. "Even if you are worried about affording health insurance, having health insurance is better than going uninsured, says health insurance expert Divya Sangameshwar. “Choosing a plan that's right for you at a price point you can afford will give you the peace of mind that you have some financial protection against unexpected medical expenses.”
If maintaining a regular healthcare plan is becoming increasingly difficult within your current budget, there may be alternatives available such as short-term or catastrophic plans. Before you give up on the health insurance market, consider one of these options or a consultation with a trustworthy health insurance agent.
Need Some Extra Help? Ask a Licensed Health Insurance Agent (for FREE)
If you’re still having a hard time understanding the Marketplace or finding adequate coverage for an affordable price, we recommend consulting with a licensed health insurance agent. Working with a licensed agent gives you the benefit of expertise and special access to healthcare plans and services you may not know about if you’re navigating the insurance market alone.
And let’s be honest, with everything you already have on your plate, wouldn’t it help to have someone doing the health insurance heavy lifting for you?
Best of all, a confidential consultation with a trusted, licensed agent is available to you free of charge. Really. You pay for any policies or premiums you select, but you pay nothing out of pocket for the consultation with your health insurance advisor.
Use this custom matchmaking tool to connect with a hand-picked expert today.
Want to be a guest blogger with the #TRN Team? We are looking for writers to contribute. Reach out to jo@trustedreferral.org to get started.