More about Premium Tax Credit

If you moved or get married recently, it is a good idea to add a health insurance review to your to-do
list. This is particularly important if you receive an advance payment of the premium tax credit through a Health Insurance Marketplace.

If either you or your spouse gets health insurance coverage through the Marketplace, you need to notify the Marketplace any change in your circumstances. It allows the Marketplace to make sure you receive the right coverage for you and your family and also update the information used to determine your eligibility for a Marketplace plan, which may affect the appropriate amount of advance payments that the government sends to your health insurer on your behalf.

Reporting the changes will also help you avoid getting too much or too little premium assistance for your monthly health insurance premiums. Getting too much premium assistance means you may owe additional money or get a smaller refund when you file your tax return in 2015. Getting too little could mean missing out on monthly premium assistance that you need and deserve.
Other changes in circumstances that you should report to the Marketplace include, but are not limited to, the following:

• the birth of a child or adopting a child,
• marriage or divorce
• getting a new job with health insurance or losing a current one,
• moving to a new location, gaining or losing eligibility for employer or government sponsored health care coverage, 
• an increase or decrease in your household income, and
• any other change that might affect your family composition, family size, income or your enrollment.

Many of these changes in circumstances which include moving out of the area served by your current Marketplace plan may qualify you for a special enrollment period to change or get insurance through the Marketplace.  It means that if one or both of you is uninsured, you may be able to get coverage now.  In most cases, the special enrollment period for Marketplace coverage is open for 60 days from the date of the life event.

You can find information about special enrollment periods at HealthCare.gov
You can find out more about the premium tax credit and other tax-related provisions of the health care law at IRS.gov/aca.

You can also see IRS Publication 5152 for more information about reporting changes in circumstances to the Marketplace.

If you have any questions, please feel free to email us.

Your comments and feedback are welcome.
Source:  www.irs.gov.
Email:   Excellent-tax@gmx.com