BEFORE YOU RE-ENROLL OR CHANGE FOR 2016: UPDATE & COMPARE
If you’re enrolled in a 2016 Marketplace health insurance plan, you can re-enroll or change health insurance plans for 2017.
- We strongly recommend you update your expected income and household information for 2017 – and check out new insurance plans and prices. You need to update your income and household information even if you want to keep your current health care plan. It’s the only way to be sure your premium tax credit for 2016 is accurate. You can take action as soon as November 1, 2015.
- If you don’t act by December 15, 2016, you’ll probably be automatically re-enrolled for January 1, 2017 – but your premium tax credit will be based on last year’s information or on information the Marketplace has from other sources. You might be automatically enrolled with no tax credit.
- In some cases, you won’t be automatically re-enrolled. You’ll need to take action by December 15, 2016 to stay covered January 1, 2017.
WHY IT’S CRITICAL TO UPDATE AND COMPARE FOR 2016
- Plans and prices change every year. You may find a new health care plan that’s more affordable or works better for you, especially if your expected 2017 income or household will change.
- If you don’t update your information for 2017, you might wind up with an outdated premium tax credit – or even a plan you’re not eligible for. That’s why it’s so important to update your Marketplace application with any income and household changes you expect for 2017 – even if you want to keep your current health plan.
- Remember: Premium tax credits and other savings are based on the income and household information you expect for 2016, not last year’s information.
- If you don’t update, you could pay more each month than you need to, or take a higher advance payment of the premium tax credit than you qualify for. If that happens, you’ll have to pay back some or all of it when you file your federal taxes.