Nowhere that I know of is there any instruction to notify the HC MP of an changes, but for marriage, death or divorce...........
Oh yeah, if your income goes up, your subsidy would obviously go down, and vice versa. You are supposed to make adjustments as they happen.
For example, if you applied for insurance with a $30K a year income, and 4 months into the year you got promoted to a $35K a year position, you are supposed to go to your account and update your income level.
You might also get demoted and need to adjust your income for a bigger subsidy.
If your income goes down, you would get money back.
This explains the APTC and income changes and taxes pretty well.
However, It would still really all end up basically the same, I think.
You would either have paid the extra money at the end of the year, or paid the extra money monthly as a higher premium.
“Changes to report
.Changes to income
.Changes in health coverage:
.Someone in your household getting an offer of job-based coverage, even if they don’t enroll in it
.Someone in your household getting coverage from a public program like Medicaid, CHIP, or Medicare
.Someone in your household losing coverage, like job-based coverage or Medicaid
.Changes to your household or individual members:
.Birth or adoption
.Placing a child for adoption or foster care
.Becoming pregnant
.Marriage or divorce
.A child on your plan turning 26
.Death
.Gaining or losing a dependent some other way
.Moving to a permanent address in your state
Note: Don’t update your application if you move out of state. See what to do when you move out of state.
.Correction to name, date of birth, or Social Security number
.Changes in status:
.Change in disability status
.Change of tax filing status
.Change of citizenship or immigration status
.Change in status as an American Indian/Alaska Native or tribal member
.Incarceration or release from incarceration”
https://www.healthcare.gov/reporting-changes/which-changes-to-report/
“You can report changes to the Health Insurance Marketplace 3 ways: Online, by phone, or in-person - not by mail.
Report changes online
Log in to your Marketplace account and follow these easy steps:
1.Select the green “Start a new application or update an existing one” button.
2.Choose your current application for 2016 under “Your existing applications.”
3.Click the “Report a life change” button from the left-hand menu.
4.Navigate through your application, and report any changes to your income, household members, new health coverage offers, and other information.
5.After you report income or household changes to the Marketplace, you’ll get new eligibility results that explain if you qualify for a Special Enrollment Period that allows you to change plans, or for changes in savings and coverage options.
.Learn more about Special Enrollment Periods.
.Learn more about changes in savings.
6.Important: Complete all required steps on your To-Do list. Depending on your eligibility, you may have options to enter your tax credit amount or answer questions about enrollment preferences. Finish the “Final review” task to complete your update or a new enrollment.
Report changes by phone
Contact the Marketplace Call Center and a representative can help you.
With in-person help
Find someone in your community who can meet with you to help make changes to your application.
What to do if you move
If you moved within the same state, you can report the change by following the instructions above.
But if you moved to a different state, you’ll need to start a new application for your new state. Moving to a new state will qualify you for a Special Enrollment Period, so you can enroll in a plan in your new area.
No matter where you move, you should also update your HealthCare.gov profile.
Steps to start a new application in a new state
.Log in to your Marketplace account.
.Select the green “Start a new application or update an existing one” button.
.Select the year and your new state from the drop-down list.
.Note: If the state you’re moving to runs its own Marketplace, you’ll use your new state’s website to apply. Otherwise you’ll apply and enroll on HealthCare.gov.
Steps to update your profile
.Log in to your Marketplace account and update the information on your Marketplace profile page. Note: Sometimes a more detailed address (like with your full ZIP code) may pop up. Select it so we’ll have your most accurate address.
.Be sure to also report address, email, and phone changes on your HealthCare.gov profile.”
https://www.healthcare.gov/reporting-changes/how-to-report-changes/
The biggest problem is ~$1,500/month premiums.
That’s over $18,000/year - far more than an operation and a week hospital stay costs in Western Europe.
I think you can deduct what you pay back pretty much. You might be only $8,000/year worse off for Obamacare.
Also see if adding to an IRA helps as another poster suggested.
Yeah, it’s there:
https://www.healthcare.gov/reporting-changes/why-report-changes/
“How to make updates when your income or household change
If you’re enrolled in a Marketplace plan for 2016 and your income or household change, you should report the changes as soon as possible.
These changes — like higher or lower income, adding or losing household members, or getting offers of other health coverage — may affect the coverage or savings you’re eligible for.”
We tried to report an income change and had our policy cancelled immediately after clicking the button to report the change. After waiting on hold, talking to numerous clueless individuals, repeat a few times, we got a policy again. Now, the form we received to submit to the IRS to prove we had coverage only shows we had it up until the time we got cancelled. More waiting in hold, talking to clueless individuals...
If you talked to one of those marketplace advisors, then you probably weren’t told about reporting income changes. We talked to a couple of them, and we knew more than they did. One also gave us incorrect information about going on cobra - she said we could do that for the 1 month gap between employer coverage and Obamacare. I found out once you are on cobra, you are ineligible for Obamacare until the next open season. It would’ve cost us a fortune because the cobra was even more than Obamacare.
I feel very qualified to be a marketplace advisor after dealing with healthcare.gov, LOL. It’s just not a job I’d want. But if you have any questions, etc, I’d be happy to help you. For 2016, they probably used your 2015 income to determine your premium - so if you’re not going to work so much OT, you could either get your premiums reduced by providing your January paystubs or get the lump sum back when filing your taxes next year. But if you were eligible for a cost savings reduction plan with your pre-OT income, you’d miss out on the lower deductibles by waiting.