If you just switched jobs, have a fluctuating income as a small business owner, or work as a contractor—you may need to report income changes if you purchased a health plan on the health insurance marketplace this last enrollment period.

Tedious I know, but reporting your income now could save you money in the long run and prevent any financial surprises down the road. Reporting your change now may also help you save money before the renewal season if you find that you’re now eligible for financial assistance.

Where do I report my income change?

You can report your income change online or on the phone. Accessing the same online account you used to purchase coverage on the marketplace, you log in and tip on  “Report a life change” listed on the left hand side and follow the instructions from there on.

If you don’t want to report your income online, you can also call 1-800-318-2596 (TTY: 1-855-889-4325) to talk to a representative directly.

To learn more about how the marketplace income verification occurs and what paperwork you may need, check out the ConsumersUnion Income Verification FAQ sheet.

What happens next?

Reporting your income, like having a new baby or moving, is considered a “life moment” that may make you eligible for a special enrollment period. This means that when you do report your income, you may be asked to sign up for a different health plan in the marketplace. If your eligible, this will allow you to access any savings or you may be able to get coverage through Medicaid or the Children’s Health Insurance Program (CHIP). If your income has increased (congrats!) you may have a reduction in your savings.

If your income does change, you should report it within 60 days of the change. If you don’t report it, “the advance payments may not match your actual qualified credit amount on your federal tax return.” In this case, you may owe back money when you file your taxes.

If you’re not eligible for special enrollment, but there was a change, you may be given the option to adjust your monthly payments.

You may want to procrastinate on reporting your income (especially if you’re anything like me!), but you only have 60 days after your income changes to report it. So put on some relaxing music, get on the computer, and cross this off your to do list!