Washington residents with insurance through the Health Insurance Marketplace may be receiving advance payments of the premium tax credit, which are paid directly to insurance companies to lower monthly premiums.
Changes in income or family size may affect premium tax credits. If circumstances such as these have changed, residents are encouraged to perform a mid-year checkup to see if adjustments to premium assistance are necessary. Changes to health insurance plans should be reported as they happen.
Such changes include: an increase or decrease in income, marriage or divorce, the birth or adoption of a child, starting a job with health insurance, gaining or losing eligibility for other health care coverage and changes in residence.
Reporting the changes will help avoid receiving too much or too little advance payment of the premium tax credit. Receiving too much means additional money may be owed or a smaller refund may be sent after filing taxes. Receiving too little could mean missing out on premium help to reduce monthly premiums.
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Find more information at IRS.gov/aca.