You Snooze You Loose When Not Adding Documents

Obamacare Guidelines and Continuance of the Tax Credits

Importance of Adding Documents

So you have taken the initiative to enroll in Obamacare coverage, qualified for the premium subsidy tax credits to lower the net premium, and made your binder payment to issue the policy.  Great, however, this may be only the beginning of your 2017 health plan race.  You may have unfinished business with otherwise known as the “Marketplace”.  Many applications will require additional forms of information to be submitted to the Marketplace for further verification.  Often, the most common tasks are the 2017 personal/household income, citizen/immigration documentation, or proof of loss of credible health coverage.  The Marketplace deadlines to submit the additional information can be 30 to 90 days from the date of submission.  We as Marketplace Brokers can assist with uploading the information into your marketplace application account for verification.

In order to verify 2017 Income the marketplace will accept these various forms of information:

  • Your Latest 1040 tax return
  • W2 or 1099 and income amount with employer’s name
  • Pay Stubs
  • Self-employment documentation, 1040 Schedule C, most recent quarterly or year to date profit and loss statement, self-employment ledger
  • Social Security statements
  • Unemployment Benefits
  • Rental income, Rental agreements

In order to verify Citizen or eligible immigration status the marketplace will accept the following forms of information:

  • Copy of Social Security Card
  • Permanent Resident Card, Green Card (I-551)
  • Arrival/Departure Record (1-94/I-94A)
  • Foreign Passport
  • Certification of Refugee Resettlement (ORR)
  • Certificate of Citizen
  • Certificate of Naturalization

In order to verify the Loss of Credible Coverage the marketplace will accept these following forms:

  • Letter from your health insurance company that shows your coverage termination date
  • Statement that shows the date your health coverage ended
  • Letter or statement of Medicaid or Chip benefits that shows the date your coverage ended
  • Statement indicating the date loss of other Federal Government Health benefits; VA, Medicare, Tricare, or Medicaid

So, if you are receiving repeated phone calls or mailings from the “Health Insurance Marketplace” requesting additional information on your submitted 2017 marketplace application, please don’t ignore or delay.  If the information is not verified, you may be at risk of losing the marketplace subsidy which inevitably drives the net premium up to the full actual amount.  If you have questions with Marketplace correspondence or need assistance with Obamacare please give us a call to discuss your concerns.  Additionally, if you experience true life changes during 2017; job changes, family changes, residential changes, you will want to report accordingly to the Marketplace.  This often allows the opportunity to make health plan changes/enrollment in order to address the changes in your family’s needs.