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Renewing Marketplace Coverage
I like the plan I’m in and want to renew it for another year, but I expect my income will change so I must update my application for financial assistance. I live in a federal Marketplace state. Can I just update my application but let my policy automatically renew?
No. When you re-apply for financial assistance, the Marketplace will determine the new amount of your financial assistance, and then you will need to re-select your current plan in order for the updated premium tax credit amount to be applied to your premium next year. If you want the new premium tax credit to take effect on January 1, you will have to update your application for financial assistance on or before 3:00 am ET on December 18.