When I enrolled in Marketplace coverage last year, I was determined eligible for premium tax credits and I checked the box on the application giving the Marketplace permission to automatically re-verify my income each year. Will the Marketplace automatically update the amount of financial assistance for next year?
It depends on where you live. In federally run marketplace states, HealthCare.gov will make some automatic adjustments to your financial assistance for next year, but these adjustments will only be approximate. That’s why it is a good idea for you to update your application for financial assistance. By applying for an updated eligible determination, you can enter the most up to date information you have about your projected income and family status for the next plan year.
The process may be somewhat different in state-run Marketplaces. You should receive a notice from your state-run Marketplace explaining the process. Even so, you may want to consider updating your application yourself to be sure your eligibility determination is based on the most current information you can provide.