ACA income reporting question turning 65

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ExitPlanX

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My wife and I are both hitting the big 65 this year. We're retired and using ACA, and we've already taken a stab at estimating our income. Thankfully, most of our expenses are covered by that, with a bit more coming from our Social Security. I have a quick question, if our income changes throughout the year, do we need to report that immediately to Healthcare.gov, or do they only look at our total annual income when we file our taxes

I'd really love to hear from anyone who's been through this
 
ExitPlanX said:
My wife and I are both hitting the big 65 this year. We're retired and using ACA, and we've already taken a stab at estimating our income. Thankfully, most of our expenses are covered by that, with a bit more coming from our Social Security. I have a quick question, if our income changes throughout the year, do we need to report that immediately to Healthcare.gov, or do they only look at our total annual income when we file our taxes

I'd really love to hear from anyone who's been through this
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from my experience, Yes! you must report income changes to Healthcare.gov as soon as they happen, not just at tax time
 
Happy 65th!! With ACA, you dont have to report every income change as it happens, what really matters is your total annual income when you file your taxes. That said, if you expect big changes that could affect your subsidy or coverage, its a good idea to update Healthcare.gov sooner rather than later to avoid surprises. But generally, they focus on the yearly numbers after tax time. Lots of folks find this a bit confusing at first
 
Report income changes to Healthcare.gov as they happen because your subsidy is based on projected annual income, but if you wait until taxes you could end up owing money back, so adjust during the year so things stay accurate
 

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