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Covered California Q&A

Covered California and Obamacare related questions from consumers, employers and agents are answered by Phil Daigle with the best information available at the time. Archived entries may no longer be accurate as the Covered California and Obamacare knowledge-base is evolving quickly. TO REQUEST A PERSONAL RESPONSE INCLUDE EMAIL ADDRESS.

Consumers to Self-Report Income Changes

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Question: How do they (Covered California) keep track of what your subsidy should be if your income changes frequently?

Answer: Subsidy recipients will be required to report any change of income that may result in a change in the amount of their tax credit or cost sharing reduction. This requirement will enable consumers to adjust their advance premium subsidy accordingly based on their needs, which will help minimize repayment of excess advance tax credit taken during the benefit year. It will also help to provide more affordable coverage when income goes down. And just in case a consumer forgets to report income changes, there will be an annual redetermination process during the fourth quarter open enrollment period each year.

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If you are self-employed and your income varies month to month (and year to year), how often do you report your change of income?

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