If Medicaid health plan holders want to keep their current plans and their income or household size has not changed, they no longer need to fill out a renewal application, as the Marketplace can auto-enroll them for the same plan, notes HealthCare.gov. If the Marketplace no longer offers their current plan, they are auto-enrolled in a similar plan to avoid a gap in health coverage. However, should the health plan holders' income or household size change, they should report it to the Marketplace to receive the proper premium tax credit.Continue Reading
If the health care plan holders' income or household size changes and they fail to report it to the Marketplace, they receive the same tax premium awarded in the previous year. If their income has increased or their household size has changed and they failed to update their personal information, they may end up owing money at the end of the tax year when they file their income tax returns as of 2015, states HealthCare.gov.
Plan holders who may wish to change plans have several options. They may choose a new health plan from a different insurance company through the Marketplace or choose other Marketplace plan offered by an employer in their service area to stay with their current insurance company. Plan holders may also opt to purchase a private health plan outside the Marketplace, but as of 2015 this renders them ineligible for premium tax credits and cost-sharing reductions.Learn more about Health Insurance