You should report any changes in your household or income as soon as possible. Why? Because your income affects your coverage under Medicaid health insurance. You may also have to make changes to your Medicaid plan’s financial obligations.
What To Do If Your Income Has Changed?
Your household income must be disclosed and documented in order to qualify for Medicaid. It is always possible, however, for the unexpected to happen. You must report any significant changes in your income, whether they are increases or decreases.
It is determined if you are eligible for Medicaid based on your MAGI (modified adjusted gross income), so some income changes do not need to be reported. Any type of educational scholarship for tuition and fees, including inheritance, child support received, and a teenager with an income under $6,300.
Has The Size Of A Household Has Changed?
The size of your household compared to your income can also have an impact on your Medicaid coverage eligibility. As a result, you will need to report changes to your household size when it changes from what you originally stated when applying.
Death, birth, divorce, adoption, and placement in foster care are some common causes of changes in household size. You must remember that foster children are counted as members of your household on the Marketplace. Receiving income as remuneration for their care does not qualify as income.
The Best Way To Inform A Change?
You can notify the Medicaid office in your state, when they explain what they need, they will inform you if your eligibility has changed.
To see if you’re eligible for other coverage, you can also report the change to HealthCare.gov or Insurance n You.
What Options Are Available If I No Longer Qualify For Medicaid?
- Plan under the Marketplace/Obamacare. Affordable Care Act or Obamacare insurance is available through the Marketplace
- Medicaid Applicants may also qualify for Medicaid, if they meet certain income requirements.
- COBRA. You usually have the option of COBRA if you have lost your job, which requires you to pay the full premiums for the insurance your employer purchased for you. COBRA is usually much more expensive than Marketplace insurance, but it allows you to keep your existing coverage.
- Medicare. As soon as you turn 65, you are eligible to receive Medicare benefits.