QUESTION

I received a notice telling me it is open enrollment and time to renew my marketplace plan. What do I need to do?

Individuals with coverage | Individual and Marketplace Health Coverage
ANSWER

You should return to the marketplace to update your information and to shop for any plans that may be a better fit for you. Unless your current plan is being discontinued, you can always keep your current coverage if you like it, too. You must complete two processes in order to renew your coverage: (1) ensure the accuracy of your account information and input any changes and (2) select a plan (even if you want to stay in your current plan). If you switch to a plan with a different insurance company, you should contact your old insurer to ensure that you are dis-enrolled (and to stop any continuing premium charges). In most states, the marketplace will pre-populate a renewal application for you with the most current data they have about you, your family, your household income, and your access to other forms of coverage.

If you are receiving premium tax credits and/or cost-sharing reductions, it’s important to have your information up-to-date so you are receiving the right amount. In general, if you do nothing and are eligible, you will be automatically renewed. If you are eligible for premium tax credits, the marketplace will make a re-determination of your eligibility based on the latest household income data they have through the IRS and other federal sources. However, for enrollees receiving premium tax credits and cost-sharing reductions who have not contacted the marketplace to update their information for the last two years and no IRS income information is available for the previous two tax years, the marketplace will discontinue premium tax credits and cost-sharing reductions unless the enrollee contacts the marketplace and receives an updated re-determination. (45 C.F.R. § 155.335; CMS, Guidance on Reenrollments and Redetermination for Exchange Coverage for 2018, July 13, 2017).

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