Submitting "Proof of Income" for Health Insurance

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Submitting "Proof of Income" for Health Insurance

This is a very good and important question.

Your estimated annual (and monthly) income direct effect the advanced premium tax credits you receive.

If your income is higher, you will get fewer tax credits and your premium is higher.

If your reported income is lower, then you get more tax credits and your premium goes down.

While the state and federal health exchanges will give you 90 days to upload the documents to prove your income… you want to do this as soon as you can, so your tax credits continue.

Here are 3 steps to make sure this process is completed correctly:

#1 Make sure your reported “estimated” income is accurate.

If you just enrolled, it’s likely accurate, as we talked about that. However, if you’ve been enrolled and renewing for a while, you definitely need to check it again.

You can look at your past tax return or paychecks; whatever helps you find the best estimate.

#2 Make sure your reported income and your proof of income documents match.

If they don’t match (relatively closely) it can cause problems down the road.

For example, if you reported that your household taxable income is $4000/month, then you need to use paystubs that show near that amount.

#3 Use an Income Attestation Form to make it easy.

Often times matching the exact amounts with your paystubs can be tricky. So, I always recommend that you just use the proof of income attestation form, write in the full annual amount and then sign it.

This is the easiest way to do it and I can help you with the process!

BOTTOM LINE:

Submit your “Proof of Income” within 90 days and with accurate amounts!

NEXT STEPS

Today, Submit your “Proof of Income” before you forget!
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