Many people have fluctuating salaries throughout the year, and thus face trouble with their existing health coverage plans. For those individuals, Affordable Care Act has made a provision that the people who qualify for subsidies are not restricted with their selected plans.
This means that now the exchanges can administer the changes in your plans as per the change in your income. If any individual qualifying for premium tax credits or cost-sharing subsidies has an increased income over a period of time, then he may switch to some lower premium plans.
Under the Health Law, if any individual’s eligibility for subsidies changes in response to his changed income, then he can switch from one plan to other within 60 days. Same in case of premium tax credits; individual can switch the plan or get enrolled on the exchange if he is not already on the exchange.
Moreover, Health Law mandated employers and carriers to report about the health coverage of individuals to Internal Revenue Service in order to make government aware about individual health coverage. But, due to some reason, the provision has been delayed to 2015. But this does not entail that those without coverage are not liable to pay penalties.
Altogether, whenever any individual has a changed income or any other life event change, he/she need a plan change. With Employee Benefits Administration Solutions offered by TeemWurk, you can easily switch to other plan through a seamless and efficient processing.
