Updating your estimated income on Virginia’s Insurance Marketplace.

If you are enrolled in a Marketplace health insurance plan, you must notify the Marketplace when your income changes.

That includes losing your job or getting a raise. An Enroll Virginia navigator can help you complete an application and make changes in your Marketplace account.

Why do I need to update my estimated income?

The Marketplace uses your income estimate to determine how much financial help you receive.

If you receive a larger tax credit than you qualify for, you will repay the excess tax credit when you file your taxes. This happens when you underestimate your income. Because of new federal rules, those who underestimate will be required to repay more than they have in the past. Now, there is no cap on the amount of money you might have to repay on your tax return.

To protect yourself, it’s important to provide your most accurate income projection, remember to keep your projection updated, and file your taxes.

How do I report changes to the Marketplace?

You can share updates with the Marketplace anytime when something changes during the year. This includes changes in income—or things like family size or where you live. You can make these changes online in your Marketplace account or by calling the Marketplace consumer assistance center: 888-687-1501.

If you have questions about your coverage or need help making these changes, you can contact a navigator for free help.

If you have questions about your taxes, you may be able to get free help through the VITA program.