Essential Plan Eligibility for 2024 to 2025 - Seeking Answers and Advice

I recently received a letter from NYSOH indicating that my Essential Plan (EP1) medical insurance coverage will end on September 30th because I am no longer eligible for EP1. I believe this may be due to an underestimation of my 2023 income, which was lower than my actual earnings when I filed my taxes. This discrepancy arose because I picked up additional shifts and neglected to account for some banking income. I acknowledge that this oversight is entirely my responsibility.

I have two questions regarding this situation:

Penalties: Should I expect any penalties as a result of this income discrepancy? Re-enrollment: I assume that the determination was based on my income from last year. However, my financial situation has changed significantly this year. I recently left my previous job, and after calculating my projected 2024 annual income, I estimate it to be between $31,000 and $33,000, which is below the household income limit for a single person ($37,650). If I provide this updated income estimate, is it possible to be re-enrolled in the Essential Plan since I believe they use income estimate for this year to check whether i'm qualtify? Additionally, should I provide a more conservative or aggressive income estimate when discussing this with my renewal specialist? submitted by /u/LOLkengdie
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