Is this a qualifying life event?
My situation: Mid march 2024 I left my corp job to full time freelance. My corp job gave me a healthcare stiped that fully covered my premium the entire time I worked there. They have record of it, it wasn't a bonus added into my salary, it was the exact amount sent separately each month after I filled out paperwork each year about what plan I had. I was offered a group plan or the stipend, went with the stipend so I could select the plan I wanted for the market place and was told it ticked the same box as far as the govt was concerned, at least on the corporation's side. When I leave said job and have one new PT job lined up, I accurately report this new, much lower income as my only source of income and my premium drops. In a few weeks, I secure additional income but it's a freelance job with variable hours so I wanted to wait to get a sense of how much it would be consistently per month before reporting it. Three months later (and with nudging from my new tax pro) I reported the additional self-employed income which is substantial. This makes the premium skyrocket to an affordable price. Now I'm panicking, but realize I never reported a "qualifying life change" back in March when I left my job, and lost that healthcare stipend (I only reported a change in income). I never went through the qualifying life event/select a new plan process as happens when you lose healthcare coverage. So I called today, explained the situation exactly as above, and worked with a marketplace employee who put in my application which was approved and now I'm able to select a new plan through special enrollment. Finally, the question: this totally is a valid qualifying life event and I'm not going to get in trouble with the govt/IRS for misleading them down the line right??? I can't find explicit guidance that confirms losing a stipend is just as valid as/counts as losing employer sponsored healthcare, plus I did this three+ months retroactively and I know the rule is supposed to be 60 days. Yet they approved it, and were the ones to process my app, so I know I *shouldn't* be worried but I'm paranoid. Asking this before I go through with the new plan for August 1 which I need to do like now. (PS I'm already well aware I will owe money for the period of time where I was making more self-taxed income I hadn't yet reported April-July).
submitted by /u/cactuscolibri
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