New Jersey Health Market Place
11/20/20241 min read
How do I report my income to GetCovered NJ?
Rule #1: Report expected household income for the year you’re applying. If you estimate, over-reporting your income never results in a penalty. Under-reporting your income will. Know that household income can be updated monthly on your application.
Rule #2: On your tax return, report EVERYONE's income, even if certain members aren’t applying for health coverage.
Rule #3: If you are applying for coverage within the year, project your anticipated income per month over a 12 month period.
How do I "estimate" my income?
Step #1: Find your household adjusted gross income (AGI).
Step #2: Add the following kinds of income: Tax-exempt foreign income, tax-exempt social security benefits, and tax-exempt interest.
Step #3: Estimate changes throughout the year. If the income you report is too high, you will be penalized. If the income you report is too low, nothing happens. Talk to us for more information...
Examples include: pay raises, employment changes, changes in supplemental income, etc.
GetCovered NJ: New Jersey's Official Health Insurance Marketplace