Having a Baby: How to Find Subsidized Health Insurance in the Marketplace

Having a baby is a life-changing event that can impact your decisions about health insurance or the amount of savings you’re eligible for under the Affordable Care Act.

While the deadline for buying health insurance for 2014 has passed, you can still purchase or change a plan during a “special enrollment period” after a major life event, such as having or adopting a child.

You have 60 days to enroll from the date of the triggering event, such as the birth of a child.

Here’s what prospective parents need to know.

If you’re uninsured, you may be eligible to receive a discount on your health insurance if you purchase a plan in the online Health Insurance Marketplace. You must contact the marketplace in your state to apply for a special enrollment period.

If you already have a plan from a Health Insurance Marketplace, you may qualify to save money with a larger tax credit or switch to a different plan that works better for your expanding family. With subsidies based on household size and income, the addition of a baby or the loss of income due to a maternity leave could translate into bigger coverage savings. Let the Marketplace know about these life changes as soon as possible.

If you have work-based insurance, speak to your employer about buying or changing health plans. These plans do not offer federal subsidies, though.

You may also qualify for Medicaid or the Children’s Health Insurance Program, depending on your income and where you live.

If you have more questions about the Affordable Care Act, TurboTax has you covered. TurboTax Health can give you answers about whether the new health care law impacts you and your taxes.