November 1st is right around the corner, and you, along with many other Americans, may be preparing for Open Enrollment in the Health Insurance Marketplace (HIM). While the process won't be too painful (hopefully), some parts can be confusing.

Take estimating your household income. When you fill out a Marketplace application, you'll need to estimate what your household's income will be during the period you want coverage. You have to make your best estimate so you qualify for the right amount of savings. Sounds like a lot of pressure right?

There's some information that may help you:

Your household income should include you, your spouse and you dependents, including those who don't need insurance coverage. The Marketplace counts estimated income of all household members who are required to file a tax return, like: Dependent children, including adopted and foster children Children you share custody of only during the years you claim them as dependents Children over 18 but under 26 who you want to be on your plan Dependent parents Dependent siblings or other relatives Separated spouse unless legally separated The Marketplace uses modified adjusted gross income (MAGI) from your adjusted gross income (AGI) on your most recent federal income tax return to determine the cost of your insurance. This ca be found on Form 1040: Line 37, Form 1040 EZ: Line 4 or Form 1040 A: Line 21. To establish whether you're eligible for savings, they'll consider: Federal taxable wages Tips Self-employment income Unemployment compensation Social Security Capital gains Investment income Rental income Excluded foreign income Alimony Pensions You'll also be asked to modify your adjusted gross income (AGI) from last year to estimate what your expected income for 2016 will be. Take into account: Expected raises, new jobs or other employment changes Higher or lower tax deductions Gaining or losing tax dependents

And don't forget, once you have health insurance coverage through the Marketplace, you must report any income changes. If you do not, you could miss out on savings or have to pay even more money back when you file you federal tax return.

A licensed agent at Schwarz Insurance will be happy to guide you through the process or signing up or renewing your health insurance. Give us a call today to get started 800.552.8942.