What should an individual do if their income changes during the year?

When an individual's income changes during the year, it is essential for them to report that change to Pennie. This is important because their income level directly affects their eligibility for financial assistance, such as premium tax credits and cost-sharing reductions. If their income increases or decreases significantly, it may impact the affordability of their health insurance plan and the types of assistance they can receive.

Prompt reporting allows individuals to receive the most accurate information about their coverage options and ensures that they are enrolled in a plan that aligns with their current financial situation. Failing to report the change can lead to overpayments or underpayments of assistance, potentially resulting in a tax penalty when they file their taxes.

The correct choice emphasizes the necessity of communication with Pennie to reassess eligibility based on current income, reflecting a proactive approach to maintaining appropriate health insurance coverage. This understanding is crucial for agents and brokers when advising clients on managing their health insurance effectively.