What is Form 1095-A: Health Insurance Marketplace Statement?
Americans who acquire health insurance via a Health Insurance Marketplace company receive Health Insurance Marketplace Statement Form 1095-A.
The form records coverage but is not required by the government. The policy details include the coverage start date, monthly premium payments, and tax credit or subsidy advance payments.
The form was developed under the Affordable Care Act (ACA), or Obamacare. Those who get Marketplace coverage under that statute may be eligible for subsidies or tax credits. Starting in 2019, uninsured taxpayers were no longer penalized.
Who Can File Form 1095-A: Health Insurance Marketplace Statement?
You will get Form 1095-A if you register for a qualifying health plan through the federal Health Insurance Marketplace or a state exchange. The form informs market participants about exchange coverage.
It would be best if you did not file Form 1095-A. You must complete or acknowledge receiving the form on the federal tax return.
Applicants for premium tax credits may need to attach Form 8962: Premium Tax Credit.
The penalty for not having health insurance has been eliminated, but certain purchasers might still get tax rebates. Due to the American Rescue Plan of 2021, all taxpayers with ACA Marketplace insurance are eligible for this benefit. Previously, filers with incomes above 400% of the federal poverty threshold were disqualified.
Keep Form 1095-A for records. As its title implies, the Health Insurance Marketplace issues the form.
How to File Form 1095-A: Health Insurance Marketplace Statement
If eligible, utilize 1095-A to fill out Form 8962: Premium Tax Credit while filing your tax return.
The IRS recommends waiting to file your income tax return until you obtain the Health Insurance Marketplace Statement Form. 1095-A is vital to filing since it claims or reports tax credits, which impact your income tax or refund.
By mid-January of the year after coverage, taxpayers should get the Health Insurance Marketplace Statement Form by mail or in their Healthcare.gov accounts. Contact HealthCare.gov if you don’t receive your forms or see errors.
The form shows your coverage months and premiums. Name, address, and SSN are also included. The form consists of your policy number and insurer.
The IRS website has the whole 1095-A.
What’s Form 1095-A?
Americans who acquire health insurance via a Health Insurance Marketplace company receive Form 1095-A. The policy details include the coverage start date, monthly premium payments, and tax credit or subsidy advance payments.
How do I use Form 1095-A?
Form 1095-A isn’t required with your tax return. To claim a subsidy or tax credit, move the information to Form 8962 and include it with your tax return. Copy the information instead of sending the Health Insurance Marketplace Statement Form.
When will I get Form 1095-A?
Expect a Health Insurance Marketplace Statement Form in mid-January of the year following coverage via mail or your HealthCare.gov account. If you don’t receive your form or it’s wrong, email HealthCare.gov.
Bottom Line
Americans who acquire health insurance via a Health Insurance Marketplace company receive a Health Insurance Marketplace Statement Form. It contains essential health insurance information and should arrive mid-January after your coverage year.
There is no need to transmit the Health Insurance Marketplace Statement Form with your tax return. If you qualify for a subsidy or tax credit, copy the information on Form 8962 and include it with your tax return.
Conclusion
- Health insurance purchased through the marketplace should include a Health Insurance Marketplace Statement Form.
- There is no need to include the form with your tax return.
- To claim a subsidy or tax credit, move the information to Form 8962 and include it with your tax return.
