By Jan. 31, 2016, the Health Insurance Marketplaces will be mailing Form 1095-A to all individuals who enrolled in Marketplace health insurance coverage. Form 1095-A acts as proof of insurance, and is sent to individuals who had Marketplace coverage to allow them to:
- Claim Premium Tax Credits
- Reconcile the Credit on their returns with Advanced Premium Tax Credit Payments
- File accurate tax returns in general, as this information can be used to help determine exemptions or penalties under the individual mandate
Purpose of Form
Form 1095-A is not a form that you have to complete; it is simply used to report certain information to the IRS about individuals who enroll in a qualified health plan through the Health Insurance Marketplace.
If you received a premium tax credit to help pay for your Marketplace coverage, you’ll use the information on Form 1095-A to fill out your Premium Tax Credit Form 8962. This form will allow you to claim additional tax credits or to repay amounts if you got too much assistance based on your income. Most people who received tax credits will need to fill out Form 8962, since even a slight change in income will change the amount of any tax credit that they are owed.
Who Has to File the 1095-A Form?
The Health Insurance Marketplace (state, federal, regional or subsidiary) must file Form 1095-A. Individuals don’t have to file the form; they will use the form furnished to help them complete other forms, including Form 8962.
If you enrolled in health insurance through the Marketplace and received a premium tax credit, you’ll use the information on Form 1095-A to fill out your Premium Tax Credit Form 8962.
Can I File Form 8962 Without a Form 1095-A?
If you received tax credits, then you’ll want to wait until you have your Form 1095-A. It would be very difficult to correctly fill out the Premium Tax Credit form without the information from your 1095-A. If you are running up against the deadline, you can file for an extension on your taxes and request another form from the Marketplace. Don’t forget: you can also view your form online after it has been filed.
What if I Had More than One Provider?
If you had more than one type of health insurance throughout the year, then follow this rule of thumb: for 2015, you’ll get a Form 1095-A from every provider that you had a Health Insurance Marketplace plan with. If you don’t have your Form 1095-B or Form 1095-C from your employer or coverage outside of the Marketplace, then use the honor system to report those types of coverage.
For 2016 and beyond, you’ll get forms from anyone who provided you with coverage by early February.