According to the Tax jobs and Cuts acts, all taxpayers are compelled to submit health care coverage to qualify for an exemption, or either pay the individual responsibility payment for the previous tax year.
You may receive a notification on multiple information forms that can be useful to complete your tax return and keep your tax records,
The information forms are listed below:
• Form 1095-A Health insurance Marketplace statement.
• Form 1095-B, Health care coverage
• Form 1095-C, Employer-Provided Health insurance and offer
When you apply for coverage through the marketplace, you are likely to qualify for a premium tax credit, and you must file a tax return to claim the credit so that you can reconcile any advance payments already made on your behalf. In respect of this, you should receive a Form 1095-A. If you are hopeful of Form 10995-A, then you will have to wait to file your income tax return until you can receive that form.
Health insurance companies send Form 1095-B to individuals who have their insurance with the company, with all the information as to who was insured and when. Some employers send Form 1095-C to some employees, with information concerning what type of coverage the employer offered.
Note you should not attach any of these forms to your tax return.
The proof of insurance: the IRS does not require you to submit forms or any other evidence of health insurance coverage when you are filing your tax return. Therefore it is very important to keep these records for verification coverage. This documentation includes:
• Insurance Cards
• Statements from your insurer
• Form 1095 information forms
• Records of advance payments or the premium tax credit
• W-2 statements reflecting all health insurance deductions
• Explanation of benefits
• And all other reports indicating that you or any member of your family, had health care coverage.
If you want to collect a Form 1095-A, health insurance marketplace statement, you should wait to file your income tax return until you receive that form.
You might not receive a Form 1095-B or Form 10995-C from your coverage providers or employers as at the time you are ready to file your tax return. You can as well go ahead and file your tax returns providing all relevant information about your health insurance policy. You are advised not attach any of these forms when you file your tax return.
Sometimes your employer may be able to assist you in verifying your coverage; often most employers are not required to provide documentation that is about your health care coverage.
Form 1095-A, Health Insurance Marketplace Statement.
Maybe you or any of your family members had coverage through a Marketplace; the marketplace will send you all information regarding the coverage on Form 1095-A. The form will reveal all the coverage details as regards the amount of the premium, the effective date and the advance payments of the premium tax credit. When you receive a Form 1095-A, you will be required to use the information on the form to complete Form 8962, Premium Tax Credit (PTC) so you can claim the premium tax credit on your federal tax return.
You may also receive more than just one Form 1095-A if any member of your family switched their plans or probably reported life changes, such as having a baby, getting married or divorce after their coverage has begun, or maybe you had more than one policy covering your family members in the same household. Form 1095-A will be given to you, even if you only had Marketplace coverage for that particular time of the year.
Form 1095-B, Health Insurance Coverage.
The health insurance companies, send this form to their subscribers, with information about who and when the subscriber was insured.
You can also use Form 1095-B to get information about the individually shared responsibility provision of the health coverage of you and your family members.
Form 1095-C, The Employer-Provided Health Insurance Offer and Coverage.
Some employers send this form to this form to some employees, with all the information on what type of coverage the employer was offered. Any employer that provides health coverage in other words referred to as self-insured coverage can send this form to individuals they cover, with all the informational on when and who was covered.
Form 1095-c can also help you to determine your eligibility status concerning premium tax credit. Furthermore, you can make use of the Form 1095-C to get information on the types of coverage you and your family members are on.
