Tax season is here! Make sure you have all your documents needed including your health coverage forms. Here are the health insurance documents you need for your taxes:
Under the Tax Cuts & Jobs Act, taxpayers must continue to report coverage, qualify for an exemption, or pay the individual shared responsibility payment for tax years 2017 and 2018.
You may receive multiple information forms that you can use to complete your tax return and will keep with your tax records.
The information forms are:
- Form 1095-A, Health Insurance Marketplace Statement
If you or your family had coverage through a Marketplace, the Marketplace will send you information about the coverage on Form 1095-A. The form will show coverage details such as the effective date, amount of the premium, and the advance payments of the premium tax credit or subsidy. If you receive a Form 1095-A, you will use the information on the form to complete Form 8962, Premium Tax Credit (PTC) in order to claim the premium tax credit or to reconcile advance credit payments on your federal tax return.
You may receive more than one Form 1095-A if anyone in your household switched plans or reported life changes – such as getting married or having a baby – after their coverage began, or if you had more than one policy covering people in the same household. You will get a Form 1095-A, even if you only had Marketplace coverage for part of the year.
If you receive a Form 1095-A from the Marketplace, you should check to make sure the information matches your records. This includes items like the start and end dates of your coverage and the number of people in your household.
- Form 1095-B, Health Coverage
Health insurance providers (for example, health insurance companies) send this form to individuals they cover, with information about who was covered and when.
You can use Form 1095-B for information on whether you and your family members had health coverage that satisfies the individual shared responsibility provision.
- Form 1095-C, Employer-Provided Health Insurance Offer and Coverage.
Certain employers send this form to certain employees, with information about what coverage the employer offered. Employers that offer health coverage referred to as “self-insured coverage” send this form to individuals they cover, with information about who was covered and when.
You can use Form 1095-C to help determine your eligibility for the premium tax credit. In addition, you can use Form 1095-C for information on whether you or any family members enrolled in certain kinds of coverage offered by your employer – sometimes referred to as “self-insured coverage.”
Remember, having health insurance is crucial for your wellbeing. Yes, it can be expensive, but Cosmo can guide you when purchasing a health insurance plan. Cosmo looks at your lifestyle, income, and needs. Call Cosmo to sign up for health insurance today.
Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.
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