It’s hard to believe that tax season is just around the corner. This means it’s time to keep an eye out for important documents that may arrive in the mail so you can have them ready when you go to file.
One key document you may need to look out for is a 1095-A form. If you had health insurance through the Health Insurance Marketplace in 2023, you will need a 1095-A form to complete your tax return. This will show you the details of your plan, the amount of premiums you paid, and the amount of tax credits you may have received.
In this blog post, we will explain what a 1095-A form is, why it is important, and how you can use it to file your taxes. We will also share some resources that can help you if you have any questions or need assistance.
What is a 1095-A Form?
A 1095-A form is a document that shows the health insurance coverage you and your family members had through the Health Insurance Marketplace during the previous year.
The 1095-A form contains information such as:
- The name and address of each person in your household who was enrolled in a health insurance plan through the Marketplace
- The name and address of the health insurance company that provided your plan
- The dates of coverage for each month of the year
- The monthly premium amount for your plan
- The amount of advance payments of the premium tax credit (APTC) that were paid to your health insurance company on your behalf
When Do I Need to Submit This Form?
You should receive your 1095-A form by mail from the Marketplace by early February 2024. If you don’t receive it by then, you can log in to your Marketplace account and download it from there. You can also call the Marketplace and ask for a copy.
You need to submit this form along with your federal income tax return by the deadline, which is usually April 15, unless you request an extension. If you have any questions about your Form 1095-A or your premium tax credit, there are representatives at each health insurance Marketplace you can contact.
Considerations for the Future
If you’re finding that your current health insurance plan isn’t meeting your needs or is no longer serving a member of your household, you may want to look for a new plan that suits your needs and budget better. However, finding a new plan can be challenging and time-consuming.
A health insurance broker can help you compare plans and find one that works for you. For example, they can assist with:
- Comparing different health insurance plans from various companies and showing you the pros and cons of each one
- Helping you understand the terms and conditions of each plan and how they affect your health care and your finances
- Helping you apply for a plan and enroll in it online or over the phone
If you are interested in reassessing your current health insurance plan, our team is here to help! Contact Health & Benefits Partners today to get started.