Form 1095-A : Health Insurance Marketplace Statement
Form 1095-A; What It Is and How to Make Use of It
Whatever marketplace plans you may have had in 2016, ensure every member of your household gets Form 1095-A (Health Insurance Marketplace Statement), via mail by mid-February at the latest. Find out if it’s obtainable in your HealthCare.gov account as from mid-January.
NOTE: Having a Form 1095-A is a prerequisite for filing.
If you do not have a correct 1095-A, don’t bother filing your taxes.
- Information regarding Marketplace plans by any member of your household in 2016 is included in your 1095-A.
- The 1095-A is obtained from the Marketplace and not from the IRS.
- Ensure you put your Form 1095-A together with your vital tax information, such as W-2 forms and other documentations.
How can I find my 1095-A online?
- Go to your HealthCare.gov account and log in.
- Click on the green button that shows “Start a new application or update an existing one”.
- Select “Go to my applications & coverage” showing at the screen’s bottom.
- Beneath “Your existing applications,” choose your 2016application and NOT your application for 2017. This can be found under your 2017 application.
- From the left menu select “Tax forms”.
- Download all 1095-As displayed on the computer screen.
If it’s not in your Marketplace account, kindly get in touch with the Marketplace Call Center.
NOTE: Check your HealthCare.gov account as from mid-January or latest February 1, your 1095-A could possibly be available.
What’s on Form 1095-A and why it is required?
- Information regarding Marketplace plans of any household member in 2016 is contained in your 1095-A , including:
- Paid premiums
- Used premium tax credits
- A figure called “Second Lowest Cost Silver Plan” (SLCSP)
- Information obtained from your 1095-A will be used to complete Form 8962, Premium Tax Credit in PDF format. This is the way to discover if there are any discrepancies between the actual amount you qualify for and the premium tax credit used.
- If you are yet to receive advanced payments of the premium tax credit despite having a Marketplace coverage.
- Find out more from the IRS as regards the 1095-A.
I’ve got my Form 1095-A back, what do I do next?
- Study the instructions at the back of the form carefully.
- Ensure it is accurate. Should you find anything wrong concerning your household or coverage, call the Marketplace Call Center immediately. If you think the “monthly enrollment premium” could be incorrect, digest this carefully before you contact the Call Center.
- Ensure that the information as regards the “Second Lowest Cost Silver Plan” (SLCSP) is accurate.
How do I know if the information about my SLCSP is accurate?
Go through Column B, Part III of the 1095-A, and read the SLCSP (Second Lowest Cost Silver Plan) premium for each month. This ought to show monthly figures for any member of your household that had the Marketplace plan.
The SLCSP premium is inaccurate if:
- There were household changes which you didn’t inform the Marketplace about. For instance, if you had a baby, or moved houses, got wedded or separated/divorced, lost a dependant, etc.
- Any month has a “0” or blank recorded under Column B, Part III for any member of your household who had the Marketplace plan
Peradventure either of the aforementioned pertains to you, make use of our tax tool to obtain your SLCSP premium.
How to “reconcile” your information using 1095-A?
As soon as you get a correct 1095-A and your SLCSP premium, complete Form 8962, Premium Tax Credit.
Follow this step-by-step guide to reconcile your premium tax credit.