What is a 1095-A form?
Form 1095-A is a Health Insurance Marketplace Statement, completed by health insurance marketplaces for those who enrolled in coverage. It provides important details on coverage, premiums, and subsidies. While the marketplace fills out the form, it's useful for individuals to understand, as it helps with tax credits and accurate reporting on tax returns.
What is a 1095-A form used for?
Health insurance marketplaces use Form 1095-A to provide important details for individuals enrolled in marketplace coverage. Here’s what it’s used for:
- Reports coverage: Confirms the months of health coverage during the year.
- Calculates premium tax credits: Helps determine eligibility for financial assistance.
- Filing taxes: Necessary for completing federal tax returns accurately.
How to fill out a 1095-A form?
- 1
Collect necessary information about each enrollee's health insurance coverage, including plan details, premiums paid, and any advance payments of the premium tax credit.
- 2
Calculate the monthly premium for the second-lowest cost Silver plan (SLCSP) for the enrollee's coverage area.
- 3
Determine the monthly premium tax credit amount based on the enrollee's household income and the cost of the plan they selected.
- 4
Populate Form 1095-A with the enrollee's name, address, and Social Security number, as well as the coverage details, premiums paid, and premium tax credit information.
- 5
Verify the accuracy of the information on Form 1095-A and make any necessary corrections before sending it to the enrollee.
- 6
Mail Form 1095-A to the enrollee by the mid-January deadline of the year following the coverage year.
- 7
Provide a copy to the IRS, as it is used to verify the information reported on the enrollee's tax return."
Who is required to fill out Form 1095-A?
Form 1095-A is filled out by health insurance marketplaces for individuals who enroll in a qualified health plan.
The form is used by taxpayers to fill out their tax returns, helping them determine if they qualify for premium tax credits.
When is a 1095-A form not required?
Not everyone needs to concern themselves with Form 1095-A. Specifically, if you haven't enrolled in a health plan through the Marketplace, this form isn't necessary for you.
Individuals who have health coverage through their employer, Medicare, Medicaid, or any plan not purchased on the Health Insurance Marketplace are exempt from needing Form 1095-A. This means they don't have to worry about filling it out or submitting it with their taxes.
When is a 1095-A form due?
Health insurance marketplaces must provide Form 1095-A by January 31st for the previous coverage year.
This form is essential for individuals to report marketplace health coverage details. Receiving it on time helps ensure accurate tax filing and prevents potential issues.
How to get a blank 1095-A form?
Health insurance marketplaces can access a blank Form 1095-A on our platform, where the template is preloaded in our editor.
Alternatively, they can download a PDF version from the IRS website. Remember, this form is for informational purposes only and must be completed by the Health Insurance Marketplace, not individuals.
Do you need to sign form 1095-A online?
If you received Form 1095-A from your health insurance marketplace, you don’t need to sign it. Just include it with your tax documents when filing your federal tax return.
Where to file a 1095-A Form?
Health insurance marketplaces are required to issue Form 1095-A to all consumers who enrolled in a health insurance plan through the marketplace. This form serves as a statement detailing the health coverage provided to the consumer and any premium tax credits they received.
Consumers should receive this form by early February. It's essential to verify the accuracy of the information on Form 1095-A, as it is used to reconcile advance premium tax credits and to prepare the tax return.
