Understanding the New ACA Tax Forms

aca shutterstock_160922333You may have already received or will soon receive a new tax form related to the health care insurance coverage you had during 2015. Much like IRS Form W-2 and Form 1099, these new forms provide information that you may need for filing your individual income tax return.  The IRS has issued three new forms to provide this information.  Depending on your individual circumstances, you may receive more than one of these forms.  The new forms are:

  • Form 1095-A, Health Insurance Marketplace Statement, is provided by the Marketplace to individuals who enrolled or who have enrolled a family member in health coverage through the Marketplace.
  • Form 1095-B, Health Coverage, is provided by insurance companies and other coverage providers (except for employees of applicable large employers that provide “self-insured coverage,” who will receive Form 1095-C instead).
  • Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, is issued by applicable large employers to their full-time employees, and, in some cases, to other employees if they were enrolled in the employer’s self-insured coverage.

The deadline for the Marketplace to provide Form 1095-A was Feb. 1, 2016. However, the deadline for insurers, other coverage providers and certain employers to provide Forms 1095-B and 1095-C has been extended to March 31, 2016.

You do not have to wait for either Form 1095-B or 1095-C from your coverage provider or employer to file your individual income tax return. You can use other forms of documentation, in lieu of the Form 1095 to prepare your tax return, such as:

  • Insurance cards
  • Explanation of benefits
  • Statements from your insurer
  • W-2 or payroll statements reflecting health insurance deductions
  • Records of advance payments of the premium tax credit
  • Other statements indicating that you, or a member of your family, had health care coverage

You will not send the IRS proof of your health coverage. Although you may use the information on the new forms to help complete your tax return, these forms should not be attached to your return or sent to the IRS. The issuers of the forms are required to send the information to the IRS separately. You should, however, keep the forms for your records with your other important tax documents.

Still confused? If you have additional questions or need more information on these new forms see,  IRS Questions and Answers about Health Care Information Forms for Individuals, or contact AssuredPartners NL’s Employee Benefits Team.

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