As we are approaching tax season, many consumers that were enrolled in CoveredCA health plan will be receiving the Form 1094-A.
What is IRS Form 1095-A?
Your 1095-A shows what the Internal Revenue Service (IRS) paid to your insurance company in 2016 to help you with the cost of your health coverage. The amount paid was based on the income information and household size you provided. If your income changed, you may have paid too much or too little for your health coverage.
Covered California supplies an annual Health Insurance Marketplace Statement, also known as IRS Form 1095-A, to all consumers enrolled in a 2016 Covered California Plan and to the IRS for tax filing purposes. The Form 1095-A is generated for each enrolled plan, regardless if Advanced Premium Tax Credit (APTC) was applied. The amounts displayed on the 1095-A reflect how much was paid to Covered California Health Insurance companies to help with the cost of a consumer’s health coverage. A 1095-A helps ensure the amount of APTC applied in 2016 is accurately reported and serves as proof of Minimum Essential Coverage.
What do I do with it?
Save this form — you will need it when you prepare your taxes for 2016. Similar to a W-2, a 1095-A is one of the things that will determine the amount of taxes you will pay or the refund you receive. You’ll use it to fill out IRS Form 8962. For help with your taxes, consult a tax preparer. Most tax preparers are ready to assist you with this form and the tax requirements. You may be able to get free help filing your taxes, including free software programs or in-person assistance.
Why am I getting this form?
As a result of the Patient Protection and Affordable Care Act, most Americans are required to have health insurance or pay a penalty. This form tells the government when you had health coverage. It will also be used to make sure the subsidy paid to your plan is correct based on your income as reported to the IRS for 2016. Subsidies go up and down with your income. A 1095-A helps ensure the amount you received in 2016 is just right.
What to do if form 1095-A is not received?
What to do if the information on Form 1095-A is incorrect?
How to update incorrect information of form 1095-A?
The amount on your 1095-A reflects how much the IRS paid to your insurance company to help with the cost of your health coverage. If you feel the amount shown on your 1095-A is not correct, contact Covered California at (800) 300-1506 or complete the 1095-A dispute form.
If you have additional questions, or would like to talk with a Certified Insurance Agent about health insurance, please contact: 415-994-4121 http://www.SFCheapInsurance.com
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