Tuesday, February 3, 2015

Health Insurance Marketplace and Taxes

AIRS is part of a consortium of organizations supporting the implementation of the Affordable Care Act, and we have been asked to share the following information which may be relevant to your clients and community.

If a client enrolled in a health plan through the Marketplace in 2014, they will receive Form 1095-A in the mail from the Marketplace by early February. It includes basic information that they’ll need to know about their household’s enrollment, premium payments, and premium tax credit amounts. Clients will need this form for filing taxes in order to fill out new Forms 8962 (Premium Tax Credit Form) and 8965 (Exemptions).

If a client did not have health coverage for all or part of 2014, their income taxes could be affected. They may have to qualify for a health coverage exemption or pay a fee with their federal income tax return. Learn more about exemptions by visiting: https://www.healthcare.gov/fees-exemptions/exemptions-from-the-fee/

2014 Fees are $95 a person ($47.50 per child) or 1% of yearly household income. For more information about fees visit: https://www.healthcare.gov/fees-exemptions/fee-for-not-being-covered/.

Additional information about how the Affordable Care Act can impact taxes visit: https://www.healthcare.gov/taxes/, https://marketplace.cms.gov/technical-assistance-resources/tax-information.html, or http://www.irs.gov/Affordable-Care-Act


2015 marketplace enrollment ends February 15th. If not enrolled in an employer plan, Medicaid, Medicare, a private plan or one purchased through the marketplace there will be a penalty to pay when filing 2015 taxes. If you want help enrolling you can call 2-1-1 or visit www.covermissouri.org to find a Navigator or Certified Application Counselor. For enrollment events in the KC area, visit www.coverkc.org.

2 comments:

  1. Insurance rates may vary from time to time and policy to policy, we should check the plans and scheme, there are many online site help in finding policies online with free quotes for affordable individual health insurance coverage.

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  2. nice post, keep up with this interesting work. It really is good to know that this topic is being covered also on this web site so cheers for taking time to discuss this!
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