The tax filing deadline is nearly here. It’s important to be prepared, with all vital documents in hand. When it comes to health insurance, that means making sure you have your 1095 Form. Here’s what you need to know about that form.
If you or your family had health insurance at any point during the year, you will receive a 1095 Form. That includes if the plan was purchased through the Health Insurance Marketplace (also called the federal exchange or a state exchange). It also includes if you received coverage through a group health plan provided by your employer.
In any of these scenarios, you will receive a special tax form called Form 1095-A, 1095-B, or 1095-C. This form helps you fill out your tax return and shows that you had health insurance during the year. Let’s break it down!
What is a 1095 Tax Form?
A 1095 tax form is a document that shows details about your health insurance coverage. It helps you prove to the IRS that you had health insurance and determines if you received too much or too little financial help to pay for it.
Who Sends me the 1095 Form?
Your health insurance company (also called your insurance carrier) will send you this form. It must be postmarked by January 31, 2025. This means that by early February, you should have received it in the mail or through your online insurance account.
What Are the Different Types of 1095 Forms?
There are three types of 1095 forms, and which one you get depends on where you got your insurance:
1095-A: Sent if you had coverage through the federal Health Insurance Marketplace (HealthCare.gov) or a state exchange (like KYnect, CoverME, Massachusetts Health Connector, etc.).
1095-B: Sent if you had coverage from Medicaid, CHIP, or some private insurance companies.
1095-C: Sent if you had employer-sponsored health coverage from your employer.
Why Do I Need the 1095 Form?
This form is important because it helps you fill out IRS Form 8962, which determines if you got the right amount of financial help (called premium tax credits) for your health insurance. If you got too much, you might have to pay some back. If you got too little, you might get more money back in your tax refund!
RELATED POST: What to do with form 1095-A
Why Might I Need the 1095 Form for My State Taxes?
Some states have their own health insurance requirements, and they may ask for proof that you had coverage. If your state has an individual mandate (a law requiring residents to have health insurance), you may need to submit your 1095 form when filing your state taxes. Check with your state’s tax agency to see if this applies to you.
What If I Don’t Get My 1095 Form?
If you haven’t receive your form by now, here’s what you can do:
Check your online account with your insurance provider or the Marketplace.
Call your insurance company and ask if they mailed your form.
Visit HealthCare.gov or your state’s exchange website to check for updates.
Do I Need to Send My 1095 Form to the IRS?
No, you don’t need to mail this form to the IRS, but you should keep it for your records in case you ever need to show proof of your insurance.
Where Can I Get Help?
Taxes can be tricky, but you have options for help!
HealthCare.gov: https://www.healthcare.gov/taxes/
IRS Website: https://www.irs.gov/forms-pubs/about-form-1095-a
Your State’s Health Exchange Website (Search for your state’s name + “health insurance marketplace”)
A tax professional or free tax assistance programs like VITA (Volunteer Income Tax Assistance)
Final Thoughts
Getting your 1095 form is an important part of tax season if you had insurance through a state or federal exchange or an employer-sponsored plan. Look out for it in the mail, use it to complete your taxes, and keep it in your records. If you need help, there are plenty of resources available!
Have more questions? Contact ClaimLinx for help! Our qualified agents are happy to assist. Email agencyadmin@claimlix.com and someone will help retrieve any necessary forms.