Orlando Harmon
The Health Insurance Marketplace is a federally operated insurance marketplace where individuals and families can purchase and compare health plans. The Marketplace is primarily accessed at www.healthcare.gov or by telephone. If you purchased health care insurance through the Marketplace, you should receive a Form 1095-A, Health Insurance Marketplace Statement, at the beginning of the tax filing season. This form will include information about your coverage and household, as well as the total monthly health insurance premiums paid to the insurance company. If you need a physical card for your marketplace insurance, you can register and log into your account at your online insurance portal and print out a paper copy.
What You'll Learn
Form 1095-A: Health Insurance Marketplace Statement
If you bought health insurance through a Health Care Exchange or Marketplace, you should expect to receive Form 1095-A, also known as the "Health Insurance Marketplace Statement". This form is sent by the Marketplace annually and includes basic information about your insurance policy, such as the monthly premium and who is covered in your household. It also details any advance payment of premium tax credit that you may have received.
The 1095-A form is important for your tax filings. It is used to complete your income tax filing, adjust any tax credit payments, claim any premium tax credits that may be due, and calculate any tax credit that you are required to pay back if you received too much during the year. To qualify for the premium tax credit, your income must be within a certain range—between 100% and 400% of the federal poverty level.
You should receive Form 1095-A by mail no later than mid-February if anyone in your household had a Marketplace plan in the previous year. It may also be available in your Marketplace account from mid-January to February 1. It is important to ensure that the information on your form is correct and consistent with your coverage and household details. If there are any discrepancies, you should contact the Marketplace Call Center.
The 1095-A form is also used to fill out tax Form 8962, Premium Tax Credit. This form helps you determine if you used the right amount of premium tax credit during the year. You can compare the advance amount you used to the amount you qualify for based on your final income. If you used too much, you will need to repay it through taxes, and if you used too little, you can claim the difference as a credit.
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Health Insurance Marketplace plans
The Health Insurance Marketplace, also known as the Affordable Care Act Marketplace, is a platform where individuals and families can shop for health insurance plans. It is facilitated by the government and provides a range of options for healthcare coverage. The Marketplace is especially useful for those who do not have access to employer-provided health insurance or those who are self-employed.
When enrolling in a health plan through the Health Insurance Marketplace, individuals will receive Form 1095-A, also known as the Health Insurance Marketplace Statement. This form is essential for tax purposes, as it helps individuals and families calculate their premium tax credit and reconcile advance payments. Form 1095-A includes information such as the dates of coverage, total monthly premiums, and the second lowest cost silver plan premium, which is used to determine the amount of the premium tax credit.
It is important to note that changes in circumstances, such as family changes or moving to a new location, should be reported to the Marketplace. These changes may impact an individual's advance payments of the premium tax credit and could make them eligible for a special enrollment period, allowing them to purchase health care insurance outside of the open enrollment period.
The Health Insurance Marketplace offers flexibility and choice, with plans tailored to meet the needs of individuals, families, and small businesses. The Small Business Health Options Program (SHOP) Marketplace, in particular, assists small businesses with up to 50 employees in providing health and dental coverage to their employees. However, some states may extend this to businesses with up to 100 employees.
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Health Insurance Marketplace corrections
If you purchased health care insurance through the Health Insurance Marketplace, you should receive a Form 1095-A, Health Insurance Marketplace Statement, at the beginning of the tax filing season. This form will be available in your Marketplace account from mid-January to February 1. You will not receive this form from the IRS; it will come from the Marketplace.
The information on Form 1095-A will help you complete your federal individual income tax return. Form 1095-A will tell you the dates of coverage, the total amount of the monthly premiums for your insurance plan, and the amounts of advance payments of the premium tax credit. If you chose to have advance payments of the premium tax credit paid directly to your insurance company, you must complete Form 8962, Premium Tax Credit, and file a federal income tax return, even if you are not otherwise required to file.
If you purchased coverage through the federally facilitated Marketplace and set up a HealthCare.gov account, you can get a copy of Form 1095-A online from your account. If you purchased coverage through a state-based Marketplace, you may be able to get an electronic copy of Form 1095-A from your state-based Marketplace account. If you have not received or have received an incorrect Form 1095-A, you should contact the Marketplace from which you received coverage. If the form has errors, the Marketplace will send you a corrected version.
In addition to receiving a Form 1095-A, you may receive other health coverage information forms, such as Form 1095-B and Form 1095-C, which have important differences from Form 1095-A. If you purchased coverage through the Marketplace and have not received your Form 1095-A, you should contact the Marketplace from which you received coverage. You should wait to receive your Form 1095-A before filing your taxes.
Changes in circumstances may affect your advance payments of the premium tax credit. When you report a change in circumstances, you may become eligible for a special enrollment period, which allows you to purchase health care insurance through the Marketplace outside of the open enrollment period.
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Health Insurance Marketplace account access
To access your Health Insurance Marketplace account, you'll need your username and password. If you don't have these login credentials, you'll need to create an account. If you've forgotten your login details, select the "Forgot your password?" link on the login page and follow the instructions.
If you can't remember the answers to your security questions, contact the Marketplace Call Center to unlock your account. After your identity is verified, you'll receive a password reset email within 24 hours. If you set up more than one way to get security codes, you can choose an alternative method to receive a new code and log in.
If you purchased health care insurance through the federally facilitated Marketplace and set up a HealthCare.gov account, you can access your account online. However, if you purchased coverage through a state-based Marketplace, you may be able to access an electronic copy of Form 1095-A from your state-based Marketplace account. Visit your Marketplace website to find out the steps to access your account online.
If you're a New Jersey resident, use GetCovered.NJ.gov instead of HealthCare.gov to shop for and enroll in coverage. If you're a small business owner, the Small Business Health Options Program Marketplace (SHOP) can help you provide health coverage to your employees.
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Health Insurance Marketplace coverage
The Health Insurance Marketplace is a platform for individuals and families to purchase health care insurance. It is also known as the Affordable Care Act Marketplace. If you purchased health care insurance through the Marketplace, you should receive a Form 1095-A, Health Insurance Marketplace Statement, at the beginning of the tax-filing season. This form will be sent by mail or can be accessed through your online Marketplace account. It is important to note that this form is different from Form 1095-B and Form 1095-C, which may also be received for health coverage information.
The Form 1095-A includes information about the dates of coverage, the total amount of monthly premiums for your insurance plan, and the amounts of advance payments of the premium tax credit. This form is used to calculate the amount of your premium tax credit and to reconcile advance payments. The premium tax credit is a tax credit that can be used to lower your monthly insurance payment, and it is important to ensure that the information on Form 1095-A is correct, especially if you have made changes to your household or coverage.
If you purchased coverage through the federally facilitated Marketplace and have a HealthCare.gov account, you can access Form 1095-A online. If you purchased coverage through a state-based Marketplace, you may be able to obtain an electronic copy from your state-based Marketplace account. It is recommended to visit the Marketplace website to understand the steps to access Form 1095-A online. Additionally, if you have not received or have received an incorrect Form 1095-A, you should contact the Marketplace to request a corrected or voided form and amend your return if necessary.
The Health Insurance Marketplace also offers special enrollment periods outside of the open enrollment period. Changes in circumstances, such as family changes or moving, may affect your advance payments of the premium tax credit and make you eligible for special enrollment. The Small Business Health Options Program Marketplace (SHOP) is part of the Health Insurance Marketplace and helps small businesses with up to 50 or 100 employees (depending on the state) provide health and dental coverage to their employees.
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Frequently asked questions
Form 1095-A is a Health Insurance Marketplace Statement that you will receive if you or anyone in your household enrolled in a health plan through the Health Insurance Marketplace. It includes information about the total monthly health insurance premiums paid to the insurance company and the amount of premium assistance received in the form of advance payments.
If you purchased coverage through the federally facilitated Marketplace and set up a HealthCare.gov account, you can access Form 1095-A online from your account. For state-based Marketplace coverage, you may be able to obtain an electronic copy from your state-based Marketplace account. Alternatively, you should receive Form 1095-A by mail no later than mid-February.
If there is incorrect information on your Form 1095-A, you should contact the Marketplace Call Center. They will send you a corrected version if necessary. You may also need to amend your tax return, depending on the nature of the correction.
You should be able to register and log into your account on your online insurance portal. From there, you can print out a paper copy of your insurance card, which will include your group and member ID information.
