Jeffrey Wade
The end-of-year insurance form is known as Form 1095. It is an IRS document that provides information about an individual's health insurance coverage for the previous tax year. This form is used to report certain information to the IRS and taxpayers about individuals who are covered by minimum essential coverage and are therefore not liable for the individual shared responsibility payment. Form 1095 consists of several parts, including Form 1095-A, Form 1095-B, and Form 1095-C, each serving a specific purpose related to health insurance coverage.
| Characteristics | Values |
|---|---|
| Purpose | To provide information about health insurance coverage, including who was covered and the coverage effective date. |
| Form Name | Form 1095-B, Form 1095-C, Form 1095-A, Form 8965, Form 8962 |
| Who Receives It | Individuals with health insurance coverage, employees of Applicable Large Employers, individuals with Marketplace coverage, individuals who received a premium subsidy |
| When Issued | By January 31st of each year |
| How Issued | Electronically or on paper, depending on the individual's preference |
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What You'll Learn
Form 1095-A
The form includes information about Marketplace plans that any member of your household may have had in the previous year. This includes the second lowest cost Silver plan, which affects the premium tax credit if it was used to lower your premiums. The "monthly enrollment premium" on Form 1095-A may differ from the monthly premium you paid, and this could be due to your plan including benefits beyond the essential health benefits required by healthcare law, such as adult dental or vision benefits.
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Form 1095-B
The form has four parts: Part I identifies the person whose name is on the insurance policy, which is the employee in the case of an employer-sponsored plan. Part II identifies the employer, if the insurance is employer-sponsored. Part III identifies the insurance company providing the coverage. Part IV lists the people in the household who are covered by the insurance, with a box that can be checked if the person was covered for all 12 months of the year.
While the individual mandate penalty has been discontinued since the 2019 tax year, and there is no longer a requirement to have health insurance, employers still need to report Form 1095-B information to the IRS. This includes reporting whether they provide minimum essential coverage, who was offered coverage, and what coverage employees enrolled in.
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Form 1095-C
It is important to note that Form 1095-C only describes the health coverage that was made available to an employee. A separate form, Form 1095-B, provides details about an employee's actual insurance coverage, including who in the worker's family was covered. Form 1095-B is sent out by the insurance provider rather than the employer, unless the employer is self-insured, in which case they may send Forms 1095-B and 1095-C on a single combined form.
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Form 8962
If you received a subsidy and fail to complete Form 8962 for two consecutive years, you will no longer be eligible to receive subsidies going forward. This form is sent to the IRS and the policyholder by health insurance exchanges such as HealthCare.gov or a state-based exchange, depending on the state.
Form 1095-A will be available online through your exchange/marketplace account in January, and the exchange should also send it by early to mid-February. This form includes details about the marketplace insurance you and your household members had in the previous year.
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Form 8965
Prior to the changes in the Tax Cuts and Jobs Act, individuals who lacked minimum essential health coverage were expected to complete Form 8965 and include it with their tax returns. This form allowed individuals to claim an exemption from the requirement to have health insurance, which was mandated by the Affordable Care Act. By completing Form 8965, individuals could avoid potential tax penalties associated with not having health insurance.
While Form 8965 is no longer necessary for individual tax purposes, it is worth mentioning that other forms related to health insurance coverage may still be relevant. For instance, Form 1095-A, also known as the "Health Insurance Marketplace Statement," provides information about Marketplace coverage and any Premium Tax Credits received. This form is typically provided by the Marketplace Exchange and is used to reconcile premium subsidies on tax returns.
In summary, Form 8965, Health Coverage Exemptions, was previously filed with tax returns by individuals who lacked minimum essential health coverage. However, since the 2019 tax year, this form is no longer required due to the elimination of the individual shared responsibility payment. While Form 8965 itself is not necessary, employers still have reporting obligations regarding the health insurance coverage they offer to their employees. Additionally, other forms related to health insurance coverage, such as Form 1095-A, may still be relevant for tax purposes.
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Frequently asked questions
The end-of-year insurance form is called Form 1095.
Form 1095 is a document that provides information about your health insurance coverage for the previous tax year.
There are three types of Form 1095: Form 1095-A, Form 1095-B, and Form 1095-C. These forms provide information about your health insurance coverage, depending on the type of plan you have.
Form 1095 is typically sent out by the end of January and should be available by mid-February at the latest.
