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1095 Tax Form - Information about reporting health insurance when filing taxes

***The following is for information purposes only to help you better understand the IRS 1095 forms.  It has been prepared by a licensed health insurance agent and is not meant to replace the advice of your tax professional.*** 

Our mailboxes are filling up with W-2’s, 1099’s and all sorts of other tax forms as we have entered this year’s dreaded tax season.  If you purchased health insurance in 2015 you will notice an additional form in the mail.  This is your 1095.  One of our trusted Idaho Health Insurance agents Stephanie Kellogg has put together this information of what you need to know about your 1095 before you sit down to submit your tax return.

The 1095 Tax Form is used by the IRS to determine if you and your dependents have purchased insurance that is compliant with The Affordable Care Act (ACA).  This form will be used to determine if you are required to comply with the shared responsibility payment, the fee for not purchasing qualified health insurance.

There are 3 different forms that you might receive, 1095-A, 1095-B or 1095-C.

1095-A

The 1095-A is the form for individuals who purchased their coverage through the federal or state market place.  For Idahoans this form will be prepared by and sent to you by Your Health Idaho.  These will be mailed on January 31.  If you have taken a tax credit for your health insurance premium you must have this form when you file your taxes.  The form will contain the following information:

  • You and your dependents names
  • The amount of coverage you have and your monthly premium
  • Any tax credits you were entitled to
  • If you used them for an advanced payment of your insurance premium

Since this is a new process there is likely to be some errors.  Please review your form as soon as received for any possible errors.  If there are errors, the quickest way to resolve them is by submitting an online help ticket at www.yourhealthidaho.org with “1095-A error” in the subject line.

This form will be used to determine if there are any adjustments to be made to your tax credit.

1095-A Update (1/27/2016):  We have just learned that the initial 1095-A forms Your Health Idaho emailed to many of their customers this week have incorrect premium amounts  for the second lowest cost silver plan.  Corrected 1095-A forms will not be e-mailed.  The corrected version of the form will be mailed to you early February.  You need to use the form with the correct premium amount when filing your taxes.  

1095-B

This form will be used by employers with less than 50 employees that offer health coverage, health carriers for individuals that purchased their coverage direct and individuals on Medicaid.  This form will be prepared by your employer, insurance carrier or the department of health and welfare respectively.  If there are errors on your form please contact the entity that prepared your form.

This form will be used to determine if you have purchased Minimum Essential Coverage as outlined by the ACA.  If you had a lapse in coverage during the year you may be required to pay the individual shared responsibility payment for the months you were without coverage.

1095-C

This form is for employers with more than 50 employees.  This will show if your employer offered you and your dependents coverage and if you elected to participate in the coverage.  For errors on this form please contact your employer.

A few other important things to consider:

  • There is an extension for 2015 for employers to file the forms 1095-B and 1095-C to March 31, 2016.  So please note you may not see this in your mailbox until the first part of April.
  • The 1095-B and 1095-C are not required when you file your taxes nor do they need sent the IRS, so you can file your taxes normally without waiting for your paperwork.  Once received keep with your copy of your tax paperwork.
  • Depending on your individual family circumstances you may be receiving multiple forms for example parents receive the tax credit and receive a form 1095-A and children on Medicaid and get form 1095-B, or one spouse receives coverage through employer 1095-B/C and other spouse purchased coverage direct from a carrier receiving a separate 1095-B.

For questions or concerns with the filing of your taxes consult your licensed tax professional.

Still need health insurance or want to find out more options for a policy in Idaho? For questions about obtaining new health insurance in Idaho, contact one of our trusted agents in Coeur d'Alene or Moscow. 

- Paul Kuespert, Panhandle Insurance 208-664-9223

- Stephanie Kellogg, Panhandle Insurance 208-664-9223