GOT HEALTH CARE?
More than 75 percent of tax filers will only need to check a box on their income tax return to indicate they had health coverage for all of 2014. However, for those filers who purchased insurance from a health insurance marketplace as part of the Affordable Care Act, or those who decided not to enroll in an insurance plan, there is plenty to think about at tax time.
KEY
DEADLINES:
» Week of Jan. 19 – Tax filing season officially begins » Feb. 15 – Deadline for new coverage enrollment » April 15 – Deadline for tax filing
FOR GENERAL CONSUMERS
» You will need to check a box to indicate you and your family head health insurance all year. » Types of plans that meet the ACA standards.
Most job-based plans (including retiree and COBRA coverage) Medicare Part A or Part C Medicaid The Children’s Health Insurance Program Most individual health plans purchased outside the marketplace Coverage from a parent’s plan
FOR MARKETPLACE CONSUMERS
» You should have received a new tax form — Form 1095-A — in the mail early this month. » It’s very important to wait until receiving the form to file taxes » If you do not receive the form, contact the Marketplace Call Center at 1-800-318-2596. » Check the form for accuracy. » If you received a tax credit to lower monthly premiums, use your 1095-A form to file basic information. » You will need to compare your estimated income from 2014 that you entered when you signed up for health insurance with your actual income. » A smaller refund or the potential to owe back taxes may result from underestimating your income. » If your income or household size changed throughout the year, it can affect the final tax credit amount.
FOR INDIVIDUALS AND FAMILIES WITH NON-MARKETPLACE COVERAGE FOR ALL OF 2014 » You will not receive a form in the mail.
» You will not be required to fill out new forms when you file your 2014 income tax returns.
FOR INDIVIDUALS WITHOUT HEALTH INSURANCE IN 2014 » EXEMPTIONS AVAILABLE ON YOUR TAX RETURN: The cost of coverage was too expensive You were uninsured for a short period of time You experienced a hardship such as the death of a family member or had medical expenses that resulted in substantial debt. » IF YOU COULD HAVE AFFORDED COVERAGE IN 2014, BUT CHOSE NOT TO SIGN UP FOR INSURANCE: You will have to pay a fee based on your income and how many months you didn’t have coverage If no coverage was purchased during the year, the fee is $95 per adult and $47.50 per child who didn’t have coverage in the family. Fee is limited to $285 per family or 1 percent of their income