Have you heard about the health insurance market place statement? Maybe you’ve heard it called the 1095-A. This is the form you are supposed to get by the end of January or from what I could see at the latest by February 2nd. This form shows you anyone in your household who enrolled in a health plan through the Marketplace whether Federal or your local exchange.
It also tells you about the monthly premiums that was paid to your health plan. There’s a space that tells you the amount of any advance payments of the premium tax credit that were paid to your health plan. Don’t forget. The credit is what lowered your monthly premiums.
Here’s why I am talking to you about this form:
(1) Last week I was explaining to a gentleman that if he had health insurance, he would get this in the mail. Result: I discovered what he had was not insurance. He will be paying the penalty in addition to what he paid this company for what he thought was health insurance.
(2) I was researching the 1095-A and there are several complaints on Healthcare.gov that people have not even gotten their 1095-A. This form is needed in order to complete your tax return. I was on healthcare.gov and one gentleman said he completed his taxes early and didn’t have the form. So they sent his taxes back and told him, he would have to file an amendment. He was not happy to say the least.
(3) Some people have not even been told by they would even receive this form. One young lady today told me she had gotten her form in the mail. Once they did her tax return, they told her that she had to pay a certain amount for getting the subsidy!! HOLD the PHONE!! Yes, she OWED money even though she got health insurance through her local exchange and paid all year.
(4) I’ve seen some complaints from people who have gotten the form and they shared that Section c was wrong as to how much they were given in the form of a subsidy. That means people have to wait to get a corrected 1095-A!! That could take up to 30 days they are being told.
Just imagine if you haven’t completed your taxes for last year, the deadline to enroll in health insurance is February 15. You enroll in health insurance before the deadline and then you discover on March 1, 2015 you OWE money for a miscalculation on the subsidy. What do you believe will happen?
It is a shame that people who were doing the right thing are now having to pay even more money.