Have you received a letter from the IRS concerning your health insurance? Have you filed a 2014 tax return extension or simply not filed your 2014 return. Don’t delay. Not filing you taxes may affect your health plan premium. Here is information you may want to consider.
If you do not file your 2014 return by August 31, 2015. You will not be able to qualify for subsidies in 2016. The Marketplace needs the 2014 tax return information in order to substantiate and verify projected 2016 income and subsidy eligibility. If the Marketplace cannot verify income, you will not receive eligible subsidies. This means you will pay the entire cost of the insurance premiums. Because the Marketplace plans are rich in essential health benefits, guaranteed issued, and cover all pre-existing conditions Marketplace ACA plans are naturally high in total monthly premium.
If you are enrolled into a Marketplace ACA health plan and receiving advanced premium tax credits, otherwise known as subsidies, you are required to file annual tax returns. The marketplace sends individuals and families receiving subsidies a 1095-A Health Insurance Marketplace Statement which shows your advanced payments of the premium tax credits made to your insurance company on your behalf. Additionally, you are required to file the 2014 tax return with form 8962, premium tax credit, to reconcile these advance payments of the subsidies. If you have a personal account on the Marketplace, you can download the required 1095-A statement on the www.healthcare.gov website.
If you have questions concerning your 2016 subsidy or health plan options please reach out to one of our Marketplace insurance advisors at Thomas & Associates 904-730-3900or Visit www.irs.gov/ltr5591 for additional information.