If you had an individual or family health insurance plan through the marketplace, you'll want to keep a close watch on your mail box for form 1095-A. You'll need this form when you prepare your 2019 taxes.
Marketplace plans have many names including health exchange, subsidized plans, affordable care act, that health insurance thing, and most commonly, Obamacare. Anyway you want call it, it has been a great health insurance options for local Utah families.
Marketplace plans are affordable for most families, because they receive tax credits to help pay for their premium. Depending on your household size and income, you receive help paying for your monthly health insurance premiums in the form of tax credits. These credits make having affordable health insurance possible for many families.
Watch your mailbox. Every year the marketplace, not the IRS, mails out the 1095-A form to everyone who received tax credits. The from contains:
Your name and names of your household on your health insurance plan
The full price premium amount of coverage you have
Any tax credits you were eligible for
What percentage of tax credits you used
The actual amount of premium payments you paid for health insurance
A figure called “second lowest cost Silver plan” (SLCSP)
You'll use this form to 'reconcile' your tax credits when you file your 2019 taxes. Make sure this form is accurate. If anything about the plan or household is incorrect, please contact your agent right away. For example if you moved, had a baby, changed jobs, got married, etc, please contact your agent right away. Do not contact the marketplace as they may make changes to your current health insurance plan that you do not approve of.
If you file your taxes with a CPA or tax accountant: give the 1095-A form to them, they'll know exactly how to enter the information for you.
If you file your taxes online (like turbo tax): It will walk you through which numbers you need to enter from them form.
If you do not receive the 1095-A: please contact your agent. The marketplace has already started mailing out forms. If you do not receive your form by mid-February, please contact your agent and we can help you get a copy of this form.