By Max Friedman
Happy New Year! And with the start of 2016, comes a flurry of tax forms in advance of the April 15 deadline to file tax returns.
This year, everyone can expect a new form known as a Form 1095 with information on health insurance premiums from the past year. Arielle Levin Becker of the Connecticut Mirror provides a guide to these new forms.
Here are some important points:
- This will be the second year that AccessHealth CT sends out 1095-A forms, which are necessary for those receiving Advanced Premium Tax Credits (APTCs) to subsidize their insurance premium costs. AccessHealth CT plans to send these out at the end of January.
- People with coverage from Medicare, Medicaid and some employer-based plans will received 1095-B forms, while those in larger employer based plans and individual plans outside the exchange will receive 1095-C’s. These forms should be sent by the end of March.
- Only those receiving insurance with an APTC through the exchange need to use the form to file their taxes, to reconcile the subsidy they received through the year with their actual annual income. This is because the subsidy was based on their expected income when they enrolled. Exchange customers must file a tax return, even if they would not otherwise do so. Others are encouraged to keep their forms with their other tax records, but only have to check a box on their return saying that they had health insurance coverage, but do not have to provide proof.
Don’t forget, open enrollment through AccessHealth CT for 2016 runs until January 31, and January 15 is the deadline for coverage on February 1.