Health insurance can be pricey.
Luckily, you can get a refundable tax credit just for purchasing health insurance through the Marketplace.
Keep reading to find out how you qualify.
What is the Premium Tax Credit (PTC)?
First, individuals and families with low to moderate income homes can receive a refundable credit (meaning you can receive a refund if it exceeds your tax) to afford their health insurance.
In order to qualify for the PTC, you must meet the following: Continue reading “What is the Premium Tax Credit & Am I Eligible?”
An apple a day keeps the doctor away…just not from your paychecks.
There are new tax forms that you should keep your eyes peeled for this year. These are the 1095-A, 1095-B and 1095-C. No need to panic. These forms are mainly for your reference and can be stowed away with the rest of your tax documents until you’re ready to file a tax return for the year. So why are they making a debut in a mailbox near you? Let’s take a look at what they are and how to handle them.
What is each form?
A 1095-A is your Health Insurance Marketplace statement. This provides you with the annual information about your health coverage if you or someone in your family was enrolled in coverage through the Health Insurance Marketplace.
A 1095-B is your Health Coverage statement. This shows you the yearly information about your health care coverage if you, your spouse or your dependents were enrolled in coverage through an insurance provider or self-insured employer.
A 1095-C is your Employer-Provided Health Insurance Offer & Coverage statement. This form will provide you with the yearly coverage offered to you through your employer.
Which form will I get?
You’ll receive a 1095-A if you, your spouse or your dependent(s) were enrolled in health coverage for the year through the Marketplace.
A 1095-B will be coming your way if you and/or your family members received insurance through a health insurance provider. Health insurance providers consist of insurance companies, certain self-insured employers and government agencies that run Medicaid, Medicare or the Children’s Health Insurance Program (CHIP). Continue reading “What to do with a 1095-A, 1095-B and 1095-C”