Demystifying Form 1095-A: What You Need to Know

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Published on
March 13, 2024

Tax season is upon us, and if you've recently purchased health insurance through the HealthBird platform, you can request it from us. 

Understanding this form is crucial for accurately filing your taxes and potentially receiving any premium tax credits you're eligible for. So, let's dive into what Form 1095-A is all about.

What is Form 1095-A?

Form 1095-A, also known as the Health Insurance Marketplace Statement, is a tax form sent to individuals who enrolled in a health insurance plan through the Health Insurance Marketplace (often referred to as Obamacare or the ACA exchange). It provides important information about your health insurance coverage, including details about the plan you selected, the premiums paid, and any premium tax credits received.

Why is Form 1095-A Important?

This form is essential for accurately reporting your health insurance coverage and any financial assistance you received through the Marketplace. It helps determine if you qualify for the premium tax credit, which can lower your monthly premiums and potentially increase your tax refund or decrease the amount you owe.

What Information Does Form 1095-A Contain?

Form 1095-A includes the following key information:

  • Recipient Information: This section contains your name, address, and Social Security number.
  • Coverage Information: Details about your health insurance coverage, including the name of your insurance company, the policy number, and the dates of coverage.
  • Premium Information: This section lists the total monthly premiums for your insurance plan, the amount you paid, and any premium tax credits you received.
  • Reconciliation Information: Information needed to reconcile any advance premium tax credits you received with the actual premium tax credit you're eligible for based on your income.

How to Use Form 1095-A for Tax Filing

When you requested and receive Form 1095-A, it's crucial to review it carefully and use the information provided to complete your tax return accurately. 

Here's what you need to do:

  • Verify Information: Double-check that all the information on Form 1095-A is correct, including your personal details and coverage information.
  • Use Form 1095-A to Fill Out Form 8962: If you received premium tax credits, you'll need to use the information from Form 1095-A to complete Form 8962 (Premium Tax Credit). This form will help you reconcile any advance premium tax credits received with the actual amount you're eligible for based on your income.
  • File Your Taxes: Include Form 8962 with your tax return when you file your taxes. This will ensure that you receive the correct amount of premium tax credit and avoid any potential penalties for not reconciling your advance credits.

What if I Don't Receive Form 1095-A?

If you purchased your insurance through HealthBird, simply give us a call or email requesting the form.

If you enrolled with other agents, you can still file your taxes using other documentation, such as your monthly premium statements or account information from your Marketplace account. 

However, it's essential to reach out to the Marketplace or your insurance provider to obtain the necessary information to accurately report your coverage.

  • Request Your Form 1095-A: You can request your Form 1095-A from your HealthBird portal or by contacting us directly. This will ensure that you have all the information you need to complete your tax return accurately.

In other words

Form 1095-A plays a vital role in tax filing for individuals who purchased health insurance through the Marketplace or HealthBird. By understanding this form and how to use it, you can ensure that you receive any premium tax credits you're entitled to and avoid potential tax filing errors. If you have any questions or need assistance with Form 1095-A, don't hesitate to seek help from a tax professional or our Member Concierge.

Remember, staying informed and organized during tax season can lead to a smoother filing process and potentially maximize your tax refund or minimize any tax liabilities.

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