How To Use Form 1095 A

April 4, 2018 Business No Comments
How To Use Form 1095 A

1095 A or the health insurance market plan statement is a a form which is quite essential from the health insurance coverage point of view. There have been a lot of discussions and confusions on how to use the form 1095 A and about how to find the same online. It is very essential as it gets a bit difficult to actually file the taxes before possessing a proper 1095 A form. More about the same is described in a clearer form in the following sections.

In the most basic terms the aca form 1095 mainly consists of all the information about the marketplace plans that any person in your house might have. Another important point that must be noted about 1095 A plan is that it comes directly from the marketplace and not from the IRS.

How can you find your 1095 A form online?

Getting your 1095 A form online isn’t a difficult task, in fact, it might be available on your healthCare.gov account, either in mid january or early february. If you have reached the point where you have logged in to it, then following these steps will lead you to your 1095 A form: –

Log in to your account on healthCare.gov
Click on the green color button that says “start new application or update an existing one”
Choose the option of “go to my application and coverage” which can be found at the top of the screen.
You will find a tab there which says “your existing applications” select your application of the year.
Select the tab of “tax forms” which is present on the menu.
Now, download all of the 1095 A forms that you can find there

What is there on the Form 1095 A and why do we need it

In simplest terms, the 1095 A form consists of information related to the marketplace plans which includes in itself the premium tax credits used, premium paids and a figure known as second silver cost lowest plan. Some of the reasons why having a 1095 A form are: –
The information present in your 1095 A form will be used for the purpose of filling up of the Form 8962, premium tax credit.
It will be quite useful to you if you once had a marketplace coverage but due to some reasons you did not take advanced payments of the premium tax credits.

How to check form 1095 A for accuracy

There are a number of individuals today that have no clue of how to check whether their 1095 A form is accurate or not. For doing the same, you can follow these steps: –

Read all the instructions present on the back of the form.
Check if the information about you, your coverage and your household is correct in the form.
Ensure that there isn’t an issue in the information related to the second lowest cost silver plan.

A lot of confusions and problems regarding 1095 A have been resolved above. These are few of the tips relating the 1095 A form and using this information you can access, use and check your 1095 A or the marketplace plan for the ongoing year.