Understanding ACA Health Insurance: A Guide to 1095-A Forms

The Affordable Care Act (ACA) has introduced a number of changes to the way health insurance is purchased and used. One of the most visible changes is the requirement for insurance companies to issue a 1095-A form to their customers. This form is used to report the amount of health insurance premiums paid during the year, as well as any subsidies received through the ACA.

What is a 1095-A Form?

The 1095-A form is a tax document that reports the following information:

The name and address of the health insurance company
The name and address of the policyholder
The policyholder’s Social Security number
The amount of health insurance premiums paid during the year
Any subsidies received through the ACA

Who Gets a 1095-A Form?

All individuals who have purchased health insurance through a marketplace or directly from an insurance company are eligible to receive a 1095-A form. This includes individuals who have purchased individual or family health insurance plans, as well as those who have purchased employer-sponsored health insurance plans.

When Will I Receive My 1095-A Form?

Insurance companies are required to mail 1095-A forms to their customers by January 31st of each year.

What Should I Do With My 1095-A Form?

Once you receive your 1095-A form, you should review it carefully to ensure that the information is correct. If you have any questions about the form, you should contact your insurance company.

You will need to include the information from your 1095-A form on your federal income tax return. This information is used to calculate any premium tax credits that you may be eligible for.

What if I Don’t Receive a 1095-A Form?

If you do not receive a 1095-A form by January 31st, you should contact your insurance company. You can also download a copy of the form from the IRS website.

Importance of the 1095-A Form

The 1095-A form is an important document that can help you save money on your health insurance premiums. By understanding the information on this form, you can ensure that you are receiving all of the benefits that you are entitled to.

If you need help with any related ACA health insurance inquiries, it’s highly recommended to seek assistance from a licensed agent. They can help you understand your options and make the best choices for your situation. Don’t hesitate to reach out to them for personalized guidance and support.