What is it and what should you do?

  • You may receive a tax form related to your Medicare coverage.
  • Eligible Health Insurance Notice 1095-B should be kept for your records.
  • This form contains important information but does not require any action on your part.

It’s early January and your tax forms from the previous year are starting to arrive. But among the standard tax returns and documentation for deductions, you may also receive a form that deals with health insurance coverage.

This form is not specific to health insurance plans, but you can continue to receive it after you have changed from private health insurance to health insurance. Here’s what you need to know about Form 1095-B.

Qualifying Health Coverage Notice 1095-B is a tax form that was developed in response to a provision of the Affordable Care Act of 2010 (ACA). ACA was phased in over several years, and in 2014 everyone was required to have health insurance through the individual tenure provision.

If you had Medicare Part A or Medicare Part C, you have completed the individual mandate. If you did not have health insurance coverage, you were subject to a penalty, which was calculated as a percentage of your income.

In 2019, the US Department of Justice and federal courts of appeals ruled that the individual warrant was unconstitutional. As a result, the penalty was dropped as of the 2019 tax year. The essential minimum coverage requirement, which set a standard for what health plans should cover, was also dropped, as was the ‘was the penalty for failing to comply with this requirement.

When he sends

1095-B is posted between December 2 and March 2.

What it says

The form describes what form of health coverage you have and reports it to the Internal Revenue Service (IRS).

Why it is used

The IRS imposed a penalty if you did not have health insurance coverage or if your coverage did not meet minimum standards.

How it relates to Medicare

Medicare Part A and Medicare Part C were considered minimum essential coverage under the ACA. If you have one of these plans, the form has been sent to prove compliance with the individual mandate and minimum essential coverage requirements.

Other reasons you would get one

You may also receive a 1095-B if you have received health coverage from an employer or other source at any time during the past year.

While you can continue to receive Form 1095-B, the good news is that you don’t have to do anything about it. You don’t need to fill out anything or send the form anywhere. Just attach it to your other tax documents.

Receiving multiple forms can be confusing, and they usually look the same. The 1095-B is an explanation of the health coverage you had for the previous year. It is not the same as your Social Security benefit statement.

Details of the annual statement of benefits

When he sends

The Social Security Administration’s annual benefit statement is form SSA-1099 / 1042S. It is mailed to beneficiaries each year in January.

What it says

This form describes the benefits you received from Social Security during the previous year.

How it is used

The form provides information on the amount of Social Security income you have collected, which you will report to the IRS when you complete your tax return.

How it relates to Medicare

This form has little to do with your health care or medicare benefits. However, the information can be used to determine income-based eligibility for certain health insurance programs.

advice

If you did not receive this form, you can request a replacement online starting February 1 by calling 800-772-1213 or by contacting your local Social Security office.

  • Tax forms pour in at the start of each year.
  • Some describe important income information, such as your annual Social Security benefit statement.
  • Others, like Qualifying Medicare Notice 1095-B, are now for reference purposes only.
  • If you receive a Form 1095-B, attach it to your other tax forms and save it. You don’t need to send the information anywhere or take any other action.

The information on this website may help you make personal insurance decisions, but it is not intended to provide advice regarding the purchase or use of insurance or insurance products. Healthline Media does not carry on any insurance business and is not licensed as an insurance company or producer in any US jurisdiction. Healthline Media does not recommend or endorse any third party that may be involved in insurance business.


Source link

Comments are closed.