Tax time is right around the corner. And if you have health insurance through the Health Insurance Marketplace, you may need to get additional documents for filing your taxes. Here’s what you need to know about health insurance tax returns.
What is an advanced premium tax credit?
When you get health insurance through the Health Insurance Marketplace, the government gives you a discount on the premiums based on your eligibility. These Advanced Premium Tax Credits (APTC) are subsidies provided by the U.S. government to lower your monthly premiums, based on income and other factors.
Just like anything in the financial realm, you need to show any APTCs you’ve used when tax season rolls around. If you have health insurance through the Marketplace and received APTCs, you will get a 1095-A form that shows the premiums you paid and any credits you received to put on your health insurance tax returns. If you used more credits than you were eligible, you may owe the IRS on your annual taxes.
How to find your APTC 1095-A for your health insurance tax returns
If you have health insurance through the Marketplace, you should automatically receive your 1095-A form in the mail no later than mid-February. However, you can also find your 1095-A electronically through Nevada Health Link:
- Go to the Nevada Health Link website
- Log in using your credentials
- Click the Secure Inbox icon in the top right corner
- View and download your 1095-A
You’ll use the information on your 1095-A to file Form 8962 on your health insurance tax returns.
Failure to submit Form 8962 with your tax return could result in losing eligibility for APTC in the future, meaning you’ll have to pay higher premiums on your Marketplace health insurance plan.
Help with your health insurance tax returns
Managing and completing all the forms required to do your annual taxes can be confusing. If you need assistance finding your 1095-A using the Nevada Health Link portal, or if you have any questions about Advanced Premium Tax Credits, contact your broker at Health Benefits Associates.
However, while we may be experts with health insurance, we’re not experts with taxes. If you have questions regarding the information on your 1095-A or completing Form 8962, be sure to reach out to your tax advisor. Failure to complete your health insurance tax returns properly could result in loss of eligibility for credits in the upcoming open enrollment period, meaning higher premiums in the future. Be sure to get your 1095-A and file your taxes before the Tax Day deadline to maintain your credit eligibility.
