Most people do not equate taxes with health insurance, but this is about to change beginning with the 2014 tax filing with the newly required Form 1095-A.

In our February 18th compliance webinar, we’ll talk about how you deal with the 1094 and 1095-B and -C requirements for employers, but in the meantime, employees are receiving 1095-A’s in their mailboxes and may be coming to you with questions.

The form is used for individuals who are enrolled in an individual health plan purchased through the Exchange Marketplace.  The main purpose of the form 1095-A is to help those individuals complete the Form 8962 (Premium Tax Credit).  This new form 8962 is required as part of your tax return if you received premium assistance through advanced tax credit, want to claim the premium tax credit when you file your taxes, or if coverage was NOT obtained to determine exemptions and any applicable penalties.  

Form 1095-A details the people in the household who were enrolled on the medical plan, the number of months covered under the plan(s) sold through the Marketplace, the amount paid in monthly premiums, and how much advance tax credit was applied toward the health plan. 

If any of your employees obtained health coverage through the Marketplace in 2014, they should receive Form 1095-A in the mail by January 31, 2015.  If they had coverage and do not receive the form, an electronic copy is available in the My Documents section of their Connect for Health Colorado online account. 

If any of your employees have lost their Form 1095, or want a new paper copy for any reason, they may call the Connect for Health Colorado Service Center at 1-855-PLANS-4-YOU (855-752-6749) to request a new copy.  Please be advised that a new copy can take up to 15 days to arrive, so any copies requested after April 1 are not guaranteed to arrive by April 15.

Just This email address is being protected from spambots. You need JavaScript enabled to view it. if you have any further questions about the 1095-A forms arriving now.