Health Insurance and Your Taxes: We Have Answers to Your Questions

Tax season is on top of us, and we know that brings about a whole list of questions for many of our clients.  Since the Affordable Care Act, these questions have increased, since filing your taxes also involves your health insurance policy and how it relates to your finances.

So, what do you need to know when it comes to filing your health insurance on your 2015 taxes?

To start, you need to know that if your insurance is provided by your employer, you shouldn’t be required to take any further action.  There is usually a box to be checked on your basic tax paperwork, and you shouldn’t be required to file any additional forms.

Now, if your health coverage is not provided by your employer, you either choose not to have health insurance (which means you pay a penalty) or you purchase a policy through an insurance provider or through the marketplace.  If you purchased through the marketplace in 2015, you will be provided a form called 1095-A, which will need to be filed along with all your additional tax paperwork.  Additional forms may be required for those who received financial assistance through the marketplace, or who are exempt from paying the penalty due to hardship, income level, or living abroad.

We hope this clears up some of the common questions about how your health coverage relates to your tax paperwork this season.  If you have more questions, or need help with any of your insurance questions, regardless of whether they are related to taxes, give us a call!  Carroll Marshall Insurance is proud to serve the greater Winter Haven community with personalized service, and we count our clients as friends and neighbors.  We want to make sure you are confident in your coverage, so let us help!

Happy filing!