DENVER (Jan. 29, 2015) – Connect for Health Colorado® is mailing a new tax form to all of its customers who purchased health insurance in 2014 to assist them in completing their federal income tax filings.
The new Form 1095-A, also called a Health Insurance Marketplace Statement, contains information about what those customers paid for health insurance, what tax credit they received and information used to calculate the tax credit.
The statements go to all customers of Connect for Health Colorado, the state’s health insurance Marketplace, whether the customer received a tax credit or not. Three out of five Marketplace customers qualified for tax credits last year, totaling more than $191 Million in savings off their premiums.
Customers will receive the form by regular mail during the first week in February. It will be made available in their online accounts with Connect for Health Colorado at the same time. Additional information about Form 1095-A will be included with the mailing.
“We urge our customers to watch for this important mailing along with other tax-related documents they are receiving at this time of year, check it and set it aside for completing their income tax return,” said Connect for Health Colorado Interim CEO Gary Drews. “This one is new and anyone who enrolled in health insurance coverage through Connect for Health Colorado will need it to complete their taxes.”
Connect for Health Colorado has posted information for its customers at Connectforhealthco.com/resources/tax-info/ and the Internal Revenue Service has provided information about the 1095-A form and other changes to income taxes under the Affordable Care Act at irs.gov
FAQ: Form 1095-A
What is a Form 1095-A?
It is a new tax form that includes:
- Information about anyone in your household who enrolled in a health plan through the Marketplace for 2014.
- How much you paid in monthly premiums to your health and/or dental plan.
- Information about a “benchmark” premium used to compute your premium tax credit.
- The amount of any advance payments of the premium tax credit that were paid to your health or dental plan on your behalf for 2014 — these payments would have lowered what you paid for your monthly premiums if you elected to receive them in advance, as many people did.
Who gets it?
If you or anyone in your household enrolled in health insurance for 2014 through Connect for Health Colorado (the Marketplace), you will receive a Form 1095-A. You will get a Form 1095-A even if you did not receive a tax credit and even if you had Marketplace coverage for only part of 2014. The information is also provided to the IRS by Connect for Health Colorado.
When will I get it?
You will receive it in the mail in early February. At the same time, a copy will be placed in the My Documents section of your Connect for Health Colorado account that you can download and print.
What if I got more than one 1095-A?
- You may get more than one Form 1095-A if anyone in your household switched plans in 2014.
- It also might happen if you had more than one policy covering people in your household during 2014 or if you enrolled in a health and dental plan.
What do I do with it?
When you get the Form 1095-A, make sure the information matches your records. Check things like the start and end dates of your coverage and the number of people in your household. If you think information on your Form 1095-A is incorrect, call 1-855-PLANS-4-YOU (855-752-6749) to find out if you need a corrected form.
You will use information from your Form 1095-A to complete Form 8962, which you will file with your tax return to report any advanced premium tax credits you received or to claim premium tax credits. You keep the Form 1095-A for your records. You can get Form 8962 from the IRS or your tax preparer.
What if I have more questions?
If you have questions about Form 1095-A, or how your health insurance coverage affects your taxes, you can call us at 1-855-PLANS-4-YOU (1-855-752-6749). If you have questions on how to complete your taxes, you can call your local tax preparer or the IRS at 1-800-829-1040. Monday – Friday, 7:00 a.m. – 7:00 p.m. or visit www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions-Home. Additional information will accompany Form 1095-A when it is mailed to you. It’s important to wait for your 1095-A to arrive before you file your taxes and to check the information carefully.
About Connect for Health Colorado
Connect for Health Colorado is a public, non-profit entity established in law by the Colorado General Assembly in 2011. A health insurance Marketplace built just for Colorado, it launched on Oct. 1, 2013 for individuals, families and small employers to compare and buy health insurance and apply for tax credits to help make their insurance more affordable. Customers can shop online; get help by phone or chat from expert Customer Service Center representatives; and find in-person assistance from certified Brokers, community based certified Health Coverage Guides or Certified Application Counselors. The open enrollment period for individuals and families for 2015 coverage is Nov. 15, 2014 through Feb. 15, 2015. For more information: www.connectforhealthco.com