The IRS recently updated the Health Insurance Marketplace page on IRS.gov.
The page now has two major sections: one on the 1095-A and what individuals and families can expect at tax time with respect to information about their 2014 Marketplace coverage, including information about how contacting federal and state marketplaces; and one on the current open enrollment period that runs through Feb. 15.
Visitors to the Health Insurance Marketplace also known as the Health Insurance Exchange can find information about and buy health insurance. Information also covers eligibility for help with paying premiums and reducing out-of-pocket costs. State-based Marketplaces also serve those looking to buy insurance.
Purchasers of health care insurance through the Marketplace for 2014 should receive a 1095-A by the end of January. Among other things, the Form 1095-A reports the total monthly health insurance premiums paid to the insurance company selected through the Marketplace and the amount of premium assistance the buyer received in advance payments of the premium tax credit paid directly to the insurer involved.
The page’s chart of state Marketplaces also lists contact information for those with questions about information on the 1095-A.
The open enrollment period to purchase health care insurance for 2015 runs through Feb. 15 (contact the Marketplace at HealthCare.gov to enroll). Enrollees should report any changes in circumstances such as household income or family size to the Marketplace in case these changes create options to use a special enrollment period.
Separately, the IRS ACA Information Center for Tax Professionals spells out Obamacare details for both individual and business clients, including minimum needed coverage, filing requirements credits and payments, the new additional Medicare tax and the NII, and preparer best practices.
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