Q: What are Health Insurance Premium Tax Credits, Premium Tax Credits, or Advanced Premium Tax Credits?
Tax credits (also known as health insurance premium tax credits, premium tax credits, or advanced premium tax credits) help lower the cost of your monthly health plan premium. If you qualified for tax credits, you had the option to use them in advance to lower the cost of your monthly premium, or you can claim them as a lump sum when you file your tax return.
If you or a household member used tax credits, you must file a federal income tax return.
Q: Who will receive a 1095-A from Washington Healthplanfinder?
Customers enrolled in a Qualified Health Plan will receive a 1095-A. If you were enrolled in more than one plan during the year, you’ll get a 1095-A for each plan. Customers enrolled in a catastrophic health plan will not receive a 1095-A.
Customers enrolled in Washington Apple Health (Medicaid) will receive a 1095-B from the Washington State Health Care Authority. Learn more about the 1095-B.
Q: If I received a 1095-A, what forms do I need to submit with my tax return?
Use your 1095-A to complete IRS Form 8962: Premium Tax Credit.
If you used tax credits to lower the cost of your monthly premium, or you’d like to claim your tax credit as a lump sum, you must file a federal tax return and attach Form 8962.
When you file your tax return, you must use IRS Form 1040, 1040A, or 1040NR. You can’t file with Form 1040EZ.
IMPORTANT! If you don’t file your taxes correctly and on time, you may not be eligible to get tax credits in future years.
Q: What is IRS Form 8962 and what do I need to do with it?
IRS Form 8962: Premium Tax Credit is used to reconcile any tax credits you may have used to lower your monthly premium and to determine if you received the right amount. You’ll use the information on your 1095-A to complete Form 8962.
Q: How can I get my 1095-A?
You’ll receive a paper copy of your 1095-A in the mail from Washington Healthplanfinder. You can also view or print a digital copy of your 1095-A by signing in to your account at www.wahealthplanfinder.org and going to your Message Center.
Q: I forgot to update my household size (such as, getting married or having a baby) last year. What should I do?
After December 31, 2016, we can’t make changes to your 2016 information. Any changes to your household size that you forgot to update can be updated using Form 8962.
Q: Why is the premium amount on my 1095-A different from the premium amount on the bill I get from my insurance company every month?
Premium tax credits can only be used for benefits that are considered essential health benefits (or “EHB”) and may not be used for benefits that are not considered EHB (such as acupuncture).
Your 1095-A provides information so you can either claim your tax credits as a lump sum or to reconcile the tax credits you received in advance each month to help pay for your premium. Because of this, the form only includes the premium amount that covers essential health benefits. EHB rates range between 96.55% and 100% of your monthly premium, depending on your plan.
Q: What if information is incorrect or missing from my 1095-A?
The most common reasons a 1095-A needs to be updated include:
- Incorrect coverage dates (start date, end date, number of months covered, etc.)
- Incorrect tax credit amount
If you think there’s an error on your 1095-A, submit a correction request online.
Q: I also got a 1095-B or 1095-C. How are those different from my 1095-A?
If you or a household member were covered by another program other than a Qualified Health Plan through Washington Healthplanfinder, you may also get a 1095-B or a 1095-C.
If you were enrolled in Washington Apple Health (Medicaid), you’ll receive a 1095-B from the Washington State Health Care Authority. Learn more about the 1095-B.
All 1095 forms indicate the type of coverage you had last year. Follow each forms instructions so you file your tax return correctly.
Q: How do I know if I was enrolled in a catastrophic health plan?
If you were enrolled in a catastrophic health plan, you won’t receive a 1095-A. Instead, you should check a box on your tax return to confirm that you had minimum essential coverage.
Below is a list of the 2016 catastrophic health plans:
- Group Health Core Basics Plus Catastrophic Plan
- Health Alliance Northwest Summit 6850 Catastrophic
- Kaiser Northwest KP WA Catastrophic 6850/0
Last updated 1/24/17