Each year, the Marketplace generates a “Health Insurance Marketplace Statement” called a 1095-A for you to use when you file your tax return. The Marketplace also sends a copy to the IRS. Think of the 1095-A as a special kind of W-2 or 1099. It’s a way for the Marketplace to report information about your health insurance plan and any premium tax credits you receive to the IRS for tax purposes.
Your 1095-A will include personal identification information for you and everyone covered on your health insurance plan. It also lists the information the IRS needs to reconcile your premium tax credit, including the:
- Monthly premiums for the health insurance plan you enrolled in
- Monthly premiums for the second-lowest-cost silver plan (i.e., the “benchmark plan”).
- Monthly premium tax credits you received in advance
When you file your tax return, you’ll use your 1095-A to complete Form 8962. Form 8962 calculates your actual premium tax credit and reconciles it with any advance payments you received. Don’t worry. Your accountant and most online tax filing services like TurboTax will walk you through this.
