Health Insurance & Taxes
SUBMIT YOUR 1095A FORM
If you were enrolled in health insurance through healthcare.gov for any portion of 2020, you should have received Form 1095A. If you don’t have it, you can log in to your account on healthcare.gov to download it or call 800.318.2596 for help.
Form 1095A reports the amount of Advance Premium Tax Credit that you received in 2020 and must be reported on IRS Form 8962 and included with your 2020 federal income tax return.
WATCH FOR healthcare.gov NOTICES
If you get a notice from the Marketplace, PLEASE PAY ATTENTION. After you have filed your tax return, you may be asked to provide additional documentation to verify your income estimates for the current year. If you do not submit the requested information, it may result in the loss of your Advance Premium Tax Credit. Here’s a story regarding this that recently happened to one of our clients.
George, one of our long-term clients, is self-employed. The income that he reported on his tax return was lower than he had originally estimated because he made some equipment purchases at the end of the year. After he filed his taxes, healthcare.gov sent him a request for information to verify the income he had estimated for the current year. He assumed the request was irrelevant because he had already submitted documents BEFORE filing his taxes, so he didn’t respond to the new request. By June, George had lost his Advance Premium Tax Credit and was being billed over $2,000 per month for his health insurance. The story had a happy ending after we were able to help him resolve the situation, but in the interim, he had to deal with the stress of the $2,000 monthly bill and the extra work to fix his account on healthcare.gov.
SPECIAL ENROLLMENT PERIOD
There is a new Special Enrollment Period (SEP) that began on Feb. 15 and continues through May 15. President Biden authorized this SEP to allow anyone that missed the Open Enrollment last fall to get enrolled in health insurance now. This applies to those under 65 years of age who do not have access to coverage through their employer and are not enrolled in government-sponsored programs such as Medicare or Medicaid. This SEP also allows anyone that is enrolled with health insurance through healthcare.gov to change their current plan. This means they can switch from a Bronze Plan to a Silver Plan or change to a different carrier or provider network. If this applies to you or someone you know, ComPro is here to help. To make an appointment, call our office at 402.488.5100.
What can we say? Spring is just around the corner and we’re feeling groovy!
HOW MAY WE HELP YOU?
Our fabulous frontline -Justin, Anne, Lisa, and Morgan (our Operations Team) wear many hats in helping our clients connect the dots of their health insurance. These include setting up appointments, getting questions answered; following up on specific client needs, and even saving lost dogs!
TELL YOUR FRIENDS ABOUT US
Referrals are the best compliment that an agent can receive. Please share our contact info with your friends, co-workers, and anyone else you know that is looking for a trustworthy and experienced agent to assist them with health insurance.