People who had a Marketplace plan last year and used advance payments of the premium tax credit to reduce the monthly payment, and then they need to adjust while filing 2018 taxes.
2018 Open Enrollment for Marketplace Health Insurance started on last year and ended on December, people who got them registered under this Open Enrollment got extra benefits with the existing health insurance plan. But there were many people who missed the opportunity; the waiting period is now over as the 2019 Open Enrollment ended and the application process has become smothering than before.
Here are some important steps described that must be followed by people who had health insurance plans under 2018 Marketplace health insurance:
Know more about Form 1095-A:
Anyone who has a Marketplace plan in 2018, will get a mail from his/her chosen health insurance company of Form 1095-A, Health Insurance Marketplace Statement by the end of February. Or anyone can download it from their chosen health insurance company’s website. This form can be used in reconciling the premium tax credit.
Check if the Form 1095-A is correct or not:
If there is anything wrong found in the coverage or household, insured person can contact the Marketplace Call Center. Also insured have to confirm that the given information about the “second lowest cost Silver Plan” (SCLSP) is right; and last but not the least please don’t file taxes until the form 1095-A is correct.
Get help, ask more, follow step-by-step instructions and tax forms:
At first look carefully and then choose the situation that can be applied best as per the insured to learn about health coverage and 2018 federal taxes. Insured can also look for free volunteer tax help from the IRS.
After following the above steps insured need to follow two more steps to adjust their 2018 tax filing to reduce monthly payment:
Check Form 1095-A for accuracy:
Always check the coverage and household information in the Form 1095-A, then check SLCSP; if anything wrong is seen just contact with the Marketplace call center.
Adjust 2018 taxes:
After submitting SLCSP premium, check the coverage and household information and if all the things are correct insured is ready to file taxes.
Health is wealth and no doubt freaking for being healthy and fit is become a mania now-a-days; after advanced technologies and lifestyle people get affected easily. People are now-a-days fell ill often and pay a huge amount of money to get rid of that illness, for treatment n good hospitals etc. but spending so much for treatment is not a matter of joke as everyone has not that capability. Health Insurance Policies in today’s scenario works as a support system, but still people should take care of themselves to prevent serious illness. Health Insurance Plans are essential for every person as it gives security and safety to the insured person with various benefits. There are various kinds of health insurance policies such as Individual Health Insurance Plans, Family Floater Plan, Children Insurance Plan, Car Insurance Plan, Mediclaim etc.