CandleFocus Glossary Editor
Form 1095-B is a health insurance coverage form that individuals, their spouses and dependents must complete. This form is required under the Affordable Care Act (ACA), commonly known as Obamacare, and states the minimum essential coverage required for all individuals to receive health insurance.
In order to receive the form, individuals must be enrolled in a government-sponsored or private health insurance plan such as those offered by employers, the Medicare and Medicaid programs, and the Health Insurance Marketplace. It provides the individuals’ insurance information from the carrier such as insurance type, the relevant dates of coverage, individual details and other essential information.
Form 1095-B must be filed by the provider offering the health care plan as well as sent to the insured individual. It begins to arrive in mailboxes in early February every year and should be held on to by the insured person until filing their taxes. The form is not sent to the IRS, but instead individuals merely check off a box on their tax returns indicating the months they had health insurance coverage during the preceding year.
The information on Form 1095-B is used to prove compliance with the Affordable Care Act requirements. This form replaces the 1040 A series, previously used by the IRS to document health insurance coverage. But unlike the 1040A series, individuals don’t have to submit this form to the IRS.
Form 1095-B is an important document for all individuals with health insurance, as it contains information that must be used to confirm that they meet the ACA mandate to hold minimum essential coverage. The form must be retained until tax returns are filed and is a valuable tool for individuals to check that the provided information is accurate.
In order to receive the form, individuals must be enrolled in a government-sponsored or private health insurance plan such as those offered by employers, the Medicare and Medicaid programs, and the Health Insurance Marketplace. It provides the individuals’ insurance information from the carrier such as insurance type, the relevant dates of coverage, individual details and other essential information.
Form 1095-B must be filed by the provider offering the health care plan as well as sent to the insured individual. It begins to arrive in mailboxes in early February every year and should be held on to by the insured person until filing their taxes. The form is not sent to the IRS, but instead individuals merely check off a box on their tax returns indicating the months they had health insurance coverage during the preceding year.
The information on Form 1095-B is used to prove compliance with the Affordable Care Act requirements. This form replaces the 1040 A series, previously used by the IRS to document health insurance coverage. But unlike the 1040A series, individuals don’t have to submit this form to the IRS.
Form 1095-B is an important document for all individuals with health insurance, as it contains information that must be used to confirm that they meet the ACA mandate to hold minimum essential coverage. The form must be retained until tax returns are filed and is a valuable tool for individuals to check that the provided information is accurate.