Who Provides the 1095 B Form?
The 1095 B form is a crucial document in the United States for individuals who have health insurance coverage through the Affordable Care Act (ACA), also known as Obamacare. This form is essential for taxpayers to determine their eligibility for tax credits and to comply with the individual mandate. But who exactly is responsible for providing the 1095 B form to individuals?
Insurance Companies and Group Health Plans
Insurance companies and group health plans are primarily responsible for providing the 1095 B form to their policyholders. For those who have health insurance through a private insurer, the form is typically mailed out by the insurance company. Similarly, employers who offer group health plans to their employees are required to provide the 1095 B form to each employee covered under the plan.
Marketplace Exchanges
If an individual purchases health insurance through a state or federal health insurance marketplace, the marketplace itself will provide the 1095 B form. The marketplace is responsible for facilitating the enrollment process and ensuring that eligible individuals receive the necessary documentation to comply with tax requirements.
When to Expect the 1095 B Form
Insurance companies and group health plans are required to provide the 1095 B form to policyholders by January 31st of the year following the coverage period. For example, if someone had health insurance coverage in 2022, they should receive their 1095 B form by January 31, 2023. The marketplace, on the other hand, will provide the form to eligible individuals by February 15th of the year following the coverage period.
Importance of the 1095 B Form
The 1095 B form is a critical document for individuals to determine their eligibility for tax credits and to comply with the individual mandate. Taxpayers who qualify for the premium tax credit must report the amount of advance payments they received on their tax return. Failing to provide the 1095 B form may result in penalties or inaccuracies on the tax return.
What to Do If You Don’t Receive the 1095 B Form
If an individual does not receive their 1095 B form by the expected date, they should take the following steps:
1. Contact their insurance company or employer to inquire about the status of their form.
2. Visit the health insurance marketplace’s website to see if they can access a copy of the form online.
3. If the form is still not available, taxpayers can file a tax return without the 1095 B form and request an extension to file. They can then obtain the form and file an amended return if necessary.
In conclusion, the 1095 B form is provided by insurance companies, group health plans, and health insurance marketplaces to help individuals comply with tax requirements and determine their eligibility for tax credits. It is essential to keep track of this form and to follow the necessary steps if it is not received on time.
