What Health Insurance Papers Required for 2015 Tax Filing
Sophia FloerschAs tax season approaches, it's important to know whathealth insurance papersare required for 2015tax filing. Here is a breakdown of the documents you may need to submit when filing your taxes.
Form 1095-A
If you purchased health insurance through the Marketplace, you will receive a Form 1095-A. This form provides information about your insurance premiums, the amount of any advance premium tax credits you received, and the second-lowest cost Silver plan in your area. You will need this form to complete Form 8962, which calculates your premium tax credit.
Form 1095-B
If you have coverage through a health insurance provider or employer, you may receive a Form 1095-B. This form confirms that you had minimum essential coverage for each month of the year. If you received this form, you do not need to complete Form 8962.
Form 1095-C
If you work for an employer with 50 or more full-time employees, you may receive a Form 1095-C. This form provides information about the health insurance offered by your employer, including whether you were offered coverage and the cost of the lowest-cost plan offered to you. You do not need this form to file your taxes, but you should keep it for your records.
Other documents
In addition to the above forms, you may need to provide documentation of other health-related expenses. This includes receipts for medical expenses not covered by insurance, such as copayments, deductibles, and prescriptions. You may also need to provide proof of any contributions to a health savings account (HSA).
Insurance and financial planning tips
As you prepare for tax season, it's also a good time to review your insurance and financial plans. Here are a few tips to consider:
1. Review your current insurance coverage to ensure it still meets your needs. Consider factors such as your health, family situation, and budget.
2. Look for ways to save on insurance premiums, such as bundling policies or increasing deductibles.
3. Consider opening a health savings account (HSA) if you have a high-deductible health plan. HSAs offer tax benefits and can help you save for future medical expenses.
4. Build an emergency fund to help cover unexpected medical costs or other expenses.
5. Work with a financial advisor to develop a comprehensive financial plan that includes insurance, investments, and retirement planning.
By staying organized and informed about the documents required for tax filing, as well as taking steps to improve your overall financial health, you can feel more confident and prepared for the future.
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