How to Obtain Health Insurance Proof for Tax Filing

How to Obtain Health Insurance Proof for Tax Filing

As tax season approaches, it's important to have all the necessary documentation in order to file your taxes correctly. One such document is proof of health insurance coverage. If you purchased health insurance through the Healthcare Marketplace, you will receive a Form 1095-A. But what if you have health insurance through your employer or another source? Here's how you can obtain proof of health insurance fortax filingpurposes.

Contact Your Insurance Provider

The first step is to contact yourinsurance providerand request a copy of yourproof of coverage. This can typically be done over the phone or through the insurance provider's website. Be sure to request a form that specifically states the dates you were covered under the plan, as well as any dependents who were covered.

Check Your Online Account

Many insurance providers now offer online portals where you can access your insurance information, including proof of coverage. Log in to your account and look for a section that includes tax forms or documents. You may be able to download your proof of coverage directly from the website.

Look for a Letter or Email

Your insurance provider may have already sent you a letter or email that includes your proof of coverage. Check your mailbox and email inbox for any correspondence from your insurance provider related to your coverage. If you can't find anything, contact your insurance provider and request a copy.

Employer-Sponsored Coverage

If you have health insurance through your employer, your employer may provide you with a Form 1095-C instead of a Form 1095-A. This form should be sent to you by your employer by January 31st. If you have not received it, contact your employer's human resources department.

What to Do If You Don't Have Coverage

If you did not have health insurance coverage for any portion of the tax year, you may be subject to apenaltyunless you qualify for an exemption. The penalty for not having coverage in 2020 is $695 per adult or 2.5% of your household income, whichever is higher. If you're unsure whether you qualify for an exemption, consult a tax professional or visit healthcare.gov.

Insurance and Financial Planning

Having health insurance is not only important for tax purposes, but also for your overall financial well-being. Unexpected medical bills can quickly add up and lead to financial hardship. In addition to health insurance, it's important to consider other types of insurance, such as life insurance and disability insurance, to protect your family and your income in case of unforeseen circumstances. Consulting with a financial planner can help you determine the best insurance options for your individual needs and budget.