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Tax season is upon us, and if you've recently purchased health insurance through the HealthBird platform, you can request it from us.
Understanding this form is crucial for accurately filing your taxes and potentially receiving any premium tax credits you're eligible for. So, let's dive into what Form 1095-A is all about.
What is Form 1095-A?
Form 1095-A, also known as the Health Insurance Marketplace Statement, is a tax form sent to individuals who enrolled in a health insurance plan through the Health Insurance Marketplace (often referred to as Obamacare or the ACA exchange). It provides important information about your health insurance coverage, including details about the plan you selected, the premiums paid, and any premium tax credits received.
Why is Form 1095-A Important?
This form is essential for accurately reporting your health insurance coverage and any financial assistance you received through the Marketplace. It helps determine if you qualify for the premium tax credit, which can lower your monthly premiums and potentially increase your tax refund or decrease the amount you owe.
What Information Does Form 1095-A Contain?
Form 1095-A includes the following key information:
- Recipient Information: This section contains your name, address, and Social Security number.
- Coverage Information: Details about your health insurance coverage, including the name of your insurance company, the policy number, and the dates of coverage.
- Premium Information: This section lists the total monthly premiums for your insurance plan, the amount you paid, and any premium tax credits you received.
- Reconciliation Information: Information needed to reconcile any advance premium tax credits you received with the actual premium tax credit you're eligible for based on your income.
How to Use Form 1095-A for Tax Filing
When you requested and receive Form 1095-A, it's crucial to review it carefully and use the information provided to complete your tax return accurately.
Here's what you need to do:
- Verify Information: Double-check that all the information on Form 1095-A is correct, including your personal details and coverage information.
- Use Form 1095-A to Fill Out Form 8962: If you received premium tax credits, you'll need to use the information from Form 1095-A to complete Form 8962 (Premium Tax Credit). This form will help you reconcile any advance premium tax credits received with the actual amount you're eligible for based on your income.
- File Your Taxes: Include Form 8962 with your tax return when you file your taxes. This will ensure that you receive the correct amount of premium tax credit and avoid any potential penalties for not reconciling your advance credits.
What if I Don't Receive Form 1095-A?
If you purchased your insurance through HealthBird, simply give us a call or email hello@healthbird.com requesting the form.
If you enrolled with other agents, you can still file your taxes using other documentation, such as your monthly premium statements or account information from your Marketplace account.
However, it's essential to reach out to the Marketplace or your insurance provider to obtain the necessary information to accurately report your coverage.
- Request Your Form 1095-A: You can request your Form 1095-A from your HealthBird portal or by contacting us directly. This will ensure that you have all the information you need to complete your tax return accurately.
In other words
Form 1095-A plays a vital role in tax filing for individuals who purchased health insurance through the Marketplace or HealthBird. By understanding this form and how to use it, you can ensure that you receive any premium tax credits you're entitled to and avoid potential tax filing errors. If you have any questions or need assistance with Form 1095-A, don't hesitate to seek help from a tax professional or our Member Concierge.
Remember, staying informed and organized during tax season can lead to a smoother filing process and potentially maximize your tax refund or minimize any tax liabilities.
Managing your medications isn’t too hard when you only have one or two. If you’re taking several, however, it gets tougher to keep them all straight off the top of your head. This is particularly true as we get older. More than 20% of adults in the U.S. over the age of 40 take at least five prescription drugs. Since mixing up doses or forgetting to take a prescription medication can result in dangerous drug interactions, or worse, staying organized is crucial. HealthBird members can easily add their prescriptions to the app to keep track of them, all in one place. Before you do, these are a few strategies to help you be proactive and stay healthy, no matter if you’re on two medications or 10.
Make sure you understand your medication routine
Doctors and pharmacists spend years learning about how medications work. Unless you went to medical school (and if you did, props!), it’s totally understandable to get overwhelmed by long, complicated-sounding medical terminology. If you’re unsure about any element of your medication routine, from the exact dose to the timing, double-check with your doctor. Your pharmacist is also a great resource if you need a quick refresher course on how or when you should take your medication.
Make sure every clinician you go to has a record of all your medications
If you see any specialists in addition to your primary care provider, share all of the medications you’re taking. That way, they can prescribe medications that are safe to take with your existing prescriptions. In the past, that meant either remembering them off the top of your head, bringing them with you, carrying around a list, or requesting records from your other doctors.
Managing your medications with the digital cabinet is so easy, your dog could do it
Assuming your dog doesn’t have thumbs, you’ll have to add your medication to the HealthBird app yourself.
Lucky for you, it’s not hard. Just download the app, click on the digital cabinet button, and select your medications. – And don’t forget to use the HealthBird Rx Card to save money when you do! If you take other supplements and vitamins, you can add those too!
To make it extra easy,
Still have questions? Reach out to our Member Concierge at hello@healthbird.com or call (833) 384-2473.
Signing up for health insurance used to be frustrating, complicated, and confusing. There are so many factors to consider when shopping for a health plan.
What health insurance carrier should I go with?
Is my current doctor covered under my new plan?
Which tier should I select?
How much is the monthly premium?
What about deductibles and copays?
That’s enough information to make anyone’s head spin! Luckily, the HealthBird app makes it so much easier. Just answer a few simple questions, and our AI will curate a collection of the most suitable plans for you. Let’s break it down.
First, answer a few questions about yourself.
Don’t worry, it’s not complicated. To start, just input your:
- Five-digit zip code
- Date of birth
- Gender assigned at birth
- Your spouse and/or dependents, if you have any. You can also specify whether or not they need coverage.
From there, input how many people live in your home and your annual household income to see how much you can save. Depending on your income, you may be eligible for a cost-sharing reduction to lower the cost of your monthly premium. Some applicants are even able to get their health insurance plan for as low as $0 a month– No joke! As long as they meet individual qualifications.
Then, estimate how much you expect to use your healthcare benefits. We only ask because plans with lower copays will help reduce the cost of frequent medical appointments. Your response won’t change the coverage you’re eligible for or raise the price. Next, add any healthcare providers you’d like to visit. We’ll curate a list of plans that your doctor of choice accepts. If you have any medications, add them during this step, and we’ll show you which plans cover them.
Next, review your health plan options
After all questions are complete, HealthBird will whip up a list of plans based on your answers. Each plan summary includes:
- The name of the carrier and plan
- Your monthly premium
- Your deductible and drug deductible
- Applicable copay, primary doctor visits, specialist visits, and generic drugs
- Your out-of-pocket max
Click on each plan to get more detailed coverage information. Maternity care, imaging, emergency care, you name it! You’ll also be able to review links to the provider’s website.
Like what you see? Hit enroll, and you’re almost finished
Congrats! It’s a match. Add your email address and agree to the terms and conditions. Make sure that all information within your application is honest and accurate. You will have to share your personal information, including your full name, Social Security Number, address, and provide proof of your identity using your driver’s license or passport, along with a few other details.
After you’ve input your information, you’ll get a summary of your plan benefits and costs. If everything looks good, submit your application, and you’re good to go! Benefits typically kick in on the first day of the month following plan selection, so if you sign up on January 15th, you can start using your benefits starting on February 1st. If you enroll on January 16th, then the plan will begin on March 1st.
Still have questions? Reach out to our Member Concierge at hello@healthbird.com or call (833) 384-2473.