Form 1095-B, medical coverage, national health insurance, medical plans
Changes To Form 1095-B – What You Need To Know
Form 1095-B, issued to individuals by insurers to show minimum medical coverage under the Affordable Care Act, has created confusion since the act was ruled to be unconstitutional. Changes in tax laws can be intimidating and understanding these changes can alleviate a lot of stress as tax season approaches.
Don’t Be Confused When You Receive Form 1095-B
Despite the Affordable Care Act, also known as Obamacare, being found unconstitutional by a Federal judge in Texas, the IRS still keeps track of who had minimum coverage throughout the year.
Why are you still receiving 1095-B? How do these changes impact you?
Filing Form 1095-B – You won’t actually need to file this form with your taxes. It’s recommended that you keep it for your personal records. Although you won’t be penalized for not having the minimum coverage, the IRS may request verification later
Receiving Form 1095-B – Insurers are still required to issue proof of minimal coverage, so you may still receive Form 1095-B in 2019.
- Repealing Obamacare – Despite the Affordable Care Act being found unconstitutional, Obamacare is still in place and is currently being enforced during the appeals process. Maintaining the minimum coverage is essential while legal proceedings continue.
Understanding What Comes Next For Obamacare
Although we don’t know what the future holds for the Affordable Care Act, it’s crucial to understand how this impacts you and any dependants that may be affected by Form 1095-B.
Beginning in 2019, penalties no longer apply for not having minimal coverage in most states. Residents of New Jersey, Massachusetts, Vermont and the District of Columbia will still be assessed a penalty for not maintaining medical coverage.
Regardless of what the future holds for 1095-B and 1095-C, ACAWise is here to help cut through the complexities of filing these forms each year. Let our support team help keep your stress and confusion to a minimum.