The Affordable Care Act (ACA) that passed in 2010 includes an Individual Shared Responsibility Provision, also known as the Individual Mandate, which fines individuals lacking insurance coverage. You were once required, with some exceptions, to demonstrate health insurance coverage for each month of the previous year. Insurance providers, therefore, would issue Form 1095-B to confirm enrollment of minimum essential coverage through either an insurance provider or a self-insured employer.
Who Uses Form 1095-B?
Health insurance carriers provide Form 1095-B to taxpayers who were enrolled in a minimum essential coverage health insurance plan through either a government program, insurance provider, or a self-insured employer. Medicare Part A is an example of a minimum essential coverage plan.
Types of Form 1095
Aside from form 1095-B, individuals who are insured through an insurance provider or self-insured employer may receive other types of Form 1095. Here are the three main 1095 forms:
Form 1095-B
Health insurance carriers provide Form 1095-B to individuals they insure to confirm you received minimum essential coverage under the Affordable Care Act (ACA).
Form 1095-C
Form 1095-C is provided to taxpayers who work for an organization with 50 or more employees. It may be provided instead of or in addition to Form 1095-B.
Where To Get Form 1095-B
Your insurance provider will send you Form 1095-B if it applies to your situation. Not everyone will receive Form 1095-B. Many people receive health insurance coverage through an employer, so they would instead receive Form 1095-C.
What To Do If You Don’t Receive Form 1095-B
You can file taxes even if you did not receive form 1095-B. Other documentation can be used instead of Form 1095-B to prepare your tax return.
How To Fill Out and Read Form 1095-B
Form 1095-B is completed by your insurance provider. You do not need to fill it out yourself. The form will contain information about your insurance provider, the type of coverage you had, and the months in which you had this coverage.
You Don’t Need To File Form 1095-B
You also need not return the form to the IRS, but you should retain the form for your personal records. However, you should provide the information included on Form 1095-B.
