5 Quick Facts About Health Insurance and Your Taxes

April 5, 2016

It’s tax time! While it may not be your favorite time of year, there are a few things you should know about how health insurance could impact your taxes.

  1. You must tell the IRS whether you had health insurance for the whole year.
  2. If you got financial help to pay for health insurance, you’ll get a form in the mail with info about your financial help. It’s called a Form 1095-A. You should enter this info on your taxes much like you would a W-2.
  3. If your income or family size changed during 2015, that could change the amount of financial help you qualify for. It’s possible that you’ll get a larger refund or owe some money back if either of these situations happened to you.
  4. If you had Medicaid or health insurance through work, you’ll simply check a box saying that you had coverage for 2015.
  5. If you did not have health insurance, you might face a fine of $325 per adult or 2% of your income. If you didn’t have coverage for part of 2015, the fine will be adjusted based on how long you were uninsured. (Some people may not have to pay the fine — learn more about exemptions here.)

If you don’t have health insurance, you should know that the fine increases for 2016. It’s $695 per person or 2.5% of your income — whichever is more. Yikes! Why not see if you could get covered?

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