Be In The Know: Form 1095-A, New Health Care Law, IRS and, You


The new healthcare regulation come with rules for information reporting to the IRS and taxpayers. Section, 36B(f)(3) of the regulation directs exchanges to report to the IRS and taxpayers certain information necessary to reconcile tax credits.

Who is subject to exchange reporting?

The regulation requires that exchanges report information for all individuals who enroll in a qualified health plan. The initial regulation used the term taxpayer and responsible adult to describe an individual who applies to enroll one or more members of their family in a qualified health plan irrespective of whether or not the person requests advance credit payment. However, in their effort to avoid confusion and accommodate nontraditional family structure, the final regulation instead use the term tax filer. Meaning, majority of us who files tax, including corporations, will be receiving a form 1095-A (Health Insurance Market Statement)


What kind of information is being reported?

The regulation requires that exchanges report includes specific data elements such as: name, address and, tax identification numbers or dates of birth if a tax identification number is not available. Also included are: the amount for the premium, as it applies to the enrolled individual. The name of the qualified plan issuer and its employer identification number (EIN); the policy number and other information that enables data association. 

When to expect receipt of a Health Insurance Market Statement, Form 1095-A

The regulation directs exchanges to furnish to each individual who enrolled in a health plan through the exchange, a written statement that includes the information the exchange mist report to the IRS on an annual basis. The deadline for exchanges to furnish to each enrolled individual is – January 31 of the year following the calendar year of coverage.

Effective /Applicable date:

The regulations apply to taxable years ending after December 31, 2013

For more information, visit the IRS website or contact the company that handles your payroll. 

Click on image below to see IRS Form 1095-A and instructions: