3 Tips About Marketplace Coverage & Taxes

TIP #1: Consumers should watch their mail for Form 1095-A. It will help them file 2014 federal taxes.

TIP #2: Consumers’ final premium tax credit for 2014 will be computed with their income tax return.

TIP #3: If consumers didn’t have health coverage for part of 2014, they should use Form 8965.

Help Is Available

  • For more information about how the Connect for Health Marketplace will affect taxes, visit HealthCare.gov/taxes or call the Marketplace Call Center at 1-800-318-2596. TTY users should call 1-855-889-4325.IRSlogo
  • Many people who signed up for Marketplace coverage can get free assistance with filling out their taxes. This may include free access to tax software programs or free in-person assistance. For more information, visit IRS.gov/freefile or IRS.gov/VITA
  • If consumers have questions about their taxes, need Form 8962 or Form 8965, or want to learn more about the fee for not having health coverage, they should visit IRS.gov/ACA.

Remaining Non-ACA Health Insurance Plans to Phase Out in 2015

Colorado Department of Regulatory Agencies - Division of Insurance LogoDENVER – The Colorado Division of Insurance (DOI), part of the Department of Regulatory Agencies (DORA), announced that all remaining health insurance plans for individuals and for small employers that do not meet Affordable Care Act (ACA) requirements will not continue into 2016. This decision does not impact grandfathered plans, defined by the ACA as plans with an effective date prior to March 23, 2010.

This means that insurance companies will not continue offering these plans, and consumers will not be able to renew these plans. For 2016, individuals and small businesses that are not enrolled in grandfathered plans must enroll in ACA-compliant plans in order to receive healthcare coverage.

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Division of Insurance Determines Special Enrollment Period Not Required

Colorado Department of Regulatory Agencies - Division of Insurance LogoOn February 20, the federal government announced it would allow an enrollment period related to the tax penalty for consumers in states with health exchanges run by the federal government (healthcare.gov).

Since Colorado’s exchange, Connect for Health Colorado, is not run by the federal government, Colorado can make its own decision in this matter.  After careful review, the Colorado Division of Insurance (DOI), part of the Department of Regulatory Agencies (DORA), determined that it will not allow a special enrollment period for 2015 health insurance coverage for individuals who will have to pay a tax penalty for not having health insurance in 2014. This decision applies to people looking for insurance through Connect for Health Colorado, as well as those seeking health plans on the open market (off the exchange). It is import to remember individuals can apply for Medicaid or Child Health Plan Plus (CHP+) at any time.

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