If you work for a company with 50 or more full-time workers you may receive a form 1095-C, which lets the Internal Revenue Service know whether you’ve been offered health care coverage. But you don’t need to use it to complete your taxes. If you get health insurance through a government marketplace like Covered California, you should receive a 1095-A. David Tucker with the IRS says that could give some taxpayers a credit.
“They’re going to need to have this form 1095-A in terms to be able to reconcile how much of a premium tax credit either they have or how much they were paid if they were getting it as an advance payment to help reduce their monthly premiums,” says Tucker.Consumers who get health insurance through Covered California will have more choices this year. Roy Kennedy with Covered California says two new health insurance companies are part of the exchange. Adults can also obtain dental insurance.
“Adult dental is not a requirement under the Affordable Care Act, but Covered California took it on itself to have this as an offering," says Kennedy. "However, there is no subsidy for dental. This is purchase as an additional option.”
The penalty for adults who go without insurance will increase this year to at least $695 or 2.5 percent of household income, whichever is greater. A recent study found the average household penalty would be 47-percent more this year.