Your Medicare Benefit Tax Statement
The Affordable Care Act (ACA) was passed in 2010. Sometimes called “Obamacare,” the ACA requires Americans to maintain quality health insurance or pay penalties. The IRA waived the tax penalty in 2019. However, they still want to know about your health insurance coverage.
Initially, in 2010 and 2011, there were some hiccups as health insurers scrambled to make their policy offerings ACA compliant. The good news is, we’re well past that point now.
In 2020 and beyond, ACA qualifying health insurance plans include:
- And any private group insurance you purchase or receive through an employer: Blue Cross / Blue Shield, or Kaiser Permanente, etc.
Here, we’ll discuss your Medicare benefit tax statement — form 1095-B. Before we get any farther, know that you don’t need to do anything with the Medicare benefit tax statement, form 1095-B. Just keep it.
Medicare and the IRS Form 1095-B
From 2010 through 2018, folks that didn’t maintain health insurance could have been charged a penalty. Since 2019, there is no fee. Still, the IRS continues to ask people about their health insurance coverage at tax time. Coverage comes with an Original Medicare or Medicare Advantage plan. So, you don’t need to send the 1095-B form to the IRS with your taxes.
Still, hang onto your proof of health insurance in case of future audits from the IRS.
What if You’ve Lost Your Medicare Benefit Tax Statement / Form 1095-B?
If you have Original Medicare (Medicare Parts A & B) and your 1095-B form is damaged or lost, you can get a free replacement by calling Medicare at 800-633-4227.
If you have a Medicare Advantage plan, contact your insurer. Next, look at your insurance card for a customer service phone number. Then, they’ll point you in the right direction. If you’re part of the CoverageCoach family, contact us to get another Medicare benefit tax statement.
If you have a Medicare Supplement plan, you have Original Medicare plus additional financial help. To replace your Medicare benefit tax statement, contact Medicare at 800-633-4227.
Finally, know that Medicare and Medicare Advantage plans meet the expectations of the Affordable Care Act.
Why You Should Keep Your Medicare Tax Benefit Forms
At CoverageCoach, we’re experts at senior health insurance, not politics. However, the details and enforcement of the ACA depend on the president of the USA. A Republican president will likely waive any penalties associated with lack of health insurance. A Democrat will probably re-instate them.
In other words, we guarantee this content is accurate in 2020. But in the future, your Medicare benefit tax statements might become very important! Be sure to keep these forms and bookmark this article if you need to replace lost 1095-B forms in the future.
We hope you’ve enjoyed our digest on Medicare benefit tax forms. We enjoyed writing it! Lastly, in addition to thoughtful, unbiased questions to your Medicare questions, we also offer no-cost, no-pressure Medicare consultations. If you’d like to learn more about Medicare Supplement plans or Medicare Advantage plans, let’s talk.