Tax form 1095-A sent to HealthSource RI customers

HealthSource RI, Rhode Island’s state-based health benefits exchange, is sending its customers an important tax document, Form 1095-A, the Health Insurance Marketplace Statement, during February.

HealthSource RI is required to send Form 1095-A to anyone enrolled or had a family member enrolled in health insurance through HealthSource RI during any of 2015. Customers may also download the statement from the ‘Notices’ tab in their secure account at HealthSourceRI.com.

Customers who are covered through their employer or Medicaid will not receive a 1095-A form, but Form 1095-B; for more information, visit: http://www.eohhs.ri.gov/ReferenceCenter/FormsApplications/Medicaid1095-BForm.aspx

HealthSource RI customers who received Advance Premium Tax Credit to lower their monthly premium insurance payment in 2015, or want to claim the premium tax credit at tax time, must file a federal income tax return. Form 1095-A provides the information they will need to complete their return.

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HealthSource RI reports that approximately 27,500 Rhode Island households received federal subsidies to make health care more affordable in 2015. The estimated average amount received was $3,966 per household per year or roughly $330 per month. For every dollar a consumer spent on premiums, the federal government paid $2.25.

HealthSource RI customers will use the information from Form 1095-A and their federal return to complete another tax form, Form 8962, Premium Tax Credit. This form reconciles the difference between the tax credit a customer received and the actual tax credit for which they qualified, based on their actual 2015 income and family status.

If customers received more tax credit than they should have received, they may need to repay the IRS; those receiving too little tax credit may be due a refund. Customers who receive tax credits but don’t file federal income taxes risk losing tax credit eligibility in the following year.

Customers with questions about their Form 1095-A may call HealthSource RI at 1-855-408-1344 or visit the “Help During Tax Season” page of the HealthSource RI website. HealthSource RI staff cannot provide tax advice, but can answer questions about the 1095-A process.

HealthSource RI also encourages customers to ensure they have correctly reported their income to avoid issues during next year’s tax season. Customers may call 1-855-840-4774 to review and adjust their 2016 income now, or report changes to their income or household size as they occur.
Free help in completing income tax forms is available to individuals with low and moderate household incomes ($54,000 or less per year) through the Volunteer Income Tax Assistance program. To find a location, customers may call Rhode Island 2-1-1 or visit http://irs.treasury.gov/freetaxprep/. Persons 50 and older or those with a disability may call AARP Tax Aide at 1-888-687-2277 for a list of sites offering free tax preparation assistance.

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