| Tue, Mar 08, 2016 @ 09:00 AM

Why Did You Get Form 1095-B?

Posted by Medicare Made Clear

affordable care act form 1095-bMedicare mails Form 1095-B, also called the Minimum Essential Coverage Notice, to Medicare beneficiaries every year.

The form serves as proof that you were covered by Medicare Part A (hospital insurance) for all or part of the previous year. Medicare also sends this information to the Internal Revenue Service.

Form 1095-B and the Affordable Care Act

The Affordable Care Act (ACA) requires that people have at least minimum essential health care coverage. People who don’t have it may have to pay a fee. The fee would be assessed as part of their federal tax return.

Medicare Part A meets the required level of coverage set by the ACA. Form 1095-B shows which months of the prior year you were covered by Part A.

There are other types of plans that meet the minimum essential coverage as well. For example:

  • Certain other government-sponsored programs
  • Certain employer-sponsored plans
  • Certain individual market plans

How to Use Form 1095-B

You will use the information from the Form 1095-B to complete a portion of your federal tax return. If you didn’t have Part A for all 12 months of the year, you may have to pay an Individual Shared Responsibility Payment. This fee is payable when you send in your tax return. People who qualify for a health coverage exemption may not have to pay the fee.

You don’t need to submit Form 1095-B with your tax return. Just keep it in a safe place with your other tax records. It’s a good idea to keep the form even if you don’t file a return. You might want to use the Medicare Made Clear SmartOrganizer. It’s an easy way to keep all your important health, home and financial information and papers together in one place.

Conclusion

Each person’s tax and financial situation is different. If you have questions about Form 1095-B or other tax issues, speak to a tax professional about your specific situation.

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For more information, explore MedicareMadeClear.com or contact the Medicare helpline 24 hours a day, seven days a week at 1-800-MEDICARE (1-800-633-4227), TTY 1-877-486-2048.

Resources:

1 2015 Instructions for Forms 1094-B and 1095-B, Department of the Treasury, Internal Revenue Service

Minimum Essential Coverage Notice

 

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