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Form 1095-b is a tax form that reports the type of health insurance coverage you have, the dependents covered by your insurance policy, and the coverage period for the previous year. This form is used to verify on your tax return that you and your dependents have at least minimum qualifying health insurance coverage.
• Beginning in fiscal year 2015, health insurance providers and employers with fewer than 50 full-time employees are required to submit 1095-b forms to individuals with health insurance coverage.
• Form 1095-b identifies the person named on the health insurance policy, the employer (if coverage is employer-sponsored), the insurance company, and the persons in the household covered by the insurance.
• Taxpayers can use Form 1095-B as proof that they have the minimum health insurance benefits required by the Affordable Care Act, also known as Obamacare.
• If you receive health insurance through an employer with more than 50 full-time employees, you may receive a 1095-c instead of a 1095-b.
Affordable Care Act Form 1095-b
Under the Affordable Care Act, also known as obamacare, taxpayers must have health insurance coverage. for the tax year prior to 2019, those without coverage or an exemption had to pay a penalty when they filed their tax returns.
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Those who have health insurance that meets the standards of the law can receive Form 1095-b directly from their health care insurer and from employers with fewer than 50 full-time employees (small businesses).
minimum essential coverage
You can receive a copy of Form 1095-b if your insurance provides what the Affordable Care Act calls “minimum essential coverage.” this is the minimum level of benefits that your insurance must provide you by law. The following types of insurance provide minimum essential coverage:
- Any plan sponsored by an employer. this includes employer-sponsored coverage for retirees and “cobra” coverage for former employees.
- government health care plans such as medicare part a, medicare advantage, medicaid, the children’s health insurance program, military tricare, veterans health benefits, and peace corps volunteer plans.
- Health coverage purchased through the “Marketplace”: Web-based federal and state insurance marketplaces established under the Affordable Care Act.
- Any individual health insurance policies you had before the Affordable Care Act went into effect.
- part i identifies the person whose name is on the insurance policy. for an employer-sponsored plan, for example, this would be the employee’s name.
- Part II identifies the employer, if your coverage is employer-sponsored.
- part iii identifies the insurance company providing the coverage.
- Part IV lists the people in your household who are covered by insurance.
- For each name, there is a box to be checked if the person was covered by insurance for all 12 months of the year.
- if that person was not covered for the entire year, there is a box for each month; the months in which the person was covered will be verified.
Your insurer can also tell you if your plan offers minimum coverage.
turbotax tip: Before tax year 2019, those who did not have minimum essential coverage (or an exemption) had to pay a penalty when they filed their tax returns. this is no longer the case.
information about the 1095-b
Form 1095-b provides information about your health coverage. the form consists of four parts: