We are advising our clients to keep good records of the health insurance. As we know there are forms associated with our health insurance. There are 3 forms expected to be released  to each person with health insurance.

 Form 1095-A, Form 1095-B or Form 1095-C and  Form W-2  and other documentation that may substantiate coverage, such as: Medical bills showing that during the tax year an amount due was paid by a health insurance company (indicates coverage) . Documentation/statement from an employer indicating health insurance coverage ,  Medicare card  and record of advance payments of the premium tax credit.

There are several exemptions that eligible individuals may claim on their tax returns without visiting the Marketplace. Please visit IRS.gov for more information.


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Individual Shared Responsibility Provision


The individual shared responsibility provision requires you and each member of your family to do at least one of the following:

  • Have qualifying health coverage called minimum essential coverage
  • Qualify for a health coverage exemption
  • Make a shared responsibility payment with your federal income tax return for the months that you did not have coverage or an exemption.

For Tax Year 2016, the IRS will not consider a return complete and accurate if the taxpayer does not report full-year coverage, claim a coverage exemption, or report a shared responsibility payment on the tax return. Most taxpayers have qualifying health care coverage for all 12 months in the year, and will check the "Full-year coverage" box on their return.

Find out if you’re eligible for a coverage exemption or must make a payment by using our interactive tool, Am I eligible for a coverage exemption or required to make an Individual Shared Responsibility Payment?.  

You may be exempt if you meet one of the following:

  • The lowest-cost coverage available to you is considered unaffordable
  • You have a gap in coverage that is less than 3 consecutive months
  • You qualify for an exemption for one of several other reasons, including having a hardship that prevents you from obtaining coverage, or belonging to a group specifically exempt from the coverage requirement.