Sunday, 2 August 2020

Affordable Care Act Plan

An Affordable Care Act plan (also known as Obamacare) is a health insurance plan sold through HealthCare.gov (or a state Marketplace) that comes in four categories: bronze, silver, gold, platinum. It is also called a Qualified Health Plan (QHP).

You should receive a 1095-A from HealthCare.gov (or your state Marketplace) for any Affordable Care Act plan that you or anyone on your taxes was enrolled in. It's called the Health Insurance Marketplace Statement and provides details of your insurance coverage that you'll need to enter on your taxes, including:

  • Months covered.
  • People covered.
  • Plan premium amounts.
  • How much was paid to your health insurance company each month by the Marketplace on your behalf, which is known as the advance premium tax credit.

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