Are marketplace notice still required?

A: No. If your company is covered by the Fair Labor Standards Act, it should provide a written notice to its employees about the Health Insurance Marketplace by October 1, 2013, but there is no fine or penalty under the law for failing to provide the notice.

Can you claim Marketplace insurance on taxes?

If you buy medical coverage through an insurance marketplace, then premiums would be tax deductible as a medical expense. It is important to note that if you are eligible to enroll in a spouse’s employer’s plan and opt out of that coverage, then you would not be able to take the tax deduction.

What is the new IRS form for health insurance?

Form 1095-A
Health Insurance Marketplaces furnish Form 1095-A to: IRS to report certain information about individuals who enroll in a qualified health plan through the Health Insurance Marketplace.

What is the health insurance marketplace notice requirement under the Affordable Care Act ACA )?

Under the Affordable Care Act, employers are required to provide all new hires with a written notice about the ACA’s health insurance exchanges, which are also known as marketplaces. Employers must provide the exchange notice to each employee, regardless of plan enrollment status or of part-time or full-time status.

What is a marketplace exchange notice?

Information regarding the existence of a new Marketplace, including contact information and a description of services. A statement to inform the employee that he or she may be eligible for a premium tax credit if the they purchase a qualified health plan through the Marketplace and meet other eligibility requirements.

When to report changes in health insurance coverage?

If you enrolled in insurance coverage through the Marketplace, you should report any changes in your circumstances — like changes to your household income or family size — to the Marketplace when they happen. Changes in circumstances may affect your advance payments of the premium tax credit.

Where can I find information about the health insurance marketplace?

Information can also be found regarding eligibility for help with paying premiums and reducing out-of-pocket costs. Each year the Marketplace has an open enrollment period. In addition to the federally-facilitated Marketplace, HealthCare.gov, there are also state-based Marketplaces.

Do you have to claim health insurance on 2016 tax return?

This page applies if you had no health coverage for all or most of 2016. If you weren’t enrolled in qualifying health coverage for all or part of 2016, you must either claim a health coverage exemption or pay a fee with your federal income tax return.

Where can I get my health insurance statement?

If you purchased coverage through the federally facilitated Marketplace and you set-up a HealthCare.gov account, you can get a copy of Form 1095-A, Health Insurance Marketplace Statement online from your account.