Saturday, November 21, 2015

Healthcare Coverage

For Your Information… Open enrollment for coverage through the Health Insurance Marketplace The open enrollment period to purchase health insurance coverage for 2016 through the Health Insurance Marketplace runs from Nov.1, 2015, through Jan. 31, 2015. Enroll by Dec. 15, 2015 to have coverage effective Jan. 1, 2016. Q. What documentation or proof of insurance coverage do I have to submit with my return? A. You do not need to attach documentation or proof of insurance coverage to your tax return. If you had coverage for yourself and everyone in your household for the entire year, you or your preparer will check a box on your tax return. Although nothing in the IRS rules or regulations require you to provide proof of coverage at the time you file, if you have documents that verify your coverage, you should show them to your tax preparer. The IRS will follow its normal compliance approach to filed tax returns, and may ask you to substantiate the information on your tax return, therefore you should keep these documents with your tax records. Learn more about the types of documents you should keep at our Gathering Your Health Coverage Documentation page. Q. Does everyone need to have health insurance coverage? A. The Affordable Care Act requires you and each member of your family to have basic health coverage (called minimum essential coverage), qualify for an exemption from the requirement to have coverage, or make an individual shared responsibility payment when you file your federal income tax return. If you are not required to file a tax return and don’t want to file a return, you do not need to file a return solely to report your coverage or to claim an exemption. Visit our Individual Shared Responsibility Provision page for information about what coverage qualifies, and our Exemptions page for details about who is eligible for an exemption from the requirement to have coverage. MTS will be reopening its doors the last week of December to give you quotes on your return. For more information on Healthcare Coverage to to this link.