Know Your Health Insurance Payment History
There is a new report available from your health insurance carrier (such as Anthem) for Affordable Care Act (ACA) participants titled the “Premium Payment History Report.” This health insurance payment history report will show all of your payments, when they were posted to your account, the amount you were billed, etc. It is a great record for your tax preparer in January.
The report will also show your “Amount Due,” which is your net monthly premium (actual minus credits). If this changes, it is noted in this column on the report.
I’ve had to use this report, and a calculator, to explain some of the billing calculations to my clients that are not explained in the various billing statements provided by their health insurance carrier.
Get Your Premium Payment History Report from your Health Insurer
If you are a current Affordable Care Act participant, get this report for your records. Contact your health insurance company (such as Anthem at 855-748-1810) and ask for a Premium Payment History report. The fall is also a good time of year to double-check your health insurance information. If there are changes, self-report recent changes to Healthcare.gov.
The Importance of Self-Reporting Changes to Healthcare.gov
Healthcare.gov encourages you to self-report any income changes or changes in covered individuals. If your income has changed over the last year, now is the time to report it to Healthcare.gov (1-800-318-2596). The changes could affect your available tax credits.
Spring of 2015 was the first tax reporting cycle for ACA participants who were able to use the available tax credits provided by the government to subsidize health insurance expense.
If you have been receiving a larger tax credit due to outdated income information, you will have to repay those tax credits back through the IRS when you file. That is why it is important to self-report those changes now.
Doing a couple small things now, like requesting your payment history and self-reporting changes, can make a big difference come tax season.