From: Ruth Acton
Columbus
If you work for an employer who provides health insurance, then you are receiving subsidies that help pay the premium. The company pays the major portion of the premium and the employee pays some. Both are pretaxed so it doesn’t affect the employees income. On your W2 in Box 12 with the code of DD is the total cost of health insurance coverage provided.(includes company and employee portion).
If you have insurance with the ACA, you may receive some subsidy, (also called Advanced Premium Tax Credit).
This APTC received has to be reconciled with the income on your personal income tax return. If your income is less than what you had told the ACA when you applied, then you could receive some additional PTC with your tax return.
However, if your income is more, than you will have to pay back some or all of the APTC that you received. If your income changes over the year, you are responsible for letting the ACA know so they can adjust the APTC.
The APTC goes to the insurance company not the individual.
The IRS has the Social Security number of each person who has ACA coverage flagged. If the 1095A form information for that person is not included with the tax return, then the tax return is rejected.
If the return is not filed, then this could disqualify them for coverage the next year.
Go to Healthcare.gov and put your family information in and see how much your premiums would be and the plans available to you. Some have very large deductibles. You don’t have to put in personal info, just income, number of dependents, zip code, and age.
