Don’t Lose Your Health Insurance Savings — Why Doing Your Taxes Matters More Than You Think
Keep ACA savings — file taxes with 1095-A & 8962
If you or someone in your household has a health plan through the Health Insurance Marketplace (also known as Obamacare), this is for you.
Every year, thousands of people lose their health insurance savings because of one simple mistake: not filing their taxes correctly.
We’re not talking about getting a refund or paying the IRS — this is about keeping your low monthly premiums.
The Catch: Form 8962 and 1095-A
1095-A Sample Form
When you get financial help (called a Premium Tax Credit) to lower the cost of your health insurance, the IRS wants to make sure the numbers are right. To do that, you must:
File your taxes every year, even if you don’t normally file.
Include Form 8962 (Premium Tax Credit form).
Use the 1095-A form you received from the Marketplace to fill out Form 8962.
If you skip this step — even by accident — the IRS will notify the Marketplace, and you could lose your subsidy for the following year. That means your insurance premium could skyrocket, or you may lose coverage altogether.
Real Talk: We’ve Seen It Happen
At Doctor Insurance One, we help hundreds of clients each year with ACA plans, and we’ve seen it firsthand. Clients who didn’t know they had to file these forms ended up paying full price or even getting dropped. It’s avoidable — and that’s why we’re raising the flag now.
What You Should Do
Talk to your tax preparer and make sure they know you have a Marketplace plan.
Bring your 1095-A to your tax appointment (or download it from HealthCare.gov).
Double-check that Form 8962 is included before you file.
And if you missed it last year — you may still be able to fix it by filing an amended return.
We’re not tax professionals, but we are here to help point you in the right direction. Your health insurance depends on it.