If you have a health insurance plan through BeWell at any point during the year, you will need to “reconcile” your premium tax credits when you file your taxes. In order to do this, you will need Form 1095-A, which will be sent to you by BeWell at the beginning of the tax filing season.
You’ll use the information from Form 1095-A to fill out Form 8962 – Premium Tax Credit. This is how you will find out if there’s any difference between the amount of tax credit you used and the amount you qualify for. More information on Form 1095-A is below.
You will also need to know your Second Lowest Cost Silver Plan (SLCSP) premium. This is the second-lowest priced BeWell health insurance plan in the Silver category that applies to you. You will need this number to figure out the final premium tax credit your tax household qualifies for. A calculator to find this number is included below.
Forms 1095-A and 8962
If you enroll in a health plan through BeWell, you will receive Form 1095-A – Health Insurance Marketplace Statement. This form provides information about your health coverage so you can:
- File your federal income taxes and
- Reconcile the advanced payments of premium tax credits (APTC) you received; or
- Claim a premium tax credit (PTC) if you enrolled in a plan through BeWell without APTC and are eligible for the PTC.
BeWell will also send Form 1095-A to the Internal Revenue Service (IRS) to report your health insurance information for the current tax year.
Second Lowest Cost Silver Plan Calculator
The Second Lowest Cost Silver Plan (SLCSP) is the second-lowest priced BeWell health insurance plan in the Silver category that applies to you. You need to know your SLCSP premium to figure out the final premium tax credit your tax household qualifies for.
Part III, column B of your 1095-A, titled “Monthly second lowest cost silver plan (SLCSP) premium,” should show figures for each month any household member enrolled in a health plan through BeWell. In some cases, the second lowest cost Silver plan (SLCSP) amount may not be included on your Form 1095-A. In this case, use the calculator below to find the premium for your SLCSP.
SLCSP
Calculator
How to Use the Calculator
Step 1: Enter the zip code for your primary residence.
Note: If you moved during the year, you may need to use different ZIP codes for different months. Use the ZIP code of your residential address, not your mailing address, if they are different.
Step 2: Enter the year and month your health insurance plan started.
Note: If you were enrolled in more than one health plan during the year, you will need to select the Enrollment Date based on the time your enrollment started in each plan.
Step 3: Select “Add Member” and enter the first household member’s date of birth. Select “Add Member” until all household members who had coverage in your household have been added.
Note: If you have more than one tax household on your account, you will need to do a separate calculation for each tax household. If you enter a household member by mistake, select “Remove” below their date of birth.
Step 4: Select “Calculate Total.” This is the total SLCSP amount that should be used for each month that you and your household were enrolled in the health plan with the Enrollment Date you entered in Step 2.
Note: If you change the data you entered at the top of the calculator, be sure to select “Calculate Total” again to adjust the total based on the new data.
If You Received Multiple Form 1095-As:
If you received multiple Form 1095-As due to having multiple members of your tax household on the same policy or because your household members were enrolled in multiple plans, be sure to calculate the SLCSP based on the household members’ information listed on each Form 1095-A. You may still end up adding these amounts together when filling out Form 8962.
For example: If you have a household of four, and the parents choose not to enroll in coverage, the household will receive two Form 1095-As (one for each child). Use the calculator above for Child 1 to get a SLCSP for that child’s Form 1095-A, then use the calculator for Child 2 to get a SLCSP for that child’s Form 1095-A.
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