If you had health insurance coverage through BeWell at any point during 2024 and chose to get a premium tax credit (PTC) in advance to help pay your monthly premiums, you must “reconcile” the tax credits when you file your taxes.
Tax credits are a great way to save money on health insurance throughout the year. And BeWell is the only health insurance marketplace in New Mexico that offers these savings!
If you got too little tax credit over the year, you might get money back. But if you got too much of the tax credit or do not file your taxes with the right forms, you may end up owing money to the Internal Revenue Service (IRS).
You’ll need two important documents when filing your 2024 income tax return: Form 1095-A and Form 8962.
What is Form 1095-A?
The official name of this tax form is 1095-A Health Insurance Marketplace Statement. BeWell sends this form to you. Here is what you’ll find on your form:
- Recipient Information: Your personal details and information about the BeWell plan
- Covered Individuals: Names, social security numbers, and coverages dates for everyone on the plan
- Coverage Information:
- Premiums you paid
- Premium tax credits you used
- Premium(s) of the Second Lowest Cost Silver Plan (SLCSP), which is the plan used to figure out how much PTC your household can get
All the information boxes are numbered, making it easy to transfer the data when you do your taxes. You will need this information to fill out tax form 8962. BeWell also sends this information directly to the IRS.
BeWell mailed out all 1095-A forms in February. If you do not have a physical copy, you can also find a digital version of your 1095-A tax form in your online account profile under “Message Center” or “My Enrollments.”
Read more: FAQs About Form 1095-A and Filing Your 2024 Tax Return
What is Form 8962?
The official name of this form is 8962 Premium Tax Credit (PTC). If you took advantage of advance premium tax credits (APTC) to lower the monthly payments for your BeWell marketplace plan in 2024, you are required to submit the 8962 tax form to the IRS.
You can print or download this form directly from the IRS. The 8962 form guides you through calculating the yearly amount of your premium tax credit. It looks a bit scary, but once you transfer the data from your 1905-A tax form, you will get an idea of how it all fits together.
Make sure you file this important form with your federal income taxes. If you do not, you may not be able to get tax credits in the future.
Read more: Official IRS instructions for Form 8962
Common Questions & Answers
What Does It Mean to “Reconcile” My Premium Tax Credit?
If you bought a plan through BeWell last year and took advantage of an advance premium tax credit (APTC) to lower your monthly payment, you will need to “reconcile” when you file your federal taxes.
This means you will compare two figures:
- The amount of premium tax credit (PTC) you used in advance during the year.
- The premium tax credit you qualify for based on your final income for the year.
The difference between the two figures will determine your refund or tax owed.
Read more: Questions and Answers on the Premium Tax Credit (IRS)
Can BeWell Help Me Fill Out My Tax Forms?
No — BeWell cannot give advice on completing Form 8962 or other parts of your tax return. But we can answer questions about your Form 1095-A. We can also help you determine whether the advance premium tax credit is a good option to help you reduce your up-front costs.
What If I Need a Correction on My Form 1095-A?
If you feel any of the information on your Form 1095-A is in error, please contact BeWell at 1-833-862-3935 or TTY: 711. If your form needs to be corrected or voided, we will issue you an updated Form 1095-A marked as either Corrected or Void.
Do you have questions about your insurance tax forms? Want to learn more about premium tax credits? Connect with a BeWell Certified Assister today.
