Proof of Health Insurance

tax-sign-sm-15457-53DG-1804x2712During this first tax-filing season since the requirement to carry health coverage has been in place, lots of taxpayers are worried about proving they have health insurance. This year there is no need to submit proof with your return, but it is wise to place some type of documentation with your tax return before you file it away at the end of the season.  Doing so will ease your worries if the IRS ever needs to follow up with you for more information.

If you purchase insurance individually, you may have the greatest need to maintain documentation that shows how many months of the year you were covered, the type of coverage, and premiums paid.  Those who are covered through an employer plan or a public program such as Medicare may have an easier task, but should also keep some type of documentation.  You should keep these – as you do other tax records – generally for three years after you file your tax return.

In future years, showing proof of health coverage may become more important, so we might as well start off on the right track with our 2014 tax files. To find other tax-related information about the health care law, visit irs.gov/aca.

~Barb

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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