changes to "coverage family"

[Steve2391]

If a member of my "coverage family" obtains employment mid-year with full health care benefits:

1) how do I report that to "the marketplace", and

2) how do I compute the new APTC, and,

3) how does that get reported on next year's tax return?

 

[Luddly Neddite]

Why would anyone think an internet message board is the place to ask questions about their healthcare coverage?

But hey, if you want to read what the opinions of others are, there are many threads here to choose from.

 

[Book of Jeremiah]

If a member of my "coverage family" obtains employment mid-year with full health care benefits:

1) how do I report that to "the marketplace", and

2) how do I compute the new APTC, and,

3) how does that get reported on next year's tax return?

I do not know, Steve, but as this is your first post,welcome to the board. Someone here ought to be able to answer your question or point you in the right direction.

 

[Book of Jeremiah]

Why would anyone think an internet message board is the place to ask questions about their healthcare coverage?

But hey, if you want to read what the opinions of others are, there are many threads here to choose from.

Let's be nice. He's a new member.

 

[leftwinger]

3) how does that get reported on next year's tax return?

I remember only checking a BOX stating that I had adequate Health Care for the Tax year. I don't think it was big deal? maybe the INS is sending some secret list to the IRS or something?

 

[Arianrhod]

If a member of my "coverage family" obtains employment mid-year with full health care benefits:

1) how do I report that to "the marketplace", and

2) how do I compute the new APTC, and,

3) how does that get reported on next year's tax return?

What did you do the last time you modified your coverage? Start by contacting your insurer.

 

[Steve2391]

I do not know, Steve, but as this is your first post,welcome to the board.

Thank you

Someone here ought to be able... point you in the right direction.

Thank you. That's what I was hoping for. I've been searching for over an hour and can't find answers to those specific questions.

 

[Steve2391]

What did you do the last time you modified your coverage?

I've never had to do that before.

 

[Arianrhod]

What did you do the last time you modified your coverage?

I've never had to do that before.

Contact your insurance company. They'll certainly be able to help you with 1).

 

[eagle1462010]

If a member of my "coverage family" obtains employment mid-year with full health care benefits:

1) how do I report that to "the marketplace", and

2) how do I compute the new APTC, and,

3) how does that get reported on next year's tax return?

It is considered a life changing event...........and you can change your coverage to suit the new situation.

 

[Steve2391]

I remember only checking a BOX stating that I had adequate Health Care for the Tax year?

The check box on form 1040 is not a problem. Form 8962 is. It's not clear how 8962 would be affected by the change described in the original post. I've read all the relevant IRS documents and they don't seem to address this situation (which seems like a common situation to me).

 

[Steve2391]

Contact your insurance company. They'll certainly be able to help you with 1).

My insurance company is very helpful with policy-related and medical issues. They politely decline to answer marketplace questions.

 

[eagle1462010]

I remember only checking a BOX stating that I had adequate Health Care for the Tax year?

The check box on form 1040 is not a problem. Form 8962 is. It's not clear how 8962 would be affected by the change described in the original post. I've read all the relevant IRS documents and they don't seem to address this situation (which seems like a common situation to me).

You would get another code number for the changes.............His new insurance company would be required to give you the new insurance I.d. number...................Might possibly have to file 2 forms for the year.........either way with no break in coverage you wouldn't be subject to the fines.....................

It would also be whether he is still claimed as a dependent.

 

[eagle1462010]

Contact your insurance company. They'll certainly be able to help you with 1).

My insurance company is very helpful with policy-related and medical issues. They politely decline to answer marketplace questions.

Go to the market place directly................tell them whats up and how to deal with it................you will need to love elevator music.

 

[Steve2391]

It is considered a life changing event...........and you can change your coverage to suit the new situation.

That's what I thought, until I looked it up. Becoming eligible for employee health insurance is not listed as a qualifying event.

Qualifying events that can get you coverage

Do you have a link that lists becoming eligible for employee health insurance as a qualifying event?

 

[Steve2391]

It would also be whether he is still claimed as a dependent.

Right. That's the part I'd like to understand more clearly. For example, would we have to pay back the advanced premium tax credits that were already given during the unemployed period?

Do you have a link where I could read more detail concerning this? I think the secret is buried in form 8962, but detailed explanation of that form, along with examples, is lacking (note: I have carefully read i8962 instructions but they are not as clear and thorough as other tax forms I have used in the past).

 

[eagle1462010]

It would also be whether he is still claimed as a dependent.

Right. That's the part I'd like to understand more clearly. For example, would we have to pay back the advanced premium tax credits that were already given during the unemployed period?

Do you have a link where I could read more detail concerning this? I think the secret is buried in form 8962, but detailed explanation of that form, along with examples, is lacking (note: I have carefully read i8962 instructions but they are not as clear and thorough as other tax forms I have used in the past).

I would call the Market place on this one.............and even send them the question in writing................I'd have to dig into the market place to find those answers myself...............quicker just to call them and see if they can give you the right answer.

 

[Steve2391]

Go to the market place directly................tell them whats up and how to deal with it................you will need to love elevator music.

LOL. Yes, that is a big problem.

The reason I am deferring that as a last resort is threefold: 1) it's all verbal; there's no record of the answer 2) I'm not sure how well vetted and trained are the people who answer the phones. 3) I have found that there is far more potential for misunderstanding in a phone call like that: I have found that asking even a slightly complex question requires a sentence sufficiently long that many people have trouble understanding the question over the phone. And if you try to break it up into smaller bite-sized sentences, you get interrupted before you can finish.

Does anyone know if the marketplace has live online chat, and if so how to access it?

 

[eagle1462010]

Special Enrollment Periods: Enroll in or change 2015 insurance plans

start here and dig...................calling them is a good start................some of them are idiots but not all.

 

[Greenbeard]

If a member of my "coverage family" obtains employment mid-year with full health care benefits:

1) how do I report that to "the marketplace", and

2) how do I compute the new APTC, and,

3) how does that get reported on next year's tax return?

Just log into your account on healthcare.gov. You report changes through there (including "Someone in your household getting an offer of job-based coverage, even if they don’t enroll in it.") It calculates the APTC and it generates the documentation come tax time.