Health Care Reform Update
Here’s what you need to know:
You must have medical coverage
The Patient Protection and Affordable Care Act (“PPACA” or “ACA”), better known as “health care reform,” requires you to have health insurance or pay a penalty. This is called the “individual mandate.”
If you and your eligible family members are enrolled in a T-Mobile medical plan, you don’t need to worry. You’ll automatically meet the individual mandate requirement for the months you have coverage through T-Mobile.
Health Insurance Marketplaces are available
The Marketplace is available in every state and allows people to buy health insurance directly from insurance companies. It’s aimed at providing health care insurance for people who don’t have access to employer-sponsored benefits.
While health insurance through the Marketplace will be available to everyone, individuals who purchase coverage through the Marketplace will pay the full cost for this insurance, unless they qualify for a government subsidy.
Premiums for coverage through the Marketplace are also paid on an after-tax basis. That means individuals will miss out on the tax savings from paying for T-Mobile medical coverage on a pretax basis if they choose to enroll in Marketplace coverage instead of the coverage offered by T-Mobile.
Tax Forms 1095-B and 1095-C
You will receive a Form 1095-C, or Form 1095-B if you live in Hawaii, and you or your eligible family members were enrolled in T-Mobile’s medical plan. This form provides you with information about the health coverage offered by T-Mobile and, in some cases, about whether you enrolled in this coverage. You are not required to file a tax return solely because you received a Form 1095-B or 1095-C if you are otherwise not required to file a tax return. The information on these forms may assist you in preparing your return. You can prepare and file your return using other information about your health insurance. The IRS does not issue and cannot provide you with your Form 1095-B or 1095-C. For questions about your Form 1095-B or 1095-C, contact T-Mobile.
For more about health care reform, the Marketplace and the individual mandate, visit healthcare.gov.