ACA Subsidy Calc: How do we verify SLCSP?

[mjohnsonn]

I took a look at the draft Form 1095-A we will be getting since we are getting subsidized insurance. Apparently our health exchanges are supposed to be able to give us the monthly premium for the Second Lowest Cost Silver Plan (SLCSP) for each month during the year and a total on Line 33B.

Our subsidies are highly dependent on the SLCSP. Have we all been keeping track on our exchanges each month during 2014 to see what should show up as the total value at the end of the year? I have not. Even if we have, how do we know that the nitwits putting the exchange together got that number right anyway? They’ve done little correctly so far.

Typically, when we report our taxes and make various entries on our 1040s, we have ways to verify amounts. You know how much your wages were. You know what your dividends and cap gains were. We are just supposed to believe that the 1095-A we get has the correct SLCSP?

Thoughts on how to verify?

[gauss]

Interesting topic.
Here are a couple of starters.

For the states that use the Federal exchange, here is what appears to be a public disclosure of all of the SLCSPs under their jurisdiction. Perhaps something similar exists for the state run exchanges. (Would need to verify if this data is for 2014 or 2015)

For a somewhat indepedent verifification, I would check with the office of your state insurance commissioner. Since they, in general, would need to approve rates in 2014, perhaps they have publicly available records for what the rates were.

Have you been getting an advanced premium credit (APC) all along? Did the exchange tell you upfront what the amount of the APC was -- vs the unsubsidized premium? if so, you may be able to back out the SLCSP given the income that the exchanged used to calculate your APC up front.

-gauss

[pb4uski]

Quote:

Originally Posted by mjohnsonn ...Thoughts on how to verify?

I'm not sure you need to verify. While I agree that we frequently have the means to verify other information reported to us by third parties for tax purposes, I suspect few do. I recall when I was working it was an interesting exercise to reconcile from my YTD gross compensation on my paycheck to the taxable earnings on my W-2 after HSA, 401k, medical insurance, etc. I did it because I'm a bit anal about such things but I suspect for most people it is a leap of faith.

I suspect that few people verify what their mortgage company reports to them as mortgage interest, for example. (Again, I did, but...)

The worst that could happen is that the information provider screws up and you have to file an amended return. I would review information on the form you receive for reasonableness and leave it at that.

[rbmrtn]

The premiums are set on an annual basis (AFAIK), so the SLCSP should stay the same unless you moved to new area.

[scrabbler1]

Quote:

Originally Posted by mjohnsonn I took a look at the draft Form 1095-A we will be getting since we are getting subsidized insurance. Apparently our health exchanges are supposed to be able to give us the monthly premium for the Second Lowest Cost Silver Plan (SLCSP) for each month during the year and a total on Line 33B. Our subsidies are highly dependent on the SLCSP. Have we all been keeping track on our exchanges each month during 2014 to see what should show up as the total value at the end of the year? I have not. Even if we have, how do we know that the nitwits putting the exchange together got that number right anyway? They’ve done little correctly so far. Typically, when we report our taxes and make various entries on our 1040s, we have ways to verify amounts. You know how much your wages were. You know what your dividends and cap gains were. We are just supposed to believe that the 1095-A we get has the correct SLCSP? Thoughts on how to verify?

I had been wondering about this throughout the year, especially after the draft version of Form 8962 came out in July and a link to it was posted in another thread in this forum. Thankfully, the New York Marketplace (Exchange) made the SLCSP was very easy to determine because as part of its subsidy calculator, it showed, in ascending order, the monthly premiums for every Silver Plan in my county. So, all I had to do was pick the second one and Voila, I had it. The only snag was I couldn't seem to print the page for some unknown reason. I pasted that section into a Word file, cleaned up the formatting, then printed it.

The SLCSP for 2015 is already up so I can collect and use that info now.

[sengsational]

Probably will be answered by Publication 974, Premium Tax Credit (PTC). Not released yet, afaik.

[Sue J]

The Form 1095-A is available at HealthCare.gov

Log in and check your messages.

[timmar]

Just logged on healthcare.gov and my 1095 shows $0 for the SLCSP. It also shows $0 for my plan premiums for several months and correct for others.

Anyone else have a problem like this?

[bizlady]

I am wondering if January 2014 premiums had to be paid in December of 2013, do we get to still count that month if we are due a subsidy? (we opted to have our subsides paid with our tax returns)

[scrabbler1]

Quote:

Originally Posted by bizlady I am wondering if January 2014 premiums had to be paid in December of 2013, do we get to still count that month if we are due a subsidy? (we opted to have our subsides paid with our tax returns)

I would surely count it. I didn't see anything on Form 8962 which indicated that the premiums had to be paid in the same year. What would matter for tax purposes is the ability to deduct on Schedule A premiums paid in a different year than the year they apply to. In my case, I paid Jan 2014 premium in early January 2014 but from Feb to Dec 2014 I paid the premiums in the month before. I then got rather lucky when my policy got renewed for 2015 last month. I got a premium notice at the end of December for Jan 2015's premium AND Feb 2015's premium. I paid both months right away before December ended so I could deduct it all on my 2014 tax return. I was already "bunching" my itemized deductions for 2014 and planning to take the standard deduction in 2015 so this bit of good luck will save me about $60 on my 2014 taxes.

Does anyone know when Form 1095 will be available on the NY Marketplace Exchange?

[Texas Proud]

Quote:

Originally Posted by timmar Just logged on healthcare.gov and my 1095 shows $0 for the SLCSP. It also shows $0 for my plan premiums for several months and correct for others. Anyone else have a problem like this?

Where did you find the form I logged in and did not see any link for any type of tax form...

[jwkde]

Did you get a message from healthcare.gov saying that it was available?

If so, when you log in, look in your messages. It should be there.

[timmar]

Texas, I got an email and then it was in my messages when I logged on.

[MBSC]

Quote:

Originally Posted by timmar Just logged on healthcare.gov and my 1095 shows $0 for the SLCSP. It also shows $0 for my plan premiums for several months and correct for others. Anyone else have a problem like this?

My 1095 form has $0 plan premiums for the months I had employer-based coverage prior to retirement. I have $0 SLCSP for all months because I paid the full premium and will claim the premium subsidy as a refund. The instructions for form 8962 state the SLCSP may be incorrect or not listed in some cases.

On the Federal Marketplace, you can find your 2014 SLCSP at the link below. I don't know if it works for states with their own exchange.

Link: https://www.healthcare.gov/taxes/tools/#silverplan

The website allows you to print the results or save them to PDF for your tax records.

[timmar]

SC, thank you! That is exactly what I needed but could not find by myself.

[rbmrtn]

Quote:

Originally Posted by Texas Proud Where did you find the form I logged in and did not see any link for any type of tax form...

It will be in your "messages" link when you first log in. Mine showed up this evening, the numbers agree with what I recorded last year when I enrolled.

[Texas Proud]

Got mine now.... but did not have the silver premium info...


SOOO, went looking on the internet to see what I could find out and low and behold.... sent me here

Thanks for the link gauss

[photoguy]

Quote:

Originally Posted by bizlady I am wondering if January 2014 premiums had to be paid in December of 2013, do we get to still count that month if we are due a subsidy? (we opted to have our subsides paid with our tax returns)

On my 1095 from covered ca, it shows the premium by month of coverage and not when I actually paid the amount.

[Accidental Retiree]

Quote:

Originally Posted by photoguy On my 1095 from covered ca, it shows the premium by month of coverage and not when I actually paid the amount.

Did you get this form in the mail?

[photoguy]

It was available in my inbox when I logged in to covered-ca. Haven't yet received a paper copy.