This document serves as a record of health insurance coverage obtained through the Health Insurance Marketplace. It contains information about the coverage, including the policy start and end dates, the amount of premium paid, and any advance payments of the Premium Tax Credit (APTC) received to lower monthly premiums. Individuals utilize this record when filing their federal income tax return to reconcile the APTC and determine eligibility for the Premium Tax Credit.
Accurate completion and retention of this record is critical for taxpayers who receive financial assistance to pay for their health insurance. Failing to reconcile advance payments of the Premium Tax Credit can impact future eligibility for such assistance. The establishment of the Affordable Care Act (ACA) in 2010 mandated the creation of health insurance marketplaces and consequently, the issuance of this standardized document to facilitate proper tax reporting related to healthcare coverage.
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