Tax forms mailed to state health exchange consumers

Be on the look out for tax letter from the health exchange.

Residents of Maryland who bought insurance through the Maryland health exchange should expect letters in the mail this week proving they held coverage in 2014, the first year that federal tax penalties apply under the Affordable Care Act.

Officials at the Maryland Health Benefit Exchange said they mailed the letters on Saturday.

The exchange has reported that last year about 81,000 people bought private insurance through the exchange, though about 10,000 dropped the coverage at some point during the year.

Those who received subsidies to pay premiums may be due a refund or may owe money based on changes in their income reported on their return.

The penalty for those who did not have any form of public or private insurance — and were not exempt based on their income, religious beliefs or other reasons — is $95 for an adult or 1 percent of family income, whichever is greater. The penalties rise this year.

Copyright © 2018, The Baltimore Sun, a Baltimore Sun Media Group publication | Place an Ad
36°