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10 Quick Things You Need to Know About ACA Forms

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ACA, health care, obamacareWith the start of the New Year brings new opportunities, new challenges…and new deadlines. With a few coming up that are related to the Affordable Care Act, this serves as a refresher about certain health care forms you’ll need to submit (if applicable).

Under the ACA these entities must submit information returns to the IRS and individuals reporting on health coverage:

  • Insurance companies
  • Self-insured companies
  • Large companies (Employers with 50 or more full time equivalent employees)

You can use the information on these forms when filing tax returns to verify the months you’ve had minimum essential coverage. This will determine if you satisfied the individual shared responsibility provision of the ACA. The IRS will use the information on the statements to verify the months of coverage.

So, here are some quick points about the types of forms and upcoming deadlines:

Form 1095-C: Employer-Provided Health Insurance Offer and Coverage

1. This form is filed by applicable large employers (ALEs). An ALE generally employs 50 or more full-time employees, including full-time equivalents. ALEs will send this form to certain employees with information about what coverage the employer offered.

2. If you’re an employer that self-insures your medical coverage, send this form to the employees  you cover and include information about the dependents covered under the plan as well.

3. Form 1095-C is submitted to the IRS with Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns.

4. Deadline for filing this form with the IRS: February 28, 2017 or March 31, 2017 if filing electronically.

5. Deadline for furnishing the form to the employee: March 2, 2017 (which is a 30-day extension from the original due date of January 31).

Form 1095-B: Health Coverage Information Return

6. This form is filed by providers of minimum essential coverage and includes employers that are not ALEs, but who offer employer-sponsored self-insured health coverage.

7. Form 1095-B is used to report information  about each employee and any dependents enrolled in coverage. The form is sent to the person identified as the responsible individual on the form.

8. This one should be submitted to the IRS with Form 1094-B, Transmittal of Health Coverage Information Returns.

9. Deadline for filing with the IRS is February 28, 2017 or March 31, 2017 if filing electronically.

10. Deadline for furnishing the form to the employee: March 2, 2017 (which is a 30-day extension from the original due date of January 31).

Though signups for our ACA Compliance Navigator are now closed for 2016 filing, click here to learn more about how we can help you with next year's filings!

Disclaimer: Please note that this is not all inclusive. Our guidance is designed only to give general information on the issues actually covered. It is not intended to be a comprehensive summary of all laws which may be applicable to your situation, treat exhaustively the subjects covered, provide legal advice, or render a legal opinion. Consult your own legal advisor regarding specific application of the information to your own plan.  

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