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Additional Health Care Reporting Requirements for Employers —- Introducing the Form 1095-C!

Posted by Admin Posted on Aug 28 2015

Employers who employ 50 or more full time equivalent workers (FTEs) in 2015 are subject to an additional reporting requirement in 2015: the Form 1095-C! This is a form that the employer will provide to the employees in January 2016 detailing the health care coverage for the employee and each of their dependents for each month of 2015. The form will need to include details regarding the employee and their dependents, such as the date of birth and social security number, as well as each month they were covered by the employer’s plan. This form will be used by the employee as proof that they had coverage during that time. It is our recommendation that our large employer clients put in place a recordkeeping system to accumulate this data on a monthly basis starting now, as this requirement will be very burdensome should you try to assemble the entire year’s worth of data in January. Do not expect or depend on your insurance agent or insurance company to handle this filing requirement for you. Some may offer to handle it, but it is an employer requirement, so you will need to follow up to ensure that it is taken care of, as the IRS penalty bill will come to the employer, not the insurance company you thought was handling it for you. Call us for more details on the recordkeeping that needs to be done each month.