December 8, 2015|
With the implementation of the American Health Act, there are many things business owners need to be aware of now. One of those is a new filing requirement: Form 1095-C. This form details whether or not the employer provided health insurance for its full-time employees.
If your business has 50 or more full-time employees or full-time equivalents (follow this link to calculate full-time equivalent employees http://www.healthlawguideforbusiness.org/fte-calculator ), and/or are self insured, you are now required to send each of your full-time employees a Form 1095-C, as well as supply the IRS with a copy.
Form 1095-C is intended to assist the IRS in computing the large employer mandate penalty. It will also aid the IRS and employees in determining the employee’s eligibility for the Premium Tax Credit and the applicability of the individual mandate penalty.
Large employers are required to complete Sections I & II, while self insured business must complete all three sections. Many payroll companies are assisting their clients in the generation of this form, or you may find the form at https://www.irs.gov/uac/About-Form-1095-C. There are also several software programs available to assist you. As always, please don’t hesitate to contact our office for information or assistance with this form.