Health Care Law: Information Reporting for Self-Insured Employers

Health Care Law: Information Reporting for Self-Insured Employers


HI I’M MICHELLE AND I WORK FOR THE INTERNAL
REVENUE SERVICE. UNDER THE HEALTH CARE LAW ANYONE WHO PROVIDES
HEALTH COVERAGE TO INDIVIDUALS HAS TO REPORT SOME INFORMATION TO THE IRS AND THOSE INDIVIDUALS
COVERED BY THE PLANS. THIS REQUIREMENT APPLIES TO INSURANCE COMPANIES
AND GOVERNMENT AGENCIES. BUT IT ALSO AFFECTS SOME EMPLOYERS.
NOW SOME PROVISIONS OF THE HEALTH CARE LAW APPLY ONLY TO EMPLOYERS WITH A LARGE WORKFORCE
BUT THIS IS NOT ONE OF THEM. IF YOU’RE AN EMPLOYER WHO PROVIDES SELF-INSURED
EMPLOYER-SPONSORED COVERAGE YOU WILL NEED TO REPORT THAT COVERAGE REGARDLESS OF THE
SIZE OF YOUR WORKFORCE. YOU NEED TO TRACK SOME INFORMATION EACH MONTH
DURING THE YEAR SO YOU CAN REPORT IT AT TAX TIME THE NEXT YEAR.
YOU SHOULD KEEP TRACK OF TWO THINGS FIRST INFORMATION ABOUT THE INDIVIDUALS WHO ENROLLED
IN COVERAGE YOU PROVIDED AND SECOND THE MONTHS YOU PROVIDED COVERAGE FOR EACH INDIVIDUAL.
AT THE BEGINNING OF EACH YEAR YOU’LL PREPARE STATEMENTS FOR THE INDIVIDUALS YOU COVERED
THEN YOU’LL ALSO NEED TO FILE INFORMATION RETURNS WITH THE IRS.
BE SURE TO CHECK THE DEADLINES EACH YEAR FOR REPORTING DEADLINES.
WEEKENDS AND OTHER FACTORS CAN AFFECT THESE DATES.
AND THE DEADLINES DIFFER DEPENDING ON WHETHER YOU FILE THE FORMS ELECTRONICALLY OR ON PAPER.
YOU MUST FILE THE RETURNS ELECTRONICALLY IF YOU HAVE TO SEND THE IRS 250 OR MORE.
THERE ARE TWO DIFFERENT FORMS FOR REPORTING. MOST PROVIDERS AND SMALLER EMPLOYERS WILL
USE FORM 1095-B. BUT IF YOU HAVE 50 OR MORE FULL-TIME EMPLOYEES
INCLUDING FULL-TIME EQUIVALENTS YOU’LL NEED TO USE FORM 1095-C INSTEAD.
THAT’S BECAUSE YOU’RE CONSIDERED AN APPLICABLE LARGE EMPLOYER ALSO KNOWN AS AN ALE.
JUST LIKE OTHER YEAR-END FORMS YOU ALREADY FILE WITH THE IRS SUCH AS W–2sYOU’LL FILE
THESE FORMS USING A TRANSMITTAL. THAT’S EITHER FORM 1094-B or C.
TO FILE ELECTRONICALLY ALSO KEEP IN MIND THERE IS A SPECIAL APPLICATION PROCESS FOR THESE
HEALTH CARE RETURNS. EVEN IF YOU ALREADY FILE OTHER YEAR-END DOCUMENTS
YOU’LL NEED TO APPLY SEPARATELY TO FILE THESE RETURNS ELECTRONICALLY.
TO APPLY USE THE AFFORDABLE CARE ACT INFORMATION RETURNS OR AIR PAGE ON IRS.GOV.
AND TO LEARN MORE ABOUT ANY OF THESE TOPICS BE SURE TO VISIT IRS.GOV/ACA.

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