The IRS has released proposed regulations that implement two significant new reporting requirements for employer group health plans. Employers and insurers that provide minimum essential health coverage must report information to the IRS about the coverage provided to each individual for each month, with a copy of the statement to the individual. Employers with at least 50 full-time employees must report additional information to the IRS, with a copy to each full-time employee, to indicate whether the coverage they offer (if any) is affordable and provides minimum value. Both reporting requirements will become effective in 2015. Reporting entities must develop administrative systems and procedures before the effective date so that they will be able to begin collecting the required information in 2015.
Below is summary of the requirements for private employers sponsoring single-employer plans followed by a discussion of the reporting requirements.
Section 6055 Returns | Section 6056 Returns | |
Who Must File | Insurer, for insured plans. Employer, for self-insured plans | Employers with 50 or more full-time employees (regardless of whether or how coverage is provided) |
Form | 1095-B | 1095-C |
Content |
|
|
Additional Content for Notice to Individual |
|
none |
Due Date for Returns | To the IRS: February 28 (or by March 31, if filing electronically).
To the individual: January 31 |
Continue Reading Health Coverage Reporting Rules Create New Burdens for Employers