Smart Benefits: Draft 2015 Forms Released for ACA Reporting
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Monday, July 20, 2015
Rob Calise, GoLocalWorcester Business/Health Expert
Starting early next year, employers with 50 or more full-time employees and insurers must report on their health coverage to satisfy ACA requirements that (1) individuals have required minimum essential coverage, (2) those who request premium tax credits are entitled to them, and (3) large employers are meeting their shared responsibility (play or pay) obligations.
Employer reporting in 2016 will be based on coverage offered in 2015. On June 16, the IRS issued draft 2015 1094-C and 1095-C forms that employers will use to report, which are largely the same as the 2014 forms. A few minor notable changes include on the new 1095-C form include:
• The draft Form 1095-C contains a new field titled “Plan Start Month,” which is optional for 2015, according to the draft. Filers can choose to add this field and provide plan year information, add the field and enter “00” or leave the new field out. For 2016 and later, this field will be required.
• The draft form 1095-C includes a continuation sheet if filers need to report coverage for more than six individuals.
• While the indicator codes in Part II, line 14, of Form 1095-C remain the same for 2015 as in 2014, the draft indicates two additional codes, if applicable, will need to be included in 2016 and later to indicate to the IRS and full-time employees that the employer’s offer to spouses is conditional.
More information about reporting on Form 1094 and 1095 can be found on the IRS FAQ here.
Rob Calise is a founding partner of Cornerstone Group, where he helps clients control the costs of employee benefits by focusing on consumer driven strategies and on how to best utilize the tax savings tools the government provides. Rob serves as Chairman of the Board of United Benefit Advisors, and is a board member of the Blue Cross & Blue Shield of RI Broker Advisory Board, United HealthCare of New England Broker Advisory Board and Rhode Island Business Healthcare Advisors Council. He is also a member of the National Association of Health Underwriters (NAHU), American Health Insurance Association (AHIA) and the Employers Council on Flexible Compensation (ECFC), as well as various human resource associations. Rob is a graduate of Bryant University with a BS in Finance.
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