Information (1094/1095-C) reporting is used to determine compliance with the Affordable Care Act’s “individual mandate”. While the information reporting requirements are first effective for coverage offered in 2016, the initial deadlines for reporting entities are in 2017.

  1. Are you a reporting entity?
    • Employers with 50 or more full-time employees (including FTEs) are required to report information to the IRS and to their employees about their compliance with “pay or play” under Internal Revenue Code section 6056—even those that qualified for 2015 transition relief from the “pay or play” provisions.
    • Self-insuring (generally includes level funded or profit sharing agreements) employers that provide minimum essential health coverage are required to report information on this coverage to the IRS and to covered individuals under section 6055 of the Internal Revenue Code.

 

  1. Become familiar with information needed for reporting to ensure the necessary information is being captured. Under the general reporting method you will need to collect:
    • The name, address, and EIN of the large employer;
    • The name and telephone number of the large employer’s contact person (this can be any person, whether an employee of the large employer or an agent of the employer acting on the employer’s behalf for purposes of reporting);
    • The calendar year for which the information is reported;
    • A certification as to whether the large employer offered to its full-time employees (and their dependents) the opportunity to enroll in minimum essential coverage under an eligible employer-sponsored plan, by calendar month;
    • The months during the calendar year for which minimum essential coverage under the plan was available;
    • Each full-time employee’s share of the lowest cost monthly premium (self-only) for coverage providing minimum value offered to that full-time employee under an eligible employer-sponsored plan, by calendar month;
    • The number of full-time employees for each month during the calendar year;
    • The name, address, and taxpayer identification number of each full-time employee during the calendar year and the months, if any, during which the employee was covered under the plan; and
    • Any other information specified in forms, instructions, or published guidance.
    • Please note that Ventris clients using the online enrollment system have access to many reporting tools to assist in gathering necessary information. Month to month payroll information is not included.

 

  1. Review the IRS Forms and Instructions to prepare for compliance:

 

  1. Determine which reporting method you will use. The first year you may be eligible for the simplified alternative method, or you will you use the general method of reporting to satisfy the reporting requirements.

 

  1. Consider your options. If you use a third party or payroll company for W2 reporting, check to see if they may have the capability of handling your 1095-C reporting. If you handle payroll in house or your vendor doesn’t support 1095-C reporting Ventris can assist you with other alternatives.

 

  1. Remember to comply with the information reporting deadlines for calendar year 2016.

Section 6055 Deadlines:

    • First information returns must be filed no later than February 28, 2017 (or March 31, 2016, if filed electronically).
    • First employee statements must be furnished on or March 2, 2017 for 2016 only.

Section 6056 Deadlines:

    • First information returns must be filed no later than February 28, 2017 (or March 31, 2016, if filed electronically).
    • First employee statements must be furnished on or March 2, 2017 for 2016 only.

(Note: Forms 1095-B and 1095-C must be electronically filed if the employer is required to file at least 250 of the specific form.)

 

Contact one of our Benefit Advisors or Consultants for assistance and answers.