It’s mid-way through the year and by now you’re probably deep into building your Affordable Care Act (ACA) implementation strategy, including understanding what data is required for Form 1095-C.
Under the new healthcare act, Applicable Large Employers (ALE) with more than 50 full-time employees are required to report annually to the IRS regarding the health care coverage they offer to full-time employees using Form 1095-C.
The new form is separated into three sections: name and address of the employee and employer as well as spouses and dependents of employees, their social security numbers and/or dates of birth, and months of coverage. This is all pretty straight forward, but there is some necessary data that could present challenges, such as Tax Identification Numbers, which we’ll discuss in a follow up blog post.
The second section provides the IRS with health coverage details offered by the employer. It also allows the IRS to understand which employees are eligible for premium tax credits if they chose to purchase health coverage through a health insurance marketplace.
1095-C Employer-Provided Health Insurance Offer and Coverage
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It is doubtful the data elements in the form above are readily accessible. Therefore, choosing a starting point may be helpful to understand just what data you currently track and whether it allows you to derive the necessary data. The earlier that process is started the more time is available to address any gaps or challenges.
Visit 1095-C for more information, including FREE webinar recordings!