As an employer who offers a group health insurance plan, you have several responsibilities when it comes to Affordable Care Act (ACA) reporting. Here are some key things to keep in mind:
- Distribute 1095 Forms to Employees: You are required to provide your employees with a Form 1095-B or 1095-C by January 31st each year. This form provides information about the health insurance coverage you offered to your employees in the previous year. The 1095 form shows whether an employee and their dependents were offered minimum essential coverage (MEC) and the months they were covered.
- Submit 1094 Forms to the IRS: As an employer, you are also responsible for submitting a Form 1094-B or 1094-C to the IRS by February 28th (or March 31st if filing electronically) each year. This form summarizes the information provided on the 1095 forms and verifies that you have complied with the ACA’s employer mandate.
- Keep Accurate Records: It is important to keep accurate records of all employee health insurance information, including enrollment and coverage information. This information may be requested by the IRS during an audit or if they have questions about your reporting.
- Stay up-to-date with changing regulations: ACA regulations may change over time, and it is important to stay informed and up-to-date on any changes that may affect your reporting requirements.
Failing to comply with ACA reporting requirements can result in significant penalties, so it’s important to ensure that you are meeting all of your obligations as an employer who offers a group health insurance plan. Do you have questions? BenefitsDNA can help, contact us today!
