The Internal Revenue Service has released the final versions of two key 2015 forms and the related instructions that employers and insurers will send to the IRS and individuals this winter to report health care coverage they offered or provided. The IRS released draft forms and instructions for 2015 this summer and the final forms and instructions for 2015 are largely unchanged from the previously released drafts.
To help employers in their preparations to meet new information reporting requirements the IRS has launched a new web page for employers.
“The IRS is working to make it as easy as possible for employers to get the information they need about the new reporting requirements. Although the vast majority of employers will not be subject to these rules because they have fewer than 50 employees, we have assembled an array of information on the IRS web site to help all employers,” said IRS Commissioner John Koskinen. “We especially encourage smaller and mid-size business to review the information to help resolve any questions they may have, including whether they are exempt from or subject to the new information reporting requirements.”
The 2015 version of Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, used by employers with 50 or more full-time employees are now available on IRS.gov. Form 1095-B, Health Coverage, primarily used by insurers and health coverage providers, including employers that sponsor self-insured plans, is also available on IRS.gov.
The health care law requires certain employers and providers to submit the 2015 forms to the IRS and individuals in early 2016. Though earlier versions of the forms were available for voluntary use in tax-year 2014, the upcoming tax season will be the first time that reporting is mandatory.
Information for Brokers
The above article was taken directly (with permission) from the IRS website. Please feel free to copy and paste it into any communication you’d like to send to your large and/or self-insured clients and prospects.
Remember that all applicable large employers (companies with 50 or more full-time equivalent employees) are subject to the 6056 reporting requirements, and as we mentioned in our August 12th blog post, helping employers with these requirements is a great way to get your foot in the door. This is especially true with companies that don’t offer health insurance to their employees. Because they don’t have a group health broker to help them out, they may not even be aware of the requirement. If you can help make sure they’re compliant, you’ll then have an opportunity to ask if you can visit with their employees to see if you can help them meet their individual mandate requirement and possibly apply for a subsidy.
Brokers who have a private exchange site through Health Partners America who are successful in these marketing efforts won’t have to sit down one-on-one with each employee. Rather, you can conduct a group meeting, educate employees about their shared responsibility requirements and possible qualification for a premium tax credit, and then direct them to your website. There, they can compare there options and even call a toll-free number to get assistance from a licensed agent. With the time you save, you can move and help more employers. These new reporting requirements provide a perfect way for agents to get a lot of individual leads at once and possibly sell some worksite products and other group benefits at the same time.