Employers who provide health coverage are required to report health Minimum Essential Coverage information to covered employees, former employees and the IRS annually.
For Group-insured health plans, this requirement lies with the insurance carrier. For self-insured Plans, this responsibility rests with the employer.
Employers are required to submit a 1094-B Transmittal Form and 1095-B forms for each covered employee to the IRS by February 28th, or March 31st if filing electronically.
In addition, they must distribute IRS Form 1095-B to affected employees by March 2, 2017 (delayed from January 31, 2017 deadline). Employees will use this form when completing their own individual income tax returns as proof of health insurance coverage for the prior calendar year. Under new Healthcare Reform rules, an individual can be fined for any month they fail to maintain health coverage.
To help ensure the compliance, TASC will once again email (or mail if TASC doesn’t have an email address on file) its Microbusiness multi-employee No Limit Plan Clients (who don’t sponsor Group insurance) detailed instruction and links to these online fillable tax forms early next week. (TASC’s legal, compliance and governmental affairs departments had previously concluded that Clients who had a 2015 or 2016 Non-Excepted Flexible Spending Account (NEFSA) are not required to file or distribute these forms.)
TASC’s ACA Reporting service is available to all other Clients for a fee. If interested in learning more, please contact your RSD or call Customer Care at 800.422.4661.