On or before March 2, 2018, the Company will be mailing to you a health insurance coverage statement called a 1095-C form. Click here to view an example of this form. You will need this form for your 2017 tax records. The following Q&A provides details on this form:
What is the purpose of the 1095-C form?
- The Affordable Care Act, or Obamacare, requires most Americans to have qualifying health care insurance (also referred to as “minimum essential coverage”) or pay a penalty. The Act also requires large employers (such as the Company) to offer most of its full-time employees qualifying health care coverage that meets minimum cost and coverage requirements or face a penalty.
- Employers must furnish to certain employees a written statement about the health insurance coverage that was offered to them and their dependents. In addition, employers are required to report this health insurance coverage information to the IRS. This information is reported on IRS Form 1095-C.
- The IRS will use this information to determine whether the employee is eligible for a premium tax credit on the health insurance marketplace and whether the employee and the employer could be subject to a penalty for failing to comply with the Affordable Care Act.
Who will receive a 1095-C form?
All 2017 full-time employees (those that worked on average 30 or more hours per week) will receive a 1095-C form—regardless of whether or not the full-time employee was enrolled in a Company health plan. In addition, all non-full-time employees who enrolled in a Company health plan in 2017 will receive a 1095-C.
What information is on the form and will be reported to the IRS?
The 1095-C form has three Parts. Part I contains the name and address of you and your employer. Part II contains various codes that describe the type and cost of coverage offered to you and your dependents. If you did not receive an offer of coverage, this part will also explain why. Part III indicates the months during which you and your dependents were covered under the Company’s health plan.
What do I need to do with the form?
You will need to report on your 2017 tax return whether you and anyone you claim as a dependent on your tax return had qualifying health care insurance coverage for each month in 2017. The Company medical plans are qualifying health care insurance coverage. You will not need to file the 1095-C with your tax return. You will need to keep this form in your records as proof of coverage. Please note: The Company cannot provide tax advice. Please consult your tax advisor for information related to your personal tax situation.
Where can I get additional information?
Information is available on the IRS website: https://www.irs.gov/Affordable-Care-Act/Individuals-and-Families. Once you receive your 1095-C form, if you have questions about the information on the form, contact the Benefits Assistance Center at 1-844-357-8430, Monday-Friday, 8:00 a.m. to 11:00 p.m. ET.