1095B and 6055 Reporting Requirements FAQ
Under Obamacare, the IRS needs to know if your coverage met health care reform standards. The 1095-B is issued by Insurers on behalf of fully insured members directly to the IRS and send members a copy. In short you don’t have to do anything other than reviewing the info and confirming accuracy. 1095B and 6055 Reporting Requirements FAQ
The IRS will accept any number of items to prove that a member had insurance including:
- insurance cards
- explanation of benefits statements from your insurer
- W-2 Form or payroll statements reflecting health insurance deductions
- records of advance payments of the premium tax credit
- other statements indicating that you, or a member of your family, had health care coverage
What information is on the 1095-B form?
For each person covered on your policy, the 1095-B lists:
- Date of birth
- Taxpayer identification number (most likely a Social Security number)
- Months of coverage with us
If you are missing the taxpayer ID or Social Security numbers for anyone on your policy, the Insurer send you a letter. It’ll explain why they need the information and how to send it to Insurers securely.
|6055 Reporting on Form 1095-B||6056 Reporting on Form 1095-C|
|Provided by Insurer for insured medical plan; by employer for a self-insured medical plan||Provided by applicable large employer (ALE)|
|Provided to each covered “responsible individual” (e.g., employee, COBRA QB, retiree)||Provided to each full time employee|
|Provided by March 31, 2016 for coverage in prior calendar year||Provided by March 31, 2016 for coverage offered in prior calendar year|
|Transmitted with employer’s Form 1094-B to IRS by May 31, 2016 (June 30, 2016 if filed electronically)||Transmitted with employer’s Form 1094-C to IRS by May 31, 2016 (June 30, 2016 if filed electronically)|
See IRS Extends 1094 and 1095 DEADLINE – https://www.medicalsolutionscorp.com/irs-extends-1094-and-1095-deadlines/
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This communication is not intended, nor should it be construed, as legal or tax advice. Please contact a competent legal or tax professional for legal advice, tax treatment and restrictions. Federal and state laws and regulations are subject to change.