The Affordable Care Act (ACA) imposes new reporting requirements
on employers and insurance companies offering health coverage. Last
week, the IRS released drafts of the four forms that will be used
by employers and insurers to make these reports beginning in early
2016 for the 2015 calendar year.
For purposes of enforcing the individual mandate, employers
(regardless of their size) that sponsor self-insured health plans
and insurers are required by Section 6055 of the Internal Revenue
Code (the Code) to report on the individuals who are covered by
their health plans. These plan sponsors/insurance carriers will
provide each primary insured with the new Form 1095-B
that will indicate the months during the calendar year that the
insured and his or her family members had coverage under the plan.
The plan sponsor/insurance carrier will also be required to
transmit all Form 1095-Bs in one package to the IRS, with Form 1094-B as
the transmittal "cover page."
