The IRS recently released Notice 2016-4 in which the Service has extended the due date for companies required to distribute Forms 1095-B Health Coverage, or 1095-C Employer-Provided Health Insurance Offer and Coverage. Employers and insurance providers alike will now have until March 31, 2016 to distribute Forms 1095 to their respective individuals, the previous deadline was February 1, 2016. The timing for filing these forms with the IRS has also been extended from February 29, 2016 to May 31, 2016, and slightly longer for those companies required to submit their forms electronically. The automatic extension was granted to provide companies additional time to implement the new systems and procedures necessary to accurately report health care coverage information to the individuals and the Service.
The IRS has released finalized versions of two important tax forms that employers and all health insurance providers will need to file for the 2015 calendar year.
Individuals who participate in a health insurance plan with a "high deductible" are permitted a tax deduction for contributions to qualified HSAs.
The government has just recently made available the "Transitional Reinsurance Annual Enrollment and Contributions Submission Form" through their official government website. This document will enable health insurance issuers, and those company sponsored self-insured group health plans offering medical coverage, to comply with the required steps related to the Transitional Reinsurance Program as outlined in the Affordable Care Act (ACA).
January 1, 2015 will usher in the next phase of the Affordable Care Act. This phase will be the employer mandate. Initially, the employer mandate was to take place this year; however, it was postponed due to the belief that it would cause increasing confusion in a marketplace that was already ripe with confusion.