1095c 1095-c Filing/Mandate
California Business Benefits presently provides a NO COST formatted 1095c document to all of its clients who request it. We can help SAVE your business $5,000 / $10,000 / $15,000 depending on who is currently filing this for you. Please ask about how we can provide this service for your company.
All employers with 50 or more full-time employees are required to produce and file this notice annually. CONTACT US.
The 1095 filing is a new component of the Affordable Care Act (aka Obamacare) for the 2015 tax year. Form 1095 details your health insurance coverage. There are 3 versions of Form 1095: 1095-A, 1095-B, and 1095-C. We will dive into each of these versions shortly. For those of you who have yet to file your Form 1095, California Business Benefits is able to file your form at NO COST to you. Certain businesses who file with us can save up to $15,000 per year depending on who currently files this for you.
If you would like to learn how much your business could save, please call us at (949)916-5210 or fill out the contact form at the bottom of this page.
So which of the three 1095 forms do you need to file for your business? Below we have listed the requirements for each of the forms; 1095-A, 1095-B, and 1095-Chat Is for 1095, & Should You Care? You probably got a 1095c 1095-c Filing/Mandate sent to you in the mail, and you might be wondering whether you need it to file your taxes this year. This means an employer with 50 or more full-time employees is required to produce and file this notice. California Business Benefits provides a formatted excel for all its clients (that needs completing) free of charge if we are working with you as your broker, saving between $5,000-$10,000 annually which is what many payroll companies charge to do it for you.
What Is Form 1095-C?
The 1095c 1095-c Filing/Mandate is for people who have health insurance coverage through work or the government.
The Affordable Care Act requires certain businesses and employers to offer health insurance coverage to their employees, and every year employees must be notified of the health insurance available to them. This required statement of available coverage sent out by the employer is called “Form 1095-C.”
Form 1095-C includes details of coverage as well as the cheapest monthly premium option available to the employee under the plan.
Who sends out Form 1095-C, and when? Employers with 50 or more full-time employees are required by law to send out form 1095c 1095-c Filing/Mandate to their employees. These forms are sent out in January for taxes due that year. (Forms for 2015 will be sent out in January, 2016)
Do you need form 1095-C to file your taxes? No, you don’t need form 1095-C to file your income taxes.
What Is Form 1095-B?
While form 1095-C outlines what health insurance coverage is available to employees, form 1095-B provides details as to the actual coverage. It also details who in the employee’s family is covered under the health insurance plan.
Unlike form 1095-C, which is sent out by the employer, form 1095-B is sent directly from the insurance provider.
If an employer pays for workers’ medical bills themselves instead of paying premiums to an insurance company, they are known as “self-insured.” Because they are directly ensuring their employees, they will be responsible for sending out the 1095-B forms, often together with 1095-C
What Is Form 1095-A?
Form 1095-A is a “Health Insurance Marketplace Statement” for people with marketplace health insurance plans. The form is sent to the IRS with details about individuals who are enrolled in a healthcare plan through the Health Insurance Marketplace, as required by law.
Form 1095-A is sent to individuals so that they may take the Obamacare premium tax credit or to reconcile the existing credit on their tax returns with advance payments of the premium tax credit. (advance credit payments)
If you haven’t gotten your form 1095-A yet, you can view it online through the marketplace at healthcare.gov.
Do you need your form 1095-A to file your taxes? Yes, if you were sent form 1095-A, you’ll need it to file an accurate tax return.
We hope this article was able to assist you in learning more about 1095 filings. If you have any questions or would like to learn more about how California Business Benefits can file your Form 1095 at NO COST and potentially save you up to $15,000 per year.
Please call us at (949)916-5210 or fill out the quote form at the bottom of this page.