The IRS released a simple publication explaining the reporting requirements under health care reform. Click here for a copy of the publication.
Under the Affordable Care Act, any entity that provides health coverage to an individual must report that coverage to the IRS and give the individual information about the coverage. Reporting is accomplished through Form 1095-B and transmitted to the IRS on Form 1094-B.
Generally, whoever provides the coverage must do the reporting. This is the insurer for an insured plan and the plan sponsor for a self-insured group health plan. Employers with 50 or more Full Time equivalent employees are subject to additional reporting requirements on Form 1094-C and 1095-C.
BAS has a health care reform data collection and reporting tool to help employers meet their reporting obligations. For more information, contact solutions@BASusa.com.