What Is Form 1095-C?
Beginning in 2016, according to the Affordable Care Act, all applicable large employers (ALEs) are required to file and furnish information about the health coverage they provide to their employees. But don’t be fooled, its easier said than done. Just take a look at the instruction manual provided by the IRS.
Why Is Form 1095-C Necessary?
Form 1095-C is the form that will help guarantee that applicable large employers – employers with 50 or more full-time employees – offer their employees ACA compliant health care coverage or pay a large penalty. Using your completed form, the IRS will administer the Employer Shared Responsibility provision and, if applicable, will help determine when to administer premium tax credits for employees who qualified and enrolled in coverage at a Health Insurance Marketplace rather than enrolling in the employer’s plan.
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