So you received a Form 1095C in the mail from your Employer or from your Health Insurance Carrier. The logical questions are: Why am I getting this? What does it mean? What do I do with it?
Why am I getting this: The form 1095C is new in 2016 and is the result of the continued “rollout” of the Affordable Care Act (ACA). It was originally scheduled to be required to be sent out by Jan 31st, 2016 just like an employee’s W-2’s. The government subsequently pushed back that date to March 31st.
What does it mean: The purpose of the 1095C is to document that you were offered and if applicable, enrolled in Affordable Health Insurance in compliance with the government mandate.
What do I do with it: You don’t have to do anything. If you have your income taxes done by an Accountant or Professional Tax Preparer they may ask for a copy of it. If you have already filed your taxes, don’t worry that you didn’t include the form. It is NOT required for this past year’s (2015) income tax filing.
Still confused on why and what? The bottom line is that this year’s 1095C Form is a “test” run for subsequent years. It is an opportunity for Employers and Health Insurance Carriers to validate the data and the reporting process for the Government, Employers and Employees. It is also an opportunity to introduce the form to Employees, as well as remind Applicable Large Employers and all Employees that the Government Mandate regarding Health Insurance is real.