The Affordable Care Act (also known as Obamacare) requires insurance providers to issue a form called a 1095-B that details an employee’s previous year's medical insurance coverage, including the type of coverage you had, dependents covered by your insurance policy, and the period of coverage (from the prior year). This form is used by the employee to verify on his or her tax return that the employee (and family members, if applicable) had at least minimum qualifying health insurance coverage. If there is a break in health-care coverage for the tax year (for the employee and/or dependents), the employee may have to pay an individual shared-responsibility payment, also known as a tax penalty.
Uninsured individuals may still be able to avoid the tax penalty if they qualify for an exemption. Exemptions are available for several reasons, including financial hardship and membership in certain groups. Please consult with your tax advisor if you have questions about if you qualify for an exemption.
The Affordable Care Act (also known as Obamacare) requires certain employers to offer health insurance coverage to full-time employees (workers who work 30 hours a week or more) and their dependents. The IRS requires these employers to send an annual statement (1095-C) to all employees who were eligible for medical insurance coverage. The 1095-C form details for what months medical insurance coverage was offered and accepted/declined by the employee. Reliant issues 1095-C forms in January of each year to all of our employees who were benefits eligible at some point during the previous calendar year.
Parts I and II of the 1095-C are the only sections Reliant is required to complete. The 1095-B from the insurance provider will contain your dependent information, therefore Part III of the 1095-C will not be completed.