Affordable Care Act Reporting for Under 50 Employees
The ACA created two new reporting requirements for calendar year 2015 to be reported in 2016. The reports are the Minimum Essential Coverage report (also known as MEC, the 6055 report or the 1094B and 1095B “B series” reports) and the Applicable Large Employer report (also known as ALE, the 6056 report or the 1094C and 1095C “C series” reports).
For information on ALE reporting, please refer to ACA Reporting for Over 50 Employees.
The MEC report is used to provide both the IRS and enrolled individuals information about the coverage individuals had in 2015. Individuals will also submit this form to show proof of coverage to the IRS when reporting their taxes to avoid any individual penalties.
In this memo we hope to clarify the reporting requirements for groups under 50 full time employees within the GSRMA Program.
The detail on how to complete the forms is not included in this memo. This information can be found in the Employer Reporting Guide created by Alliant Insurance Services, Inc.
-Considered self-funded plans.
-MEC reporting is required by the employer.
-GSRMA will provide the individual 1095-B forms to each district by January 31st for each covered member.
-Considered fully insured plans.
-Medical carrier will send the 1095-B forms direct to your members.
-No reporting required for the employer.
What you need to do to send reports to covered members:
-Watch for forms emailed from GSRMA.
-Watch for password to access form.
-After completing the 1094-B form you will submit it as the” transmittal page” with a copy of all the 1095-B forms that were provided to you. This is due to the IRS on or before: May 31, 2016.
-Send forms to: Department of the Treasury Internal Revenue Service Center, Kansas City, MO 64999
Note: Individuals may file their taxes without the 1095-B form but must keep it on file in the event that they are asked to show proof.
**Please note that compliance with these 2015 IRS reporting requirements is on a “good faith” basis**
For information on reporting for over 50 employees, please click here.