The Internal Revenue Services (IRS) has extended the deadline for distributing IRS Form 1095 to employees from January 31, 2021 to March 2, 2021. Now is the time for self-funded employers to start thinking about and complying with a critical health care reform mandate: Providing the IRS with an accurate accounting of health coverage for full-time employees via IRS Forms 1094 and 1095. Note: there is no extension for filing the forms with the IRS.
Per the Affordable Care Act, health coverage data collected during 2020 must be aggregated and reported to employees no later than March 2, 2021 on IRS Form 1095 and reported to the IRS no later than February 28, 2021 (if filing by mail) or March 31, 2021 (if filing electronically) on IRS Form 1094. Applicable Large Employers (those with 50 or more employees), or ALEs, must report using the IRS’ C-series forms, and small self-funded employers (those with fewer than 50 employees) offering coverage must report using the IRS’ B-series forms.
MedBen has again partnered with MyBenefitsChannel – also known as Sanorbix – to provide reporting assistance for ALE clients. MyBenefitsChannel has several service options available to help ALEs create and distribute Form 1095-C to employees and prepare and file Form 1094-C with the IRS. MedBen will also be available to assist clients who are small employers by offering related IRS forms (Form 1095-B – employee notice, and Form 1094-B – IRS transmittal) services for a nominal fee.
As in years past, we recommend that our clients purchase these services as soon as possible.
- If you purchased these services from MyBenefitsChannel last year, you will get renewal information from MyBenefitsChannel directly if you have not already done so.
- If you wish to purchase these services from MyBenefitsChannel for the first time, please let MedBen know immediately.
- If you are planning to create these forms yourself or you are working with another vendor, we would appreciate knowing that too.
Regardless of your preferred approach, it is important that you start planning now. If you need more information on these requirements, or if you have questions, contact Senior Vice President Caroline Fraker at 800-851-0907.