6055 – Minimum Essential Coverage (MEC)
Requires health insurers (carriers) and sponsors of self-insured health plans to provide covered individuals and the IRS with information on MEC for a calendar year (CY). Information in this report is used to administer the Individual Mandate.
Forms
“B” Forms (1094-B and 1095-B)1
· Used by health insurance carriers, small employers with self-insured (level funded) health plans, and multiemployer plans to report individuals who had MEC in the CY
· 1094-B – Transmittal Form – cover page for submission of all Forms 1095-B to the IRS
· 1095-B – identifies a specific individual’s (and any covered family member’s) health coverage
6056 – Applicable Large Employer (ALE)
Requires ALEs to provide full-time employees (FTEs) and the IRS with information regarding an offer of health plan coverage during the CY. Information in this report is used to administer the Employer Mandate.
“C” Forms (1094-C and 1095-C)2
• Used by ALEs to report offers of coverage to FTEs to satisfy the employer mandate and by self-insured ALEs to report MEC
• 1094-C – Transmittal Form – cover page for submission of all Forms 1095-C to the IRS
• 1095-C – identifies each FTE and information regarding the offer of coverage; also provides information on employees/individuals and family members covered by the self-insured plan
Employer Reporting Obligations
Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.
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Source: Emerson Reid
