January 2016 Welfate Notes

January, 2016

Welfare Plan Summary Plan Description

 

A new SUP Welfare Plan Summary Plan Description has been prepared and will be mailed out to Plan participants before the end of January.  Please review the booklet and keep it on hand as a reference to your Plan benefits. Should you have eligibility for coverage but not receive a copy, please call the Plan Office.  

 

New IRS Health Care Information Forms

 

In connection with requirements under the Affordable Care Act, your employers and the health insurance carriers that provide coverage for you and your dependents will be submitting information to the IRS on your behalf in proof of the coverage you were enrolled in or were offered. In addition, you will be receiving copies of information for your records as documented in the following new IRS forms:

 

Form 1095-A Health Insurance Marketplace Statement – The Health Insurance Marketplace sends this form to individuals who purchased and enrolled in coverage on the Marketplace. It identifies who was covered and when.

 

Form 1095-B Health Coverage – Health insurance carriers will send this form to you which includes information regarding individuals or dependents covered and when.

    

Form 1095-C Employer-Provided Health Insurance Offer and Coverage – Employers will provide this form to you in indication of what coverage the employer offered.

 

If you are expecting to receive a Form 1095-A Health Insurance Marketplace Statement, you should wait to file your 2015 income tax return until you receive that form.  The deadline for the Marketplace to provide Form 1095-A is February 01, 2016.  The deadline for insurers, other coverage providers and certain employers to provide Forms 1095-B and 1095-C is March 31, 2016. Some taxpayers may not receive a Form 1095-B or Form 1095-C by the time they are ready to file their 2015 tax return and it is not required to wait for Forms 1095-B or 1095-C in order to file. Your health insurance carriers and employers will have already filed these forms directly with the IRS and your health plan ID card can be used as proof of coverage if requested by your tax preparer.