If, at any time in 2015, you were a full-time employee of a large organization (usually a company that has 50 or more full-time people in their employ), you may receive a new tax form, Form 1095-C, early in 2016. Part-time employees of large organizations who work less than 30 hours per week may also receive this form. This form may be sent via email or post, or simply hand-delivered to you at work.
Why am I getting this new tax form?
Because Form 1095-C provides proof of health insurance coverage offered to you (and your family, as an extension) by your employer in 2015. If you had purchased health insurance coverage through the Health Insurance Marketplace and wish to claim premium tax credit, this kind of information will help determine whether you are eligible.
What kind of information is on the form?
Form 1095-C is divided into three parts:
- Part I – This section contains employee and employer identifying information, like the employer’s address and EIN, the employee’s Social Security number, etc.
- Part II – This section determines whether coverage was offered to you and your dependents, and also indicates the lowest monthly premium for self-only coverage that was offered to you in the past year.
- Part III – This section lists the people in your household that were covered by health insurance and the periods they were covered. This part will only be completed if your employer’s insurance coverage wasn’t provided through an insurance company.
IMPORTANT: Save your Form 1095-C. This provides key information about your health insurance coverage; it will also help you fill out your tax return.
What if I switched jobs or didn’t enroll in my employer’s insurance?
If you were employed full-time by a large organization in 2015, you will be provided with a Form 1095-C regardless of whether you were offered health insurance coverage or if you elected to enroll in the benefits through your employer. If you worked full-time for several large employers in the past year, you will receive a Form 1095-C from each of them.
Will I need to file this form with my tax return?
No, you don’t need to. But, as mentioned earlier, it is beneficial to save this new tax form, because it provides information that can help you complete your income tax return for the year. The Internal Revenue Service (IRS) will receive its own copy for filing and comparison purposes.
It’s important to note that the form you receive may vary based on the status of your employment and the type of insurance your employer offers.