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MedBen Ready to Help Clients Meet IRS Reporting Deadline

10/17/16

  01:50:00 pm, by MedBen5   , 324 words,  
Categories: Health Care Reform, Taxes, Reporting, IRS

MedBen Ready to Help Clients Meet IRS Reporting Deadline

IRS building

Hard though it may be to believe, we've already entered the final quarter of 2016. If you're a self-funded employer, that means it's time to get serious about preparing for a critical health care reform mandate: Providing the IRS with an accurate accounting of health coverage for full-time employees. MedBen offers helpful services to complete this task.

Per the Affordable Care Act, health coverage data collected during 2016 must be aggregated and reported to employees no later than January 31, 2017 on IRS Form 1095, and reported to the IRS no later than February/March 2017 (depending on filing requirements) 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 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 Five Points Technology) 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 (1095-B – employee notice and 1094-B – IRS transmittal) services for a nominal fee.

Even though the January deadline is over three months away, we strongly recommend that our clients purchase these services as soon as possible.

  • If you purchased these services from Five Points 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 MyBenefitsChaneel for the first time, please let MedBen know immediately.
  • If you are planning to create these forms yourself or you’re working with another vendor, we would appreciate knowing that too.

Regardless of your preferred approach, it is important that you start planning now.

MedBen clients with questions regarding this information may contact their Group Service Representative or Vice President of Compliance Caroline Fraker at 800-851-0907.

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