According to the federal government, “affordable coverage” is defined as follows: If the lowest cost self-only only health plan is 9.5 percent or less of your full-time employee’s household income then the coverage is considered affordable. Another term used in the Affordable Care Act (Obama Care) is “minimum value”. The IRS released the definition of “minimum value” this week in an email. Minimum value: An employer-sponsored plan provides minimum value if it covers at least 60 percent of the total allowed cost of benefits that are expected to be incurred under the plan.
This year, you may receive one or more forms that provide information about your 2015 health coverage. These forms are 1095-A, 1095-B and 1095-C.
Form 1095-A, Health Insurance Marketplace Statement, provides you with information about your health care coverage if you or someone in your family enrolled in coverage through the Health Insurance Marketplace. The Marketplace may send you more than one Form 1095-A if any of these apply: Members of your household were not all enrolled in the same health plan, You updated your family information during the year, You switched plans during the year or You had family members enrolled in different states.
Form 1095-B, Health Coverage, provides you with information about your health care coverage if you, your spouse or your dependents enrolled in coverage through an insurance provider or self-insured employer last year. You will receive Form 1095-B – which is a new form this year – from your insurance provider if you had insurance for you or your family members. The term “health insurance providers” includes insurance companies, some self-insured employers, and government agencies that run Medicare, Medicaid or CHIP. You are likely to get more than one form if: You had coverage from more than one provider, You changed coverage or employers during the year or If different members of your family received coverage from different providers.
Form 1095-C, Employer-Provided Health Insurance Offer and Coverage Insurance, provides you with information about the health coverage offered by your employer. In some cases, it may also provide information about whether you enrolled in this coverage. You will receive a Form 1095-C – which is a new form this year – if you were a full time employee working for an applicable large employer last year. An applicable larger employer is generally an employer with 50 or more full-time employees, including full-time equivalent employees. Even if you were not a full time employee, you will receive form 1095-C if your employer offered self-insured coverage and you or a family member enrolled in that coverage. You might get more than one Form 1095-C if you worked for more than one applicable large employer last year.
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