Helpful vid! I was struggling to find answers. At first I Googled "why 1095 form required for tax filing" and got 'cuz you need to prove you had health coverage', which isn't helpful enough. So I Googled "why need to prove health coverage when filing taxes" and couldn't find a clear answer til I found this vid. Particularly, 1:30 explains that it's the employer who could get in trouble for not offering FTEs sufficient coverage. That explains a lot. I know that starting a few yrs ago, there's no longer a penalty against the citizen for lacking sufficient coverage. Which would make me wonder "...So since coverage is no longer required, why do we need to file 1095? How do we get in trouble for not filing it?" I wish the answers to these questions were more upfront in our online searching. Anyway, thx again for this vid! Hope more helpful info like this get uploaded and become easily accessible real soon. It's already Jan '22.
Thanks for watching Shadow91507, glad we could help! We are currently working on another 1095 video specifically to cover the updates for this year so be sure to subscribe to the channel and be on the lookout for it. In the meantime, check out our other videos and our blog posts for the latest HR & news and trends. We have a ton of info and resources you may find helpful! blog.bernieportal.com/
Employees can keep the form for their own records but do not have to submit it anywhere for the government. To check if you received benefits, look at your copy of the form and determine what coverage was applied. You can also look at your pay stub to see if the correct amount was withheld each pay period. Does this answer your question?
@@HRPartyofOne thanks for answering. I am confused tho, does this coverage mean that the employee receives money on their bank account or does the employer keep the money in an account that they own and if the employees needs it, then they would cover it with that money for the employee? And does having this form mean that the Employee can receive more in the tax refund or does it mean their tax refund would be less?
So these questions are best answered by the benefits broker your employer uses to provide health coverage benefits to you. Some health benefits, like HSAs or FSAs, do act as a sort-of bank account, but other health benefits may be covered by withholding a certain amount from your check. It depends on what benefits you elected. If you have a way to check your elected benefits, like a benefits administration system, you can find answers there potentially. Otherwise, we are unable to provide advice/answers specific to your situation-- but your HR professional can direct you to a better resource, like your benefits broker. Does that help?
Thanks for watching Kim! Per healthcare.gov: "If anyone in your household had a Marketplace plan in 2021, you should get Form 1095-A, Health Insurance Marketplace® Statement, by mail no later than mid-February. It may be available in your HealthCare.gov account as soon as mid-January."
Helpful vid! I was struggling to find answers. At first I Googled "why 1095 form required for tax filing" and got 'cuz you need to prove you had health coverage', which isn't helpful enough. So I Googled "why need to prove health coverage when filing taxes" and couldn't find a clear answer til I found this vid. Particularly, 1:30 explains that it's the employer who could get in trouble for not offering FTEs sufficient coverage. That explains a lot. I know that starting a few yrs ago, there's no longer a penalty against the citizen for lacking sufficient coverage. Which would make me wonder "...So since coverage is no longer required, why do we need to file 1095? How do we get in trouble for not filing it?"
I wish the answers to these questions were more upfront in our online searching. Anyway, thx again for this vid! Hope more helpful info like this get uploaded and become easily accessible real soon. It's already Jan '22.
Thanks for watching Shadow91507, glad we could help! We are currently working on another 1095 video specifically to cover the updates for this year so be sure to subscribe to the channel and be on the lookout for it.
In the meantime, check out our other videos and our blog posts for the latest HR & news and trends. We have a ton of info and resources you may find helpful!
blog.bernieportal.com/
Great video- thanks for the clear and concise info!
Glad you enjoyed it!
I got one but threw it away
What’s the benefit of filing the 1095c I didn’t even know I had insurance but I got a 1095-c..
What is an employee supposed to do with the form? And how do we know we got the benefit of the coverage?
Employees can keep the form for their own records but do not have to submit it anywhere for the government. To check if you received benefits, look at your copy of the form and determine what coverage was applied. You can also look at your pay stub to see if the correct amount was withheld each pay period. Does this answer your question?
@@HRPartyofOne thanks for answering. I am confused tho, does this coverage mean that the employee receives money on their bank account or does the employer keep the money in an account that they own and if the employees needs it, then they would cover it with that money for the employee? And does having this form mean that the Employee can receive more in the tax refund or does it mean their tax refund would be less?
So these questions are best answered by the benefits broker your employer uses to provide health coverage benefits to you. Some health benefits, like HSAs or FSAs, do act as a sort-of bank account, but other health benefits may be covered by withholding a certain amount from your check. It depends on what benefits you elected. If you have a way to check your elected benefits, like a benefits administration system, you can find answers there potentially. Otherwise, we are unable to provide advice/answers specific to your situation-- but your HR professional can direct you to a better resource, like your benefits broker. Does that help?
Do I file one for every employee or just those with coverage?
When form 1095 A be mail for 2022?
Thanks for watching Kim!
Per healthcare.gov:
"If anyone in your household had a Marketplace plan in 2021, you should get Form 1095-A, Health Insurance Marketplace® Statement, by mail no later than mid-February. It may be available in your HealthCare.gov account as soon as mid-January."
So helpful🥹
Glad it was helpful! Thanks for watching Erwin.
Another worthless crappy form. I shredded mine.