Deadline Extended for Reporting Medical Coverage (12/30)

 

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Notice to SIU Members: IRS Delays Deadline for Health Plans and Employers to Report Health Coverage

 

As reported in previous issues of the Seafarers Log, under the Affordable Care Act (ACA), most legal residents of the U.S. are required to have health insurance, or pay a tax penalty. In order to document this health coverage, employers and health insurers are required to report to the IRS and to health plan participants about the health insurance that they are providing.

The Seafarers Health and Benefits Plan (SHBP) is required to send you a document called the 1095-B, and your employers must send you a document called the 1095-C. The IRS recently extended the deadline for providing these forms to health plan participants and employees from February 1, 2016 to March 31, 2016. However, the SHBP will send the forms as close to the original deadline as possible, so that you will have the forms in time to prepare your tax return. If you have maintained eligibility for health benefits for the entire year, you may be able to complete your tax return without waiting to receive the forms from the SHBP and your employers.

You may wish to consult with your tax advisor about these new reporting requirements.

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