Important Notice from Ohio Wesleyan University Regarding the Patient Protection and Affordable Care Act

In 2016 the Patient Protection and Affordable Care Act (ACA) requires certain employers to provide tax forms to their employees to help the employee file their individual income taxes. The ACA also requires most taxpayers to certify on their individual tax returns that they had health insurance that is considered minimal essential coverage. ACA rules regarding the “individual mandate” require that most taxpayers are subject to tax penalties for any month during the year they do not have health coverage which is considered “minimum essential coverage” for themselves, their spouse and/or dependents. The medical plan offered by Ohio Wesleyan University exceeds the “minimum essential coverage” guidelines.

The ACA rules provide that employers with a group health plan have varied reporting requirements to both the Internal Revenue Service and to employees.

Similarly, health insurers have reporting requirements based on coverage that they provide to individuals. Based on these obligations you should anticipate receiving a form(s) if you are/were offered and/or enrolled in Ohio Wesleyan University’s group health plan.

Based on Ohio Wesleyan University’s self-funded group health plan you will receive:

  • IRS Form 1095-C from Ohio Wesleyan University with parts I, II, and III completed.

You should receive your IRS Form(s) by January 31, 2017.

The form(s) you receive are your way of documenting the health insurance you were offered and/or enrolled in during 2016.

Your tax professional might request to see your IRS form(s) in order to complete your individual tax return, but the form or forms should not be attached to your individual tax return. Information regarding health coverage is typically reported on Line 61 of IRS Form 1040.

The IRS form(s) you receive should be kept in the same manner you retain your annual tax documents and forms and other paperwork such as your W-2. Please contact your tax advisor if you have any questions about your individual tax return.