Buzz
The Affordable Care Act mandates that large employers—those with at least 50 full-time employees—must provide Form 1095-C, 'Employer-Provided Health Insurance Offer and Coverage,' to their employees. If you worked full-time for a company for at least one month during the year, you should receive this form alongside your W-2 when tax season arrives (you probably already have it).
While the ACA’s penalty for lacking health insurance is effectively no longer applicable, you must still report proof of coverage for the 2018 tax year.
This is due to the 2017 Tax Cuts and Jobs Act, which reduced the penalty for not having insurance to $0 starting in 2019. However, you are still required to report coverage this year, as stated by Consumer Reports.
Employers are required to send the form by March 4. If you had health insurance through your employer for the full year of 2018, there’s no need for concern; it’s mainly for reference.
You may need the reference code from the form if you didn’t take part in your employer’s insurance plan and lacked other essential coverage. In such cases, you could be subject to the tax penalty for 2018 (the '2017 amount' is $695 per adult and $347.50 per child under 18).
However, if you obtained insurance through the marketplace, you must wait for Form 1095-A before filing your taxes.
Once you file your taxes this year, you won’t need to worry about the form anymore.
