This memorandum pertains only to participating employers in the IDA Insurance Trust. We encourage you to speak with your accountant and/or tax advisor for specific guidance.
Please read this notice closely. The Affordable Care Act imposes penalties on individuals who do not obtain minimum essential coverage. Individuals associated with your dental practice may be subject to these penalties if your practice does not complete and file new IRS forms.
The Affordable Care Act (“ACA”) requires sponsors of self-funded medical plans to report certain information to their employees and the Internal Revenue Service. If your dental practice is a participating employer in the IDA Insurance Trust, your dental practice is likely required to complete IRS Forms 1094-B and 1095-B. Below are downloads of both forms, as well as instructions.
- IRS Form 1094-B: This basic transmittal form must be filed with the IRS by February 28, 2017. The Form 1094-B should report the filer’s name (business entity) and related information.
- IRS Form 1095-B: The Form 1095-B must be provided to each “responsible individual” (i.e., employee, shareholder, partner or owner) who receives coverage through the IDA Insurance Trust via your dental practice. The Form 1095-B must be provided to every responsible individual no later than March 2, 2017. In addition, copies of the Forms 1095-B must be submitted to the IRS by February 28, 2017. Here are brief instructions on the Form 1095-B.
- Part I: Please include information relating to the responsible individual.
- Part II: Skip.
- Part III: Please report the name of your dental practice (business entity), employer identification number and other related information.
- Part IV: Please including information relating to the employee, spouse and any dependents covered under the medical plan of the responsible individual.
Also attached is information that you may provide to responsible individuals when you provide them with a copy of the Form 1095-B.