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Form 1095-C for Austin Texas: What You Should Know
Employer Requirements | University of Texas System The new 1095-C form will be available through this summer. Employer Requirements | University of Texas System Austin Community College Form 1095-C FAQs FAQ-5 Does this form apply to all health insurance coverage? The 1095-C form applies to coverage provided by an entity as described in Section 4980H of the Internal Revenue Code. FAQ-5.1 Does this form apply to health insurance policies with a cash value or annuity value? This form applies to health insurance policies with a cash value or annuity value. FAQ-5.2 What does the form require of employers with more than 10 employees? This form requires that any health insurance plan offered by an employer have a health insurance enrollment period that lasts at least 30 days. The form also requires that any health insurance coverage offered by the employer must cover the employee at a reasonable cost. FAQ-5.3 Is there an age requirement for enrolling in health coverage? Yes, if the employee is less than 25 years of age, the employer must enroll the employee in a qualified health plan and provide coverage at the reasonable cost. FAQ-5.4 What if the employee declines the health insurance offered by the organization? The insurer is required to cover the employee without a fee. The employee will then be required to buy health insurance after the company fails to provide satisfactory coverage. Workers who are required to purchase insurance must be allowed for the month the coverage is purchased to pay the full premium of the health insurance. The premium should be paid not later than June 30th of each calendar year. FAQ-5.5 What is the penalty for not providing health insurance coverage? The penalty for failure to provide adequate coverage is 10.00 for each individual who receives a Form 1095-C and an employer that fails to send the form in time. The penalty also increases to 20.00 for each individual who receives a Form 1095-C and an employer that fails to provide timely health coverage during the year. FAQ-5.
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